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Video: Is the U.S. economy bouncing back?

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    >> a big jump wednesday, closing up nearly 250 points. jim cramer is the host of "mad money" on cnbc. good morning to you.

    >> hi.

    >> we talk about deficits and tax cuts . why the big jump, 250 points in thedy to, down about 1% in november. why the jump?

    >> we have growth, central bankers doing the right thing, a huge amount of credibility for bernanke right now. there is a compromise and people are excited about it.

    >> wall street is getting giddy act the fact these tax cuts will stay in place for a year or three years.

    >> there's self interesting greed on wall street , that's not been overruled. i think center is what matters, matt. even if we got higher rates, we need to know what they're going to be.

    >> what would happen -- it's not going to happen now, what would have happened had these tax cuts been allowed to expire? what would have been the fall-out on wall street ?

    >> i think there would have been the sense we would absolutely slip back into a recession or much slower growth and a lot of the great work we've done in the last three months to build the economy would be torn down.

    >> the federal debt commission has come out with a difficult set of ideas to lower the deficit including tax hikes and spending cuts. what would it mean to the average american if some or all are put into place.

    >> lower standard of living for most americans, absolutely without a doubt. this is really designed to make it so one day we'll still be competitive with chinese, indians, brazilians. we are slipping back. this is to put us on even footing because we owe too much, our children owe too much.

    >> lower standard of living is that necessary, a pill we need to swallow now for long term benefits?

    >> definitely. yes. americans should read this.

    >>> opening how much we owe, far more than anyone realized.

    >> wikileaks in the headized because of the release of cables from the state department but promising to release information on a major u.s. bank . a, is anyone on wall street talking about which bank it might be and how worried are the people?

    >> everybody is shaking about this. everybody knows there are so many smoking guns in the bank industry in the last couple of years, it could be devastateding. all the bored points to bank of america , they're neither confirming or denying, to tell you people aren't worried about this is nuts. this is all we're talking about. the dinner, pub conversation, lunchtime conversation, who knows what?

    >> jim cramer , thanks very much. you can catch this gentleman at 6:00 and 11:00 eastern

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