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
Chairman and CEO of Lehman Brothers Richard Fuld.   (AP Photo/Virginia Mayo, file)
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(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.”