Editor's Note: This article was originally published at 7:45 a.m. EDT on Real Money on June 12. To see Jim Cramer's latest commentary as it's published, sign up for a free trial of Real Money.
NEW YORK (Real Money) -- Do you accept the beat-down like a man or do you actually fight it?
It's been almost a month since David Tepper came on CNBC and laid out a blueprint that said the Federal Reserve's tapering is necessary and will ultimately be good.
That thought had been impermissible by all of those who have waited for the tapering or had sold before the tapering. It was an icon-smashing moment -- with the icon having said that the patient would die as soon as the Fed took off life support. With it, a hideous decline not can but must occur.For several weeks there was a grudging acceptance by many that maybe Tepper was right. That's because he was forceful, not "one the one hand or on the other," and he had made a lot of money, so he was no joker for saying so. But, in the past 10 days, Tepper's view has been forgotten. It's been replaced with a cold, hard reality that Tepper is dead wrong and that the reverberations from the end of tightening will spell the end of the bull market in the U.S. and everywhere else. That it is inevitable, and that the beat-down will be severe. We are in a mode now that says, if you don't sell, you are a moron. Along with the Fed's lack of bond-buying comes the end of any hope that China's market will ever rally; a total implosion of Japan; the denouement of Europe and the euro; the beginning of the end of Brazil and Russia and India; the crushing of all commodities; and the stoppage of any profit growth. The only thing that's not being attributed to the end of Fed largesse is an epidemic of fatal illness, a tenth plague like a wave of death, with only the bears who smear bear blood on their doors to be spared. Come on, you know this. This is the state of affairs we are in now. Is it right? How about this? It doesn't matter if it's right -- we simply can't handle the decline from these levels without bailing.
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