Get ready for eurozone fireworks

Don't be surprised to see some last-minute wrangling before Europe's version of TARP passes.

By Jim Cramer Sep 28, 2011 8:54AM

the streetThey hated TARP here, too. Remember?


Remember when that first vote failed and the markets took that breathtaking dip?


We have to figure we could be on the road to that form of perdition right now, before the obstinate leaders in Europe come around to the impossibility of their position and the certain destruction of multiple banking institutions if they don't take action.


That's what this moment is all about. Just as it seemed Hank Paulson had the votes to get TARP approved and didn't -- the first time -- we have to be thinking that when a German finance minister calls part of the bailout "silly" and when there are 17 disparate parties arguing, nothing's a shoo-in.




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So we wait. And we are tortured as we wait. And no one can be blamed for wanting to lock in a profit ahead of the wrangling.


jim cramer
Jim Cramer
is a co-founder of TheStreet and contributes daily market commentary to the financial news network's sites. Follow his trades for his charitable trust.

Sep 28, 2011 2:34PM

We need taxes to run our government, it is a necessary evil.  BUT, what I object to...even if there are tax increases they are not used to pay down our debt, it just allows congress to spend more and more and more.  Congress has to stop spending our money wastefully, stop giving it away to other countries, like Pakistan, stop giving it away to solar companies that just bankrupt it, stop the damn stimulus and let the private sector do its job.  Congress could increase revenues by closing all the loop holes in our tax codes for corporate America.  Immelt needs to create jobs here in the U.S. instead of China!!

Sep 28, 2011 3:41PM

Have any of you seen the Charles Ferguson's Documentary Film, "Inside Job"?   This 2010 Oscar winning film is a real eye opener and will help you realize that the stock markets were and continue to be controlled by the greedy crooks who started this financial meltdown in the first place.  Nothing will ever change until the people responsible for creating this global depression are removed from power and made to pay for their crimes.   

Sep 28, 2011 1:04PM

Europe is a failed experiment and many investors will lose alot of money. US investors should dump euro zone and allocate to USA. USA has come to the rescue of Europe enough times in the 20th century and enough is enough. Buy American.

Sep 28, 2011 2:14PM
Fed government runs a Ponzi scheme...our kids will be paying even more to the government.. it will never end...

Solyndra was a Gov't backed Guaranteed Loan.   Funny how money can evaporate into thin air.


Reminds me of the 60s and 70s when Union money was loaned to companies that were owned by the Mafia.  Somehow the money just evaporated and the company went belly up leaving the taxpayers holding the bag.


Solyndra is no different.  We have a fool for a President and he should be Impeached.

Sep 28, 2011 1:47PM

I have taken note Cramer! It is okay to call the leaders in Europe 'obstinate'  when talking about a bail out but you never describe your friends in Congress as 'obstinate'? How about using the same brush when you start painting red!

Sep 28, 2011 12:31PM
don't waste another single second watching or listening to Cramer. Cramer is an entertainer-not a true economist  or possessing any real skills at what he gets paid so well to do. And, he has made some really big boo boos which he is hoping "here and now" Americans will casually forget. He is a business version of Dr. Phil, who is no longer a licensed psychologist (largely due to a successful malpractice claim), and who engages in meaningless psycho babble for near morons watching his cutesy poo show with wife Robin as the sideshow. 
Sep 28, 2011 4:12PM

An Italian Finance minister picks up a dinner check - the US Stock Market goes up 200 points. A Greek merchant bounces a check - the Stock Market goes down 200 points. Talk about reactionary. And those clowns on Wall Street make $ millions. What a joke. Maybe the protestors down there are on to something. 


Sep 28, 2011 2:38PM
Everybody is so desperate for profit, there is no news affecting any financial market.  They simply take any gain as profit.  Call it a wolf market.  Buy down, sell the next minute up.  Any long time future to figure down so short it.  There is no help for the people of Europe, just money made by the few as soon as the deal is done.   Electronic paper moving across the Ethernet into your fund.  Already spent for gold bulion in the Big Bank vault.
Sep 28, 2011 2:27PM
Does Cramer actually think that ANYONE i still listening to him???



They were loans, but the Gov't took their Toxic Assets as collateral.  So in essence we have been paid back.  The banks did not want to write them off so we took them.


We are suppose to get the money out of them by selling them when due.  If they are toxic, I wonder if they are worth anything??


Some of the banks that took the loans found out the Gov't was going to monitor how they did business, so they paid the Gov't back right away.   I wonder how they did that if they had no money that they needed loans?


The TARP money is now in a fund controlled by the Gov't which will loan out to small businesses.   I am wondering if Solyndra's money was part of that fund?

Sep 28, 2011 12:25PM
The Euro fireworks has been ongoing..............get ready for the fire-sale of Europe.....Booyaa
Sep 28, 2011 12:24PM
Uh, I could be wrong, but wasn't that TARP money in the form of loans? 
Sep 28, 2011 1:00PM
Lets see how the President ,house and senate would fair under Rico
Sep 28, 2011 4:51PM
I'm pissed you actually get paid for this crap Jim! And we still don't like TARP here!
Sep 28, 2011 11:39AM

One thing is sure. The rich and influential bank investors in Europe are going to call up their buddies voting on the issue and lean on them to pass a bailout.

Sep 28, 2011 6:48PM
Cramer says? Isn't he the guy who said to buy Bear Sterns and Lehman?
Sep 28, 2011 1:28PM
whatever, the debt has to be repaid one way or the other, the only question is who is going to take the hit ultimately. the debt holders by defaulted debt, the sovereign government's tax base, the EU, and how much of it is the US going taxpayer going to get stuck paying for??? enough of the fluff dude. the mess is washing up on our shores i am sure. one way or the other like it always seem to. the quickest way to balance's greece's budget, andy than recover, is to let them default. is it the best way, i donno. nobody really does far as i can tell. 
Sep 28, 2011 5:21PM
Until this country starts to "PUT AMERICA TO WORK" and produce product here in USA, Our dollar will never change. Lets just keep giving our money to other countries! Prime example road project by my work there's a sign Putting America to Work signed by Obama grant money to produce work. Five guys working on a multimillion project who will be laid off when completed who's getting rich the rich who take a risk.
Sep 28, 2011 6:30PM

I don't mind that the 'Gluttons' are going to go to the wall... I DO mind that some of us, who made a very good living through honest effort and a few conservative investments, are probably going to suffer along with them.  I keep a gun by my bed these days.  

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