Cramer: Never Seen Wall Street This Bad

Analyst sees no end in sight for layoffs and write-downs

By Harry Kimball,  Newser Staff

Posted Jun 16, 2008 12:02 PM CDT

(Newser) – While he steers clear of the Great Depression, everything else is fair game as reference in James J. Cramer’s apocalyptic appraisal of Wall Street for New York. In Cramer's 25 years, he's seen lots of implosions, but this one is different: With thousands of layoffs at major shops, and billions more in write-offs expected, he sees no place for canned employees—or investors—to flee.

"This time around, no firm—no area of the business—is rising. Every product, from stocks and bonds to mergers and acquisitions to corporate finance, is under pressure at every bank." And the folks who anted up $6 billion to bail out Lehman "have to feel like they leased an apartment in Dresden after the first 400 bombers hit, not realizing that there were another 900 behind them.”

Chairman and CEO of Lehman Brothers Richard Fuld.   (AP Photo/Virginia Mayo, file)
Jim Cramer, host of CNBC Networks' "Mad Money" show is seen during an interview in front of the New York Stock Exchange, Wednesday, Oct. 3, 2007 in New York.   (AP Photo/Edouard H.R. Gluck)
Jim Cramer, host of CNBC's Mad Money, attends the opening bell of the Nasdaq stock market on Wednesday, Jan. 16, 2008, in New York. Stocks fell Wednesday after Intel Corp. announced disappointing earnings...   (AP Photo/Mark Lennihan)
A Wall Street street sign hangs near the New York Stock Exchange.   (AP Photo/Jin Lee)
Trader John Earle works on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew)
Traders on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew)
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