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A nurse attends a protest, organized by the New York State Nurses Association (NYSNA) in front of the National Holdings Corporation on May 8, 2020 in New York City. (Photo: Johannes Eisele/AFP via Getty Images)
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."
"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."
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.
Trump and Musk are on an unconstitutional rampage, aiming for virtually every corner of the federal government. These two right-wing billionaires are targeting nurses, scientists, teachers, daycare providers, judges, veterans, air traffic controllers, and nuclear safety inspectors. No one is safe. The food stamps program, Social Security, Medicare, and Medicaid are next. It’s an unprecedented disaster and a five-alarm fire, but there will be a reckoning. The people did not vote for this. The American people do not want this dystopian hellscape that hides behind claims of “efficiency.” Still, in reality, it is all a giveaway to corporate interests and the libertarian dreams of far-right oligarchs like Musk. Common Dreams is playing a vital role by reporting day and night on this orgy of corruption and greed, as well as what everyday people can do to organize and fight back. As a people-powered nonprofit news outlet, we cover issues the corporate media never will, but we can only continue with our readers’ support. |
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."
"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."
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.
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."
"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."
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.