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Cramer's Mad Money Recap: It's Worse in Europe (Final)

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NEW YORK ( TheStreet) -- "Things are bad here, but they're worse over there," Jim Cramer told his "Mad Money" TV show viewers Monday as he admitted that the deteriorating situation in Europe now "has him worried."

And with the U.S. congressional super committee now admitting defeat, Cramer said it's clearly apparent that our lawmakers, along with the leaders in Europe, "live in a different universe" than the rest of us.

Cramer said the European leaders still seem to be worried about inflation, when they should be worried about the severe recession and possible depression that's rapidly heading their way. He said the European central bank has yet to roll back its latest interest rate hikes, and with Germany becoming less and less likely to bail out anyone, the entire European union may be in jeopardy.

While the situation remains fluid, Cramer said that he's been forced to reduce his estimate for the chances of a European debt deal from 80% just a few days ago, to less than 50% today. He once again warned investors that the high-multiple stocks will continue to contract and they absolutely must stay away from all financial stocks for the time being.

"Europe's headed for their 2008 moment," declared Cramer. Our only hope, he said, is that something really bad happens to wake up those in charge.

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