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Beyond a return in strength among the usual, though incredibly important, suspects – consumers, autos and housing – the U.S. needs overseas markets energized before we find recovery here at home.
This is something Cramer’s been pointing out for the past couple of weeks. The U.S. may have been slow to act, but Washington finally has done virtually everything it can do to get us out of this financial and economic mess. Now it’s up to central banks elsewhere to step up and do their part.
So many American companies earn the bulk of their revenues in foreign markets that their livelihood depends on a strong China, Russia, Europe or Latin America. But those places are buckling under the same pressures we’ve been dealing with for the past 16 months. And the only way to get them back on track, Cramer said, is by cutting interest rates. That’s why he praised the 1.5% cut the Bank of England made Wednesday.
However, the European Central Bank cut by only a half point, apparently under the assumption that there’s no recession or credit crisis taking place. And rates in Latin America and China are still too high, making it virtually impossible to American industrial firms to do business.
There’s been a perfect storm of bad news over the past couple of days, with a lack of much-needed rate cuts, poor retail sales numbers from most companies other than Wal-Mart [WMT
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], trouble at one of the world’s best automakers Toyota [TM
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] and more housing cancellations.
This is why Cramer’s not as bullish as Warren Buffett seems to be. Buffett may say he’s a buyer right now, but the Mad Money host isn’t going to tell viewers to do that – even though he loves hitting that buy, buy, buy button on his soundboard – if there’s no evidence that the present environment is going to change anytime soon.
So Cramer’s previous recommendation for this market remains: Stick with recession-resistant stocks, those trading at or near their cash and companies whose dividend yields are nice and fat because their stocks have been hurt (think Caterpillar [CAT
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], Verizon [VZ
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] and AT&T [T
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]).
Jim's charitable trust owns Wal-Mart.
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