The FAA administrator's comments come on the eve of his visit to Boeing facilities outside Seattle. While there, he's scheduled to meet with Boeing executives and be briefed...Airlinesread more
CBS, CNN and other major media companies are starting to pull e-cigarette advertising off their airways, as the death toll from a mysterious vaping-related illness continues...Health and Scienceread more
Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
Investors bought bank stocks because there's a chance the Federal Reserve's interest rate cut may "put an end to this artificially inverted yield curve," Jim Cramer says.Mad Money with Jim Cramerread more
AT&T is considering selling DirecTV, according to a report in the Wall Street Journal.Technologyread more
The Facebook CEO will talk to policymakers "about future internet regulation," according to a spokesperson.Technologyread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
Disney CEO Bob Iger writes in his autobiography that he believes he would have discussed combining Disney with Apple had Steve Jobs lived.Technologyread more
The decision to cut rates followed a monthslong pressure campaign by Trump, who often criticized Chairman Jerome Powell by name as he called for lower interest rates.Politicsread more
Microsoft shares rose 1% after hours as it announced plans to raise its dividend and authorized as much as $40 billion to buy back shares.Technologyread more
The Fed cut interest rates by a quarter point, but it also reaffirmed its rate cut was meant to serve as insurance for the economy.Market Insiderread more
"[People are] missing the point. Nobody's talking about a recession," the "Mad Money" host said as stocks recovered from their Wednesday drop. "This is not the end of the world, which ... you would think it was when you looked at yesterday's action. There's no systemic risk. The economy might go from really good to really mediocre."
Cramer chalked up the prior day's dramatic slide to two things: the idea that Wall Street is too bullish on companies' 2019 earnings, which could be crimped by the Federal Reserve's rate hikes, and President Donald Trump's trade tiff with China.
If the Fed follows through on raising interest rates once more in December and three more times in 2019, next year's earnings estimates for many companies are too high, Cramer explained.
And if the president keeps pushing China into a corner with tariffs, the effects on business could be worse than people think, he said, pointing to the possibility of U.S. companies facing earnings cuts, blocked deals or boycotts because of ties to China.
This, combined with Trump's attacks on the Fed — which Cramer has repeatedly said only embolden Fed Chair Jerome Powell to stay the course and prove that the central bank is an independent institution — raise the chances of an economic slowdown, the "Mad Money" host said.
"We're talking about a slowdown that reverses much of the economy's recent growth and causes rounds and rounds of layoffs," he said. "Maybe our [gross domestic product] decelerates. Maybe it goes from 4 percent to 1 or 2 [percent], thanks to the lack of demand for autos, housing, construction and so many other industries — plastics, paper. That could easily be in the cards."
What's not in the cards is another full-blown recession, even though many were worried that Wednesday's marketwide nosedive signaled more pain to come, he said.
"This is not some sort of rehash of 2007, where, by that point, a crash was inevitable," Cramer argued. "It's more like 2006, or at least a much healthier version of 2006 when it comes to balance sheets, where the crash still can be averted if our leaders know what they're doing. Let's hope the president and the Federal Reserve do a better job this time around."