Jim Cramer: Small Businesses Going Under, Need Another Stimulus Bill
Federal Reserve Chairman Jerome Powell is testifying in front of the Senate Banking Committee.
While the economy has shown some signs of a rebound from the coronavirus pandemic shutdown, Powell said Tuesday that a full recovery is unlikely until the public is confident the disease is contained.
"Our country continues to face a difficult and challenging time, as the pandemic is causing tremendous hardship here in the United States and around the world," Powell said in prepared testimony via videoconference before the Senate Banking Committee.
The Fed chair said that some recent indicators have pointed to stabilization, and in some areas a modest rebound, in economic activity.
"Much of that economic uncertainty comes from uncertainty about the path of the disease and the effects of measures to contain it," Powell said. "Until the public is confident that the disease is contained, a full recovery is unlikely."
Jim Cramer said, in response to Powell's comments about the economy, that small businesses need another stimulus bill.
"The market is up, in part, because small business is smoking," said Cramer.
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