Is the Fed paying attention at all to the breakdown in earnings? Is it looking at what the companies are saying? 

This morning, Whirlpool (WHR - commentary - Cramer's Take - Rating) joins Honeywell (HON - commentary - Cramer's Take - 
Rating), Caterpillar (CAT - commentary - Cramer's Take - Rating) and American Standard (ASD - commentary - Cramer's Take - 
Rating) in saying that they were saved by overseas. 

United Technologies (UTX - commentary - Cramer's Take - Rating) had nothing good to say about America. Now we have Target 
(TGT - commentary - Cramer's Take - Rating) saying that business is quite weak and General Motors (GM - commentary - 
Cramer's Take - Rating) saying that light trucks and SUVs are slumping and will get worse because of rising fuel prices and, 
they say, mortgage problems. 

If it weren't for Latin America and Europe, we would have stunning declines in many, many companies. 

Everything seems so rosy at the top line. You have to listen to the calls to hear how the numbers are being made. They are not 
being made by U.S. business. 

Make no mistake about it, the estimates for almost every industrial company are way too low, but that's because they have not 
factored in the strength of overseas. 

I point all of this out because you have to ask yourself, does the economy have to grind to a halt before we get a cut? Does the 
10-year have to go to 4%? 

Maybe so, but it's pretty ludicrous. Which is why I am still looking for two cuts at a minimum this year to get to my 17% gain for 
the Dow Jones Industrial Average.