NEW YORK ( TheStreet) -- "Things are bad here, but they're worse over there," Jim Cramer told his "Mad Money" TV show viewers Monday as he admitted that the deteriorating situation in Europe now "has him worried." And with the U.S. congressional super committee now admitting defeat, Cramer said it's clearly apparent that our lawmakers, along with the leaders in Europe, "live in a different universe" than the rest of us. Cramer said the European leaders still seem to be worried about inflation, when they should be worried about the severe recession and possible depression that's rapidly heading their way. He said the European central bank has yet to roll back its latest interest rate hikes, and with Germany becoming less and less likely to bail out anyone, the entire European union may be in jeopardy. While the situation remains fluid, Cramer said that he's been forced to reduce his estimate for the chances of a European debt deal from 80% just a few days ago, to less than 50% today. He once again warned investors that the high-multiple stocks will continue to contract and they absolutely must stay away from all financial stocks for the time being. "Europe's headed for their 2008 moment," declared Cramer. Our only hope, he said, is that something really bad happens to wake up those in charge.
Fun TradeIn the "Executive Decision" segment, Cramer spoke with Matt Ouimet, president of Cedar Fair ( FUN), which Cramer last recommended in August as a "stay-cation" play for a weak economy. Shares of Cedar Fair now offer a 7.5% dividend yield. Ouimet said that Cedar Fair just completed its second year of record profitability and is now on track, thanks to refinancing $1.5 billion in debt, to pay $2 a share in dividends in 2013. He said that the company's continued search for a new CFO and a lawsuit involving its former CEO should not be of worry to shareholders. Ouimet attributed Cedar Fair's success to the great value it provides to its guests. He said the average patron now spends just $40 per person at their parks and new rides and attractions are only adding to their appeal. Unlike other travel destinations, Ouimet said that most of Cedar Fair's guests come from only 100 to 200 miles away, which also helps affordability and value. When asked why October has proven to be a record month for the company, Ouimet explained that next to Christmas, Halloween has now become the biggest off-season draw for many of its parks. Cramer said that unlike many of the high-flying stocks, Cedar Fair isn't likely to get crushed as Europe tanks.