Jim Cramer Says Presidential Covid Chaos Has Forced Him to Get Political

Jim Cramer says his charitable trust is keeping a high cash position due to continued "chaos" from the White House as bullish investors hope for quick distribution of a coronavirus vaccine.
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At the close of trading Friday, Nov. 13, the Dow Jones Industrial Average was up 1.37%, the Nasdaq was up 1.02% and the S&P 500 was up 1.36%. 

"Today is a great day, sure, but yesterday was terrible," Cramer said during his daily live show with TheStreet

Stocks finished lower Thursday as a resurgence of the coronavirus had Wall Street worried that new restrictions aimed at curbing the pandemic will lead to a halt in any economic recovery.

However, Wall Street appeared continuously bullish, at least by the indices Friday, Cramer said he remains concerned with the rollout of a COVID-19 vaccine and the willingness of the American people to receive a vaccine. Cramer said that the health of the U.S. economy relies on getting a vaccine in six to eight weeks, "not six to eight months."

Jim Cramer discusses what's driving the markets on Friday, Nov. 13, including the coronavirus, President Trump, Elon Musk, Ford  (F) - Get Report, Palantir  (PLTR) - Get Report, Disney  (DIS) - Get Report, DoorDash and more in the video below: 

Federal Reserve Chairman Jerome Powell warned at a European Central Bank forum that even if a vaccine is developed by the end of the year there will be serious economic challenges ahead. Powell added the "the main risk we see" to an economic recovery "is clearly the further spread of the disease here in the United States."

Why is Cramer so concerned amid positive vaccine news from Pfizer  (PFE) - Get Report and Moderna  (MRNA) - Get Report, Johnson & Johnson  (JNJ) - Get Report among others? It all comes down to the role the current administration should be playing in the vaccine rollout and mandating a vaccine, Cramer said. 

"We need to go into polio mode...those were simpler times, we were more likely to obey the government...Otherwise 50% of the country is going to get this," Cramer said.

In California, coronavirus cases surpassed 1 million, according to Johns Hopkins University. New York City Mayor Bill de Blasio could shut down the city's school system, the nation's largest, by Thanksgiving or earlier. Chicago Mayor Lori Lightfoot issued a 30-day stay-at-home advisory, asking the city's residents to cancel Thanksgiving plans and stay at home.

Cramer said the U.S. lacks clarity of the steps needed to move beyond the pandemic. "I can tell you point blank that no one has a clue what is going to happen, because the White House has disavowed all involvement in this," Cramer said. 

Emphasizing a fear that a vaccine won't be widely available until the summer of 2021, Cramer said the U.S. economy could face turmoil if Americans enter a self-imposed lockdown, without the fiscal support provided in the federal lockdown in the spring of 2020, due to a "lack of hope and a lack of faith."

"The single most important thing is beating the virus, and we have great scientists and great companies, but unless the government gets involved, it doesn't matter," Cramer said. 

"Do I want to be political, no, but the President is forcing me to be political because it's the only way to figure out what's going to happen," Cramer added. 

"It's why we [Action Alerts PLUS] have such a high cash position; it's because of the chaos."

Daniel Kuhn contributed reporting to this article. 

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