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Wake Up -- Of Course It's Bad Out There

By Jim Cramer

 About this article:
 We are in the teeth of it now. You can see it. People are suddenly shocked that Citigroup (C) and "even" JPMorgan (JPM) could have big losses. ARE YOU KIDDING ME? Is anyone really shocked by that? Looks like tech's not doing well and "even" KLA Tencor's (KLAC) doing badly. Did anyone think that KLAC was having a good quarter? Even an OK one? Executives at Seagate (STX) are dropping like flies. Why would anyone think that the cutthroat disk drive industry would be doing well? Are you nuts? How about the oils? There was amazement yesterday about Transocean (RIG) starting to see cancellations of projects. With oil at $37, are you going to rent a rig at $700,000 a day? It only took one cancellation of one rig to wreck the house-of-cards pricing in that industry. I had Anadarko's (APC) Jim Hackett on last night; APC...

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