Cramer slams government on coronavirus:

THIS MORNING ON SQUAWK ON THE STREET CNBC'S JIM CRAMER CALLS FOR SOCIALISM TO PROP UP BUSINESS SO THEY CAN PAY THEIR WORKERS, 
AND NOT HAVE TO WORRY ABOUT DEBT, CALLS FOR THE FED TO ANNOUNCE
DEBT FORGIVENESS FOR 90 DAYS 

TWITTER CALLS HIM A COMMUNIST

Cramer slams government on coronavirus: ‘They know nothing,’ evoking his epic 2007 Fed rant

PUBLISHED THU, MAR 12 2020 Kevin Stankiewicz@KEVIN_STANK

KEY POINTS

CNBC’s Jim Cramer blasted the U.S. government’s response to the coronavirus on Thursday, arguing “this is the time for radical action.” 

“They know nothing. We know more than they do, and that’s not acceptable either,” he said. 

Cramer said he is worried that multiple companies in the S&P 500 could go bankrupt within four weeks.

CNBC’s Jim Cramer blasted the U.S. government’s response to the coronavirus on Thursday, arguing “this is the time for radical action.”

“They know nothing. They know nothing. We know more than they do, and that’s not acceptable either,” Cramer said, hearkening back to his famous 2007 rant about the Federal Reserve before the financial crisis.


“I want the federal government to know more than me. I knew more than they did in 2007, and I know more than they do now and it is disappointing,” he said on “Squawk on the Street.”

Later Thursday, President Donald Trump said that markets will be “just fine.” Trump made the comment as he was meeting with Irish Prime Minister Leo Varadkar.

Cramer said he is worried that multiple companies in the S&P 500 could go bankrupt within four weeks due to the economic slowdown caused by the coronavirus.

“Are we going to sit here and let so many companies go bankrupt because of an illness? I think that is stupid,” Cramer said. “Once we settle that out and stop worrying about money, we can worry about health simultaneously. Right now we can’t do both.”

Cramer argued the government should temporarily suspend all manner of tax collection.

“Everyone owes the government at all time. Everyone in this country, individuals, corporations. That has to be suspended right now so they have more money,” Cramer said.

“Are these radical actions? You bet they are,” he added. “This is the time for radical action and the action can be done by the federal government.”

About 30 minutes later, Cramer took a phone call live on CNBC at 9:38 a.m. ET. After hanging up, he said he believes the government is debating some big options to tackle the economic and financial markets crisis due to the outbreak.

“You’re going to get clarity,” he said.

Cramer’s comments come after Trump’s prime-time address on Wednesday, in which the president announced travel restrictions that would curtail travel from most of Europe to the U.S. for 30 days in an attempt to slow the coronavirus pandemic.

Trump also said he will be asking Congress to provide payroll tax relief for Americans and instructing the Small Business Administration to “provide capital and liquidity” for small businesses.

Jim Cramer believes the White House is debating big plans to combat coronavirus and ease markets

PUBLISHED THU, MAR 12 2020

Matthew J. Belvedere@MATT_BELVEDERE


KEY POINTS

CNBC’s Jim Cramer said Thursday that he believes the government is debating some big options to tackle the economic and financial markets crisis arising from the coronavirus pandemic.

Cramer made these comments after the S&P 500′s first-level, 7% down circuit breakers kicked in and paused trading for 15 minutes and following a call he took live on CNBC.
“I think that’s about to change,” Cramer said about the uncertainty about what further actions the Trump administration may take to deal with the coronavirus fallout.



CNBC’s Jim Cramer said Thursday that he believes the government is debating some big options to tackle the economic and financial markets crisis arising from the coronavirus pandemic.

Cramer made these comments after the S&P 500′s first-level, 7% down circuit breakers kicked in and paused trading for 15 minutes and following a call he took live on television around 9:38 a.m. ET on CNBC’s “Squawk on the Street.”

“I think that’s about to change,” Cramer said about the uncertainty about what further actions the Trump administration may take to deal with the coronavirus fallout.

“I think that they will perhaps consider the idea that the federal government does not need to be paid during this period so therefore the people, the working people, get paid and are protected,” the “Mad Money” host said.

“I think they are debating the notion about whether they should have a trust fund ... also debating the notion right now about whether the Federal Reserve should be able to guarantee credit lines,” Cramer said. “The Treasury trust fund would indeed, perhaps, take advantage of the lower rates and make it so that people feel their credit lines would be backed up.”

“I believe that some of these plans that I mentioned are being debated right now and I feel better,” he said. “You’re going to get clarity.”

Later Thursday, President Donald Trump said that markets will be “just fine.” Trump made the comment as he was meeting with Irish Prime Minister Leo Varadkar.

About 30 minutes before he took the phone call, Cramer blasted the U.S. government’s response to the coronavirus, arguing “this is the time for radical action.”

“They know nothing. They know nothing. We know more than they do, and that’s not acceptable either,” Cramer said, hearkening back to his famous 2007 rant about the Federal Reserve before the financial crisis.

“I want the federal government to know more than me. I knew more than they did in 2007, and I know more than they do now and it is disappointing,” he said.

Cramer said he’s worried about companies going bankrupt from the economic damage cause by the coronavirus. “Are we going to sit here and let so many companies go bankrupt because of an illness? I think that is stupid.”

Trump’s address Wednesday night failed to ease concerns about the possible economic from downturn the coronavirus. Wall Street opened sharply lower Thursday, with the S&P 500 down about 6% midmorning after reopening from the circuit breaker trading pause.

In his prime-time address from the White House, Trump announced a ban on most travelers to the U.S. from much of Europe for the next 30 days. He also said he will be asking Congress to provide payroll tax relief for Americans and instructing the Small Business Administration to “provide capital and liquidity” for small businesses.