Quantcast
Connect with us

Jim Cramer: Coronavirus pandemic triggered ‘one of the greatest wealth transfers in history’

Published

on

CNBC‘s Jim Cramer said Thursday that that coronavirus pandemic has triggered “one of the greatest wealth transfers in history.”

The remark from the network’s “Mad Money” host came amid “ominous” economic data but a rebounding stock market.

“How can the market rebound without the economy? Because the market doesn’t represent the economy; it represents the future of big business,” said Cramer. “The bigger the business, the more it moves the major averages.”

ADVERTISEMENT

“And that matters,” he continued, ‘because this is the first recession where big business—along of course with bigger wealth, but that’s not really by show—is coming through virtually unscathed, if not going for the gold.”

In contrast, small businesses are “dropping like flies,” Cramer said, attributing those failures to the fact that smaller businesses are struggling to pay rent as “major landlords” don’t appear to be offering relief.

“That’s the thing about this pandemic,” Cramer continued, “it’s been one of the greatest wealth transfers in history.”

Cramer projected that transfer to have a “horrible effect” on the country.

Further, the CNBC host said, “we’ve barely begun to see the impacts” of the pandemic’s economic fallout. Cramer pointed to the latest corporate bankruptcy figures he said would “chill both Republicans and Democrats.”

ADVERTISEMENT

The new comments came a day before federal data showed the nation facing a 13.3 percent unemployment rate, and as a new analysis showed the fortunes of U.S. billionaires increased by $565 billion between March 18 and June 4. That 11-week period also saw 42.6 million Americans filing jobless claims.


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Trump Organization planning ‘high-end’ retirement community — with 225 properties — on foreign soil: report

Published

on

The Trump Organization is planning a massive real estate development, according to a new report by Martyn McLaughlin in The Scotsman.

"In what would be one of the most ambitious and expensive foreign projects undertaken by Donald Trump’s family business since he assumed the presidency, his company has commissioned a detailed masterplan to develop as many as 225 properties, as well as leisure facilities and shops, on an expanse of rolling farmland adjacent to Turnberry’s lauded Ailsa course, a four-time host of golf’s Open Championship," the Scottish newspaper reported.

Continue Reading

Breaking Banner

WATCH: Video shows how Trump makes his caddie hang on to the back of the golf cart

Published

on

Despite the ongoing coronavirus pandemic and economic catastrophe, the leader of the free world spent the weekend golfing at his private, for-profit golf course in Virginia.

For the second day in a row, Donald Trump's presidential motorcade traveled to Trump National Golf Club in Sterling, Virginia.

"Today marks the president’s 86th day trip to Sterling," reported HuffPost correspondent S.V. Dáte, who was the White House pool reporter for print covering the day's events.

Continue Reading
 

Breaking Banner

NRA slammed for saying AR-15 rifles are just ‘an everyday gun for everyday citizens’

Published

on

The debate over firearms in America heated up over the weekend as AR-15 trended nationwide on Twitter.

The discussion followed a tweet by the National Rifle Association praising firearms platform, which are widely referred to as assault rifles.

"The AR-15 is the modern day musket," the NRA tweeted. "An everyday gun for everyday citizens."

David Hogg, who co-founded "A March for Our Lives" after surviving a mass shooting at his high school in Parkland, Florida was one of man people who slammed the NRA.

6 minutes 20 seconds Is all it took for the shooter at my high school to fire over 100 rounds from his AR-15 to shoot 34 people.

Continue Reading
 
 
You need honest news coverage. Help us deliver it. Join Raw Story Investigates for $1. Go ad-free.
close-image