Forget Apple, Amazon and Caterpillar news, it’s still all about European debt crisis, Cramer told viewers Wednesday.
The market snapped its three-day rally and ended lower Wednesday because of a lot of traders decided to “take a pass” ahead of Thursday’s vote in Germanythat could okay a Greek rescue package, the “Mad Money” host said.
“That euro fear, not earnings, not downgrades, not worries about earnings per share at all is what makes an American stock like Apple get clobbered these days,” Cramer said. “I wish it were the Amazon ‘Fire’ that did it.”
He was referring, of course, to the rivalry between Amazon and Apple now that Amazon has released the Kindle Fire, its new tablet.
A better example is what happened to Caterpillar Wednesday. The company got some good news when Barclays Capital put out positive research on the stock. While shares jumped at the open, it still managed to close down for no other reason than that euro fear, Cramer said.
He likened Thursday’s vote to the 2008 TARP vote in the United States. TARP initially failed, Cramer said, mostly because legislators were loath to help out the bankers their constituents hated so much. He said it was only after a “wipe out” occurred that the lawmakers caved and passed the bill.
“Yep, this is what it all comes down to, a TARP style vote in a foreign land that we know nothing about except one universal truth and that truth is that bankers benefit if the bill is approved,” he said, “and most legislators would rather string bankers up their ankles then help them out of this jam.”
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When this story was published, Cramer's charitable trust owned Apple.
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