NEW YORK (TheStreet) -- On his Wednesday Stop Trading! segment on CNBC, Jim Cramer said that the Europe situation may be bad, but if a collapse doesn't happen soon and we don't see a "Lehman Brothers 2" there within the next 48 hours, the markets are going to go higher.
said during its earnings conference that things weren't so bad in Europe, but Cramer thinks the situation is "horrible" and made references to austerity measures and a dramatic slowdown in economies.
Still, Cramer believes that the worst of Europe's impact on the markets will be over, unless major banks in Europe collapse soon.
Cramer referred to the European Central Bank president Jean-Claude Trichet, German chancellor Angela Merkel and other top European officials as "jokers" who've been doing nothing to help improve Europe's situation, while, on the other hand, Treasury secretary Tim Geithner and Fed reserve chairman Ben Bernanke seem to be the only "adults" of late.
He said that Geithner and Bernanke have been the two things keeping him bullish on the market.
"You're fighting Geithner if you hate stocks," he asserted. "I don't like all the yakking in Germany."
Cramer also pointed out that H-P and
had "great" quarters.
-- Reported by Andrea Tse in New York
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