Global investor Barry Sternlicht worries about a recession signal and an economy not as strong as it appears

Barry Sternlicht, CEO of global investment group Starwood Capital, told CNBC there are a number of negative factors that are contributing to his unease about the state of U.S. economy.

“The economy’s not quite as strong as the number indicated,” he told CNBC’s Jim Cramer on “Mad Money” on Wednesday evening after the market rout that took the Dow Jones Industrial Average nearly 832 points, or 3.15 percent, lower. “I think the Fed is going to have to be careful.”

  • Publisher: CNBC
  • Date: 2018-10-11T08:49:35-0400
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  • Twitter: @CNBC
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Many things are taking place:

Cramer Remix: I have a better handle on this situation than the Fed right now

CNBC’s Jim Cramer tore into Federal Reserve Chairman Jerome Powell in a similar fashion to his famous, “They know nothing,” rant from 11 years ago.

In 2007, Cramer sounded off on then-Fed Chairman Ben Bernanke and then-central bankers for ignoring signs of the impending financial crisis. “They’re nuts. They know nothing,” Cramer blasted at the time.

On Wednesday, Wall Street took at real plunge, with the Dow Jones Industrial Average dropping nearly 832 points , or 3.15 percent, in its worst one-session decline since February.

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On a brutal day for the major averages, Cramer decided to open the phone lines to investors worried about the state of the stock market.

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Cramer rips the current Fed in a similar fashion to his famous, ‘They know nothing,’ rant of 2007

CNBC’s Jim Cramer knew investors would be counting on him to explain the stock market’s weakness after the Dow Jones Industrial Average dropped over 830 points on Wednesday in its sharpest decline since March.

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“When everyone’s terrified, justifiably or not, … I like to step back for a second, get a battle plan going, pull out the ‘Mad Money’ sell-off playbook [to] help explain what’s happening [and] what it will take for the pain to end,” Cramer said. “Spoiler alert: I don’t see it ending any time soon unless we get some major concrete changes.”

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