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NEW YORK ( TheStreet) -- With the S&P 500 hitting new records again today, Jim Cramer told his Mad Money viewers Monday they shouldn't be thanking the Federal Reserve, they should be thanking individual corporate CEOs.
Cramer said the market's skeptics still feel the current powerful rally is undeserved, being spurred only by the Fed's cheap money policies. But that's totally false, he said. It's corporate profits that are fueling ever higher stock prices, and that growth is only accelerating.
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Corporate America is administering a big dose of self-help, Cramer told viewers, as they're not only doing more with fewer workers and more technology, they're also buying up the competition.That's why a stock like InterMune (ITMN) was able to rally 35% in a single day after receiving a takeover bid and why both Tim Hortons (THI) and Burger King (BKW) were able to rally 19% after their merger was announced. These deals are all about accelerating growth, Cramer explained. In today's economy we have too much of everything, Cramer continued, and that means too much competition and lower margins. That's why in industry after industry, from airlines and biotech to restaurants and technology, the wave of consolidation continues. So as the markets hit record highs, don't thank the Fed, Cramer concluded, thank CEOs for taking control of their own destinies and working hard for you, the shareholders.