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NEW YORK ( TheStreet) -- Everything that could go wrong today, did go wrong today, Jim Cramer admitted on "Mad Money" Thursday after the market's first big down day in quite some time. Cramer said the market received a healthy dose of both negative macro- and micro-data today, for which there was no place to hide.
Today's news that jobless rates were the lowest in six years may be great news for the economy and all those looking for work, but for stocks, which equate a growing economy with higher interest rates, this news was most unwelcome indeed. Higher interest rates foreshadow slower growth eventually, Cramer explained.
Executive Decision: Joe PapaIn the "Executive Decision" segment, Cramer sat down with Joe Papa, chairman, president and CEO of Perrigo (PRGO - Get Report), the generic drug maker whose stock is up 107% since Cramer first got behind the stock in February 2010 but has been under pressure in recent weeks, possibly creating a buying opportunity.
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