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) -- Things were much worse than I thought. For me, that's the real takeaway from this financial D-Day -- this worldwide coordination from the wealthier countries to help out the major banks in Europe that were clearly about to go under.

Remember, there were two risks to the situation: credit to the banks and credit to the countries. Apparently the credit had all but dried up for


, for

BNP Paribas

, and maybe even for

Deutsche Bank

(DB) - Get Report

. Now that credit will be freed up.

That's a save for these banks. It helps the U.S. banks that were just hit with the huge Standard & Poor's downgrade Tuesday night.

Plus, the ADP number looks like a continuation of good feelings here.

So we will see a reversal of last week's decline and a huge short squeeze. DEFCON 2 has been avoided.

I do not know how long-lasting it will be. But I do want to congratulate Doug Kass for

navigating this one perfectly


At the time of publication, Cramer had no positions in the stocks mentioned.