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TheStreet Open House

Cramer Calls Fiscal Cliff Taxes 'Draconian'

Stocks in this article: HD V CSCO

So you sound like you're fifty-fifty. You're not sure they're going to get a deal.

Cramer: Yeah, fifty-fifty is right. I mean I'm very concerned, because when you have people blindsided by new tax increases, I think that they're going to pull in their horns, and this is very draconian; draconian for the defense companies, too, so I come back and say it's wishful thinking if you think this is going to be solved and solved in a way that isn't painful for the consumer.

I don't want people to misinterpret me. What I'm saying is that the market is going to go down until we get a deal, or trade sideways, and I posed that on Real Money this morning, would Cisco (CSCO - Get Report), have a pin-action effect, and I said well, one, Cisco is trying to destroy everybody, but two, no more than Home Depot did.

We were up when Home Depot reported, and then people got worried about the fiscal cliff and we were up when Cisco reported and people were worried about the fiscal cliff, and the fiscal cliff is...when I looked at the USA Today story and it had all those new tax rates, it was one of those...you were just...it was a very thorough story, and it makes me very concerned that people don't realize how draconian and dramatic this is going to be.

All right, well, hopefully they'll listen to me and get a deal done.

Cramer: I sure hope so.

I know you want one done.

Cramer: I sure hope so.

-- Written by Debra Borchardt in New York.



>To contact the writer of this article, click here: Debra Borchardt.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
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