Forget today’s rally.
In his opening segment on Mad Money tonight (via The Fly) Jim Cramer warns that Europe could easily spoil any party we’re having in the U.S. due to the collapse in credit.
He walks through a fairly long (but very basic) explanation of what credit is, and how central it is to the economy, before (around the 6:30 mark) declaring that we’re in “DEFCON 3, two stages from a financial collapse so huge it’s hard to get your mind around.”
In the video below, he continues to expound on his point from the first video.
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