CNBC host Jim Cramer went on an unhinged rant against President Donald Trump’s tariffs, claiming his efforts to level the playing field and have countries stop taking advantage of the US were having a negative effect on the economy.
The paranoid economist criticized Trump’s declaration of April 2 as “Liberation Day” and warned if the administration didn’t stop imposing tariffs, consumers could face stagflation like they did under Democrat President Jimmy Carter.
We have declining inflation, except the president’s putting on inflationary tariffs.
We have incredibly low unemployment, except where it’s caused by the Trump administration.
We have a market that was doing extremely well last year, until the Trump Administration sowed the level of uncertainty that I can’t recall any time since — Are you ready, Ski Daddy? — Jimmy Carter.
Which is the last time people were really worried about inflation, about stagflation, okay? Back then, stagflation was real.
Now, Jimmy Carter, curious benchmark, break out the cardigan sweater. I know it’s a brutal comparison. You think I did it idly?
I cannot think of another president in my lifetime who could knock down the stock market simply by opening his mouth than Jimmy Carter. Eureka! I have found him!
So let’s look at it this way: Everything about this economy is good. Everything, everything, except one thing. We have a president who’s very angry at everyone, except Vladimir Putin. Oh, no, maybe even Vladimir Putin.
And his wrath has made investors so downcast and so negative that people have just given up. They want nothing to do with stocks, nothing to with this world, because they’re sure the White House will keep laying on the tariffs that seem to be wiping out your wealth and my wealth.
In this environment, it’s a wonder anyone’s buying anything, unless they think that the one person who’s standing in the way of a great economy, one that could have incredible growth with lowered inflation, lower oil prices, less regulation, more confidence, will finally change the stripes.
If Trump can lose the anger, drop the scowl, stop diminishing our friends and rivals while making common cause with our enemies, and generally start acting like he did in his first term, well, that would be huge for the stock market!
As far as the stock markets are concerned, though, we need less Jimmy Carter, more Ronald Reagan. Bottom line, maybe Wednesday isn’t the liberation day.
It’s just the day when American investors may be finally liberated from the president’s not-so-pro-business attitude, once he gets the tariffs out of the way.
While Cramer sounded the alarm on his “Mad Money” show Monday and warned, “I can’t think of a dumber day to buy stocks than today,” on CNBC that morning, the economist — whose notoriously bad investment advice and market predictions inspired an “@InverseCramer” X account advocating the opposite of his positions — was proven wrong once again, as the market rallied and pulled off a miraculous recovery.
H/t: Mediaite
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