Cramer: Europe Was Worse Than I Thought

Things were much worse than I thought. For me, that's the real takeaway from this financial D-Day -- this worldwide coordination from the wealthier countries to help out the major banks in Europe that were clearly about to go under.Remember, there were two risks to the situation: credit to the banks and credit to the countries. Apparently the credit had all but dried up for SocGen, for BNP Paribas, and maybe even for Deutsche Bank(DB). Now that credit will be freed up.That's a save for these banks. It helps the U.S. banks that were just hit with the huge Standard & Poor's downgrade Tuesday night. Plus, the ADP number looks like a continuation of good feelings here.So we will see a reversal of last week's decline and a huge short squeeze. DEFCON 2 has been avoided.I do not know how long-lasting it will be. But I do want to congratulate Doug Kass for navigating this one perfectly.At the time of publication, Cramer had no positions in the stocks mentioned. >To order reprints of this article, click here: Reprints