We didn't get much macro help from that

Wal-Mart

(WMT) - Get Report

conference call on that company's stellar earnings.

Jeff

, my partner, Instant Messaged me during that call that he had his fingers crossed that

Alan Greenspan

wasn't on it.

Wal-Mart management said it sees tremendous consumer spending with no slowdown whatsoever. That's devastating. All of these rate hikes and no slowdown. They also said they see price inflation on most items. It was a real macro horror. It made you long for 75 basis points, thinking that 50 just won't cut it. I can't believe how negative for interest rates this call was. Our heads are still spinning. If Greenspan takes a playback of this one, he could make a case for 100 basis points!

We don't want to get too negative, but this is

1994 all over again, for sure. We feel it, we know it, we live it and we breathe it. Oh, and is it noxious.

Be careful out there.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. 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 at

jjcletters@thestreet.com.