NEW YORK (TheStreet) --Donald Trump (R) was elected the 45th President of the United States in the early morning hours on Wednesday. TheStreet's Jim Cramer weighed in on the results of last night's election, and the implications a Trump presidency will have on the markets.
"We're looking to buy not sell, but we are looking to buy certain stocks because this is now a very bifurcated market," Cramer said during TheSteet's Facebook Live event this morning.
Trump, Cramer noted, is an inflationary President, a man who likes debt, anti-regulation and has a willingness to borrow.
"I'm sure that right now interest rates, particularly the longer-term interest rates, are saying maybe this guy does a trillion dollar thirty-year," Cramer added.
Trump has stated his intention of a trillion-dollar infrastructure spend.
"He likes to borrow, he likes to build, he likes to spend; those are things that put people to work," Cramer stated.
"I need to focus on whether this is good for Merck (MRK), Johnson, and Johnson (JNJ), and whether it's good for Citi (C) and the answer is, 100%," he continued.
Regarding Citigroup, Cramer believes the banks will stand to benefit from a Trump presidency if he were to follow through on his intended trillion dollar spend goal.
"Banks need higher rates. The Federal Reserve cannot sit back if this president borrows one trillion dollars, they just can't do that," Cramer contended.
Citigroup will go back to its's book value, $64. Bank of America (BAC) "probably" goes to $20, and JPMorgan (JPM) keeps ascending, Cramer noted. "And, as ironic as it is, Wells Fargo (WFC) goes higher."