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Jim Cramer: The pandemic led to ‘one of the greatest wealth transfers in history’
Published Thu, Jun 4 20207:18 PM EDT
Tyler Clifford@_TylerTheTyler_
Key Points

• The coronavirus pandemic has produced “one of the greatest wealth transfers in history,” CNBC’s Jim Cramer said.
• “The bigger the business, the more it moves the major averages, and that matters because this is the first recession where big business … is coming through virtually unscathed,” the “Mad Money” host said.
• “I think we’re looking at a V-shaped recovery in the stock market, and that has almost nothing to do with a V-shaped recovery in the economy,” he said.

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VIDEO03:42
Jim Cramer: The stimulus package may not be enough to recover the economy
The coronavirus pandemic and corresponding lockdown made way for “one of the greatest wealth transfers in history,” CNBC’s Jim Cramer said Thursday.

The stock market is rising as big business rebounds from state-ordered stoppage of nonessential activity, while small businesses drop like flies, the “Mad Money” host said.

“The bigger the business, the more it moves the major averages, and that matters because this is the first recession where big business … is coming through virtually unscathed, if not going for the gold,” he added.

https://www.cnbc.com/2020/06/04/cramer-the-pandemic-led-to-a-great-wealth-transfer.html

What an ironic coincidence!

 

Bad things happen when government sticks its nose into the private sector.

 

And sadly that's been going on for quite a while here in the US. When it gets to the point that government and private sector work like hand in glove, you end up with fascism. We reached that point years ago, before Donald.

 

Now that Trump and his Republicans are telling working people and the poor and the sick and elderly have been told to "Eat cake since soon there will be no bread", it sure sounds like it is time to sharpen up the guillotines as the best way to equalize the wealth inequality has occurred, even as another several trillion of taxpayer dollars going into the coffers of the billionaires in the last month alone!

Taxpayers know most money will go to the top as always, but a little bitty bit of something to the bottom 3/4 of America would at least get the Right to the election!

Its just good form as the top 1% wipes the crumbs from their plates to pretend they care!

 

Funny, I seem to recall Republicans being the ones pointing out that the shut down would affect small businesses and make them close. In fact that was one of the main talking points for getting the stimulus in the first place. At the same time Democrats were delaying the stimulus in order to get their pet projects instituted.

 

The Republicn direction this time out is that congress and the public are not allowed to known where our tax dollars actually went. Repubicans took explicint action to prevent accounting for those dollars, and Trump/Mnuchin have carried out that direction.

Since when has it ever been sound policy to have NO ACCOUNTING for how Mnuchin and others hand out trillions of our tax dollars???

 

Emblematic of all federal government policies. They are enacted to support the interests of the policians.

 

umm, Democrats control the house and the house controls the purse. Do not get caught up in dem vs repub. They are cut from the same cloth and love big fat govt and laugh at the electorate who buy into the false claim that there's a difference between any of them.

$174k per year salary yet become millionaires in just a few years. You do the math

 

I don't agree with this sentiment AT ALL.

You're trying to claim that the fact that we're seeing federal level failure is to be expected because the federal level of government can't possibly succeed.

In fact, today I'd suggest that we don't HAVE any federal leadership that is based on policy. This is a post- policy government that we have right now.

Nobody is suggesting that since X is what we need, we need to start doing Y.

What we're seeing is decisions made in a totally ad hoc way.

What was the policy behind ignoring the plan for opening our economy that was designed by the CDC, politicians and big business that sits on WhiteHouse.gov while the president advocates individual decisions that clearly have NOTHING to do with it?

What is the policy that led the federal government to refuse to use the Defense Production Act to address specific needs such as PPE and hospital equipment, to pump hydrochloroquine and other bogus treatments, to decide to promote the idea that this will all be over soon (like by a month ago), that testing (which is a key element in the federal plan for opening our economy) should be ignored by the federal government.

What is the policy that is behind what we're doing to help big business and help those who can't make this month's rent? What is the policy behind deciding that there MUST be no way to account for how the trillions of money congress handed to the administration for spending on ... nobody knows what? (That is, why is it important that we NOT know where our aid money went?)

etc.

Ad hoc decision making is NOT what makes government work. It's what makes government fail.

I see NO federal level decision on COVID that has been driven by any consistently held policy.

And, that is NOT usual.

 

No, the House does NOT "hold the purse".

Nothing the House wants to do can override the Senate and the president. Our founders designed it as a cooperative effort with "checks and baances".

Unfortunately, we've found out that the House can't even ask oversight questions about what is being DONE, let alone cause something to happen.

 

Ooh our resident conspiracy theorist has a theory...

Was it the Jews? I'll bet it was the Jews.

 

OK, you spent some time. So will I.

Federal government at this size cannot possibly succeed.

No comment. i don't understand what you mean.

You are pointing out that the government is incompetent and it is. It is unmanageable and corrupt. I think federal government can focus on 4 roles, downsize appropriately, and restore the competence it had when it was much smaller. Those 4 are protect the country from other countries, deal and treat with other countries, maintain a national currency and resolve interstate disputes. Everything else could move to the states, the private sector or the trash can.

 

The move away from policy is a new development. Past administrations have worked to follow policy that we may all point to and discuss.

That is a HUGE change.

Today, federal level decisions are being made in an ad hoc way - not pursuant to stated policy.

That's unbelievably horrible, because one can not discuss federal level decisions of any significant importane when there is no respected policy framework.

Also, the existence of corruption isn't a refutation of anything at all. It's a constant state of affairs for human endeavor. The issues with corruption has more do do with the degree to which we oppose it. And, as we've seen we are actually working toward making coruption far LESS opposable.

Let's remember that in the past we had presidents like Clinton and Nixon who actually worked to PROMOTE the rule of law even when it involved investigating THEMSELVES!

We had Bush41 who recognized that his "read my lips, no new taxes" was not good enough in the context of the time. So, he acted on that even though there was NO QUESTION that it would affect his own election outcome.

Every president of the modern era has take IMMEDIATE steps after their election to assure the nation, in fact to prove to the nation, that our presidency has the best interests of ALL Americans as primary duty. THIS president went on a campaign rally tour to gloat at his victory and to essentially declare war on those who didn't back him.

We are NOT getting the leadership that America requires in order to be successful..

We are NOT seeing ANY interest in policy. Not even Republicans are agreeing with the ad hoc crap we're getting.

Like Lindsay Graham has said over and over again, like Colin Powell has pointed out, Like Mitt Romney has pointed out, this is NOT acceptable for America. Our system will fail this way.

 

Yes we have an incompetent and corrupt federal government. I agree that it will drag us all down to its level over time. My advice to you is to adapt. Neither you nor I have power to fix government so we need to learn how to get along with a broken government. The broken government is what the voters appear to want.

 

you must really believe that the Dems want to do more than just have talking points. Dems have no clue what to do either. THey are politicians there for their own enrichment, just like all of them. I now understand, you've chosen a side and believe that "your side" is pure and the other is evil. THe media has done well on you

 

There's a whole book on this. Unfortunately, it's by Madcows producer, so no self-respecting reactionary will touch it with a ten-foot battle axe

https://www.amazon.com/Impostors-Republicans-Governing-American-Politics/dp/0063026481

It's what you get when you decide that a government that is just beginning to recover from the depredations of a Republican Kleptocracy should be turned right back over to even bigger thieves than ruined us last time and whose stated policies are to "burn everything down and then rule from the ruins"

Fear, Fire, Foes, Republicans

Will we never learn

 

Did you finally after 20 years figure out how to calculate freefall?

Hate to disappoint you but our kleptocracy is bipartisan!

 

How are the plans for the golf ball sized pocket nuke coming?

 

another idiotic strawman claim you attribute to me, your on a roll!

 

It seems they just can't stop blowing up on the first tee, then the course disappears.

OTOH every shot is a Hole In One.

 

Didn't this happen during the bailout in the wake of the (2007) housing crisis too?

Take from the middle class, to give to the owners of houses, stock, and real estate equity...

Seems there is a pattern. The specter of looming economic disaster, and then a huge bailout package pushed through before there is even time for the public to debate it.

 

Democrats at least try to disguise the fact they are robbing you blind. Republicans not only tell you they're doing so but say you're a communistic pedophile degenerate for objecting.

 

Unless you're above 10 miles or in a specially streamlined suit all freefall terminates at 121 mph due to air resistance. Which I find strange. I have heard of people surviving crashes above that, but the surest method of death is a fall from above 78 feet, which it seems would be less then that.

 

Being a small business owner is so hard these days, it's almost a job only immigrants are doing.

So sad.

I've noticed that the list of jobs "Americans don't want to do" supposedly, seems to grow every year.
Not sustainable.
And it surely explains falling fertility rates, with Americans postponing families, and Planned Parenthood getting their clutches on the rest.

 

Desperate and baseless arguments that Dems are as bad as Republicans is a really pathetic defense.

If there is a direction you prefer, you should argue for it.

If you are concerned about financial crime at the federal level, you should consider that congress has allocated trillions for economic support for various sectors, yet Republicans have decided that there should be ZERO OVERSIGHT on where that stupendous amount of money is going.

Never in our history have we had that amount of money handed to an administration as no more than a secret slush fund of our tax dollars with no accountability.

You can NOT ignore that on the grounds that you think there is some other criminality somewhere.