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Cramer: Draghi following Bernanke’s playbook?

Will Mario Draghi go down in history as the man who finally got Europe back on its feet? Jim Cramer can't help but wonder.

"When I listen to what Draghi said this morning, to get lending going in Europe again, I'm shocked at how aggressive he's being."



Ben Bernanke, chairman of the U.S. Federal Reserve, during a news conference following a Federal Open Market Committee meeting in Washington, on Wednesday, Dec. 18, 2013.
Andrew Harrer | Bloomberg | Getty Images
Ben Bernanke, chairman of the U.S. Federal Reserve, during a news conference following a Federal Open Market Committee meeting in Washington, on Wednesday, Dec. 18, 2013.

Under Draghi's leadership, on Thursday the European Central Bank cut rates, imposed negative interest rates on its overnight depositors and offered banks new long-term funds, all in an attempt to fight deflation and boost the euro zone economy.

Cramer is optimistic that Draghi's efforts will work, in part because they feel similar, at least in scope and breadth, to efforts initiated here in the United States.

"When our economy was totally blindsided by crisis, our leaders switched direction radically and started pumping up our economy. Ben Bernanke, the former Fed chief, saved the day here in the United States."

Although Draghi isn't implementing exactly the same initiatives, the overall willingness to do whatever necessary sends a powerful message to markets.

"I think Draghi's forceful 'by any means necessary' approach lies at the heart of what matters. It's hard for me to believe that something good won't happen to the European consumer economy, now."

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Therefore, Cramer sees every reason to believe that the recovery and related investments will remain viable for a long time to come.

"Ben Bernanke had our backs as the American economy faltered, and now Mario Draghi is doing something similar for Europe. That's huge for all of our companies that do business over there and everyone who trades with the world's largest economy."


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