Is It 2009 All Over Again? Two Takes From Cramer, Summers

Monday's major sell-off in U.S. stocks prompted former Treasury Secretary Larry Summers to say the country may be "at the most dangerous financial moment since 2009." Taking the other side of the debate is CNBC's Jim Cramer, who said there are no similarities to the financial crisis seen a decade ago. 

Summers Tweets

The escalation of the trade war between the U.S. and China brings the world to the most dangerous financial moment since 2009, CNBC reported. 

The markets are also at the highest risk of a recession since 2011, he said in a follow-up tweet. 

"The collapse in medium- and long-term interest rates is ominous," Summer said. 

Cramer Disagrees

The escalation of the trade war between the U.S. and China will certainly create some "fallout," but investors need to "think about what they're doing," Cramer said on CNBC Monday. Investors shouldn't rush to sell everything because "it's not 2009," he said. 

The trade war in some ways is justified, as the U.S. is finally "fighting back," Cramer said.

"There comes a time where you can't devalue a currency three straight times."

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