TheStreet.com's Jim Cramer says it'll be tough to shrug off this huge miss.

We forgot that earnings mattered. We have plenty of analyst upgrades, like the semi upgrade yesterday. We see the housing stocks bottoming. Exporters are better than expected. Retail sales didn't matter.

And then GE (NYSE:GE).

This was a big miss, Doug Kass is dead right. I work for GE, so I find it hard to talk about. But I don't find the impact hard to talk about. The financial services business here is a big leasing business and the financing in leasing is tough. I didn't think it was this tough.

Pretty stunning.

I think that going into this session, the bulls looked like they had a lot of things going for them, including strong overseas action and a sense that we could look through the valley of what is thrown at us.

It turns out the valley's deeper than we thought.

Can GE be shrugged off?

That's a tall order.

The miss was too big.

Infrastructure couldn't mask financial services.

Jim Cramer a featured commentator for CNBC, which is owned by General Electric; as part of his contract, Cramer holds restricted shares in GE. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO.

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