Jim Cramer on November 6, 2008 - InvestingChannel

Jim Cramer on November 6, 2008

Evan Soltas sent me the following Jim Cramer blog post, from the day I referred to in the previous post:

TheStreet.com’s Jim Cramer says the paltry half-point cut means we’re headed lower once again.

Wrong!

The European Central Bank needed to move in lock step with the Bank of England. It left us hanging with a half-point cut.

That means we’re sunk again.

The near-term tug of war just got uglier. Without the ECB cutting as much as the BOE, we have no reason to buy.

Period.

Last night, in a meeting with a bunch of hedge fund managers, there was uniform agreement that the market has to be bought with huge rate cuts, that you need to ignore the near-term Cisco (NASDAQ: CSCO) (Cramer’s Take) (to use the generic version of crummy earnings) and go with the Wells Fargo (NYSE: WFC) (Cramer’s Take) offering that will make it so lending will come again and demand be spurred.

Without ECB and BOE in lock step with huge cuts, we go down. The persistent bid — made up of the room full of people I was with last night and their ilk — needed big cuts.They didn’t get one.

They will sell.

Cisco overshadows BOE because ECB didn’t go along.

So we’ll go lower slower than we would have otherwise.

If someone can find a video of his CNBC discussion on that date I’d be greatly obliged.