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Jim Cramer: This market is reminiscent of the worst crashes I have ever seen

"As much as it hurts me to say this, combines the current situation … some of the worst features of…

“As much as it hurts me to say this, combines the current situation … some of the worst features of the four previous degradations.”

It’s CNBC’s resident marketer Jim Cramer who releases FUD (fear, insecurity, doubt) on his audience on Monday night, as the stocks continue what he described as a slow-motion train wreck.

He talked about it only four times in his career that he has ever dumped his entire stock portfolio. Three times it worked. Once it did not.

In October 1

987 there was a certain mechanical dump that became known as Black Monday, and “now it’s algorithms and ETFs,” he said. “They are like machine guns that knock down some buyers, as we saw today.”

Then there was 1998. Cramer talked about loosing his shares before what he predicted would be “a total collapse” when large hedge funds ran for the outputs. The Federal Reserve Alan Greenspan penetrated with a rising interest rate cut that supported shares and Cramer, calling it the worst professional mistake he has ever made, says he hopes Fed would do the same today.

We all know what happened in March 2000 when the dot com fantasy crashed. “The economy was robust, but the bankers flooded the market with too many IPOs and low quality secondary offers, then collapsed the whole thing under its own weight,” said Cramer.

And finally, the 2008 financial crisis, when Cramer went out on his epic “they know nothing” rant. Bernanke “has no idea how bad it is out there,” he screamed.

That takes us to the current climate.

“Currently, the stock market notes that the economy is facing a rather rapid deterioration, just like 2008,” Cramer said on Monday night. “We have a Fed who is regrettably unaware of the danger … Fed makes the same mistakes as in 2007. They are totally misjudging how weak any major parts of the economy are.”

So how can much deeper losses be avoided? Cramer explained that the Fed must either change the course or Trump must finish its rates.

“” If the Governor Jerome Powell actually begins to listen to the stock market and wakes up to the damage that [Trump’s] the tariffs can make to the economy, then maybe he will switch alternate, just like [then-Fed Chairman Alan Greenspan] did in “# 98” , he said.

The market was a little better on Tuesday, with Dow Jones Industrial Average

DJIA, + 1.24%

up triple numbers, while the S & P 500

SPX, + 1.16%

and Nasdaq Composite

COMP, + 1.39%

also looked at positive territory.

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