Famous Wall Street Trader Attacks Trump Administration On Live TV: “They Know Nothing”

Jim Cramer is NOT happy with how the Trump administration is responding to the coronavirus.


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As the stock market continues to take a nosedive, legendary Wall Street trader Jim Cramer appeared on CNBC on Thursday and blasted the Trump administration’s incompetence in dealing with the coronavirus crisis.

The stock market has already shed thousands of points in the last couple weeks as the outbreak has spread across the country, with trading being paused for the second time in two days after a 1,700 point loss on Thursday morning alone.

Now in addition to the unfolding health crisis, an economic crisis is also unfolding and the question is, what should be the primary focus?

One step Cramer suggested during an appearance on CNBC is the temporary suspension of tax collection so everyone, businesses and individuals included, have more money to weather the crisis.

“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. This is the time for radical action and the action can be done by the federal government.”

Cramer predicted that several companies could end up going bankrupt and urged the federal government to take action, perhaps in the form of loans that would be paid back once the pandemic ends.

“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.”

Frankly, a competent federal government would be able to do both. But not the Trump administration. Trump’s response to the crisis has been a train wreck from the beginning. And he has only made things worse ever since.

Even Cramer says so.

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

Here’s the video via CNBC:

While some companies are worthy of loans to make sure crucial American companies don’t bite the dust, taxpayers should not be on the hook for bailouts. This is a crisis of epic proportions, but perhaps companies should have prepared for such crises by putting money away for a bad period instead of handing out golden parachutes or extravagant salaries for CEOs. After all, that’s what Republicans keep saying about poor people when they need money.

Furthermore, corporations already pay very little tax because of the Trump tax cuts. The government needs revenues to pay for a myriad of things the country needs, including health services that are more important than ever before. Therefore, instead of giving the wealthy and corporations another cut, the focus should be on cutting taxes for the middle class and low-income people as well as for small businesses. That would have an even greater impact on the economy.

Nevertheless, the fact that a Wall Street guy like Cramer is calling out the administration is bad news for Trump. If he loses the support of Wall Street, he can kiss a second term goodbye.

Featured image via screen capture

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