NEW YORK (TheStreet) -- Debra Borchardt: The ECB left rates unchanged. Pretty much what we expected. So Jim, are we starting to think that things are maybe stabilizing over in Europe? Last week it was all about Spain and Italy and things were getting worse again.
Jim Cramer: I don't think things are stabilizing. I think things are still bad. Now, we see some countries doing better. Scandinavia is doing better. The UK is doing better. Germany is doing better. This is a callout from Ralph Lauren (RL). They did that last night. We've also seen it from PVH (PVH). We've seen it from a number of companies talking about Europe not going down anymore, but Europe is still weak if you look at car sales, Europe is still weak when you look at Spanish banks.
Debra Borchardt: We were just talking about News Corp (NWSA) and Italy.
Jim Cramer: There is enough anecdotal that there is no reason why they don't take the rates down. It would shock the system. It would lower the currency. They want the currency lowered. You have this inconsistent Draghi comment saying, "Look, things can get bad, we want the currency lower." If you want the currency lower cut the rates. Get things better. Do what Bernanke did. His inconsistency is spilling over into our markets. Our markets were looking pretty good today until Draghi said there's a lot of risk here.I was listening to Bob Rubin this morning, my old boss, and he used to be at Citi (C). You may have plus or minus views on Rubin, but he did say that he thinks that we've gotten too complacent about Europe. Debra Borchardt: It's been going on for years. Jim Cramer: I know. Tell me about it. Debra Borchardt: They've had meetings about meetings and more meetings. Jim Cramer: So far this year it hasn't affected us, but maybe now it will. I was going back and forth with my colleague who writes for us, Matt Horween this morning. He said, "Listen, don't be complacent about Europe."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV