You need to learn the right lessons from 2008 to deal with this hideous market, Cramer said Friday.
“We're much better off than we were back then in the United States,” he said, “and we made so much money last time by being optimistic at the so-called wrong moment that I think it would be insane not to try again.”
Back in 2008, things were awry for some time before the housing and banking crisis caused the economy to collapse. There was no confidence whatsoever left at the bottom, and no one wanted to buy.
Now, many of those names that toppled, like AIG and General Motors , are doing well again.
The problem, Cramer said, is now in Europe.
“The same thing that happened here three years ago is now playing out in Europe,“ he said. “It's their banks, not ours, that are the culprits. They own sovereign debt that has suddenly been deemed subprime, or will be, by the cowed ratings agencies.”
Europe will have to play out its numerous “black holes” he said, and that may take some time. That’s why investors will be playing the market with one foot out the door. But Cramer insists we do need one foot in. He suggests solid multinational companies with good dividends that have been pushed down because of the 2008 recession.
(Related: What Cramer's Looking For Out of Europe)
These stocks are “collateral damage from these huge macro battles—the currencies, the commodities, the debt of the sick men of Europe,” he said. And they are the places to be every time we swoon from where we went out Friday.
Call Cramer: 1-800-743-CNBC
Questions for Cramer? email@example.com
Questions, comments, suggestions for the Mad Money website? firstname.lastname@example.org