Growth without inflation? But where is the growth? Talk about a hard market to figure out. The 30-year bond hangs at 94.04, where it bottomed last week. The


index, the banking barometer, isn't down despite the slide in the bond futures. The drugs are getting crushed, and the tech market remains in free fall.

And it's only 10:30 a.m.! Good time to catch up on some reading. Days like today always have me thinking, "Oh, they are going to kill it," and then I'm amazed that they don't crush it. Not that anybody is making money off this tape anyway.

So, Schwabians, with your Web site down, take heart -- there's nothing to do anyway.

One thing is certain, this brave new anti-PC world caught most managers flat-footed. The swiftness with which things went from good to bad let virtually no one out.

For me, it means off to meetings with real companies, trying to figure out what the heck is really going on with this economy. I know one thing: My screens are


explaining it well at all right now, so I have to do more first-hand digging.

James J. Cramer is manager of a hedge fund and co-founder of Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column by sending a letter to