Jim Cramer has a plan. He outlined a full plan for the federal government while the market sells off due to coronavirus fears.
Here's how his plan would help consumers.
How will your plan help the consumer?
Well, it keeps people, it allows them to continue to get paid. I envision a world where in a very short period of time, many companies will have to close because everybody, financial services companies, yes, I suppose they can keep going, but I don't know where the bomb market goes, if everybody gets sick. I mean, what you want to avoid is a Stephen King like apocalypse. Meaning that except for the fact that if you just had a few, we could just delay it or stretch it out a few weeks we'd have people back. People got better in China and it's insane that a totalitarian government was able to beat this thing and they clearly beat it, they don't have many cases. You could say they're lying that they beat it and have the consumers have people go back to work and that's what we need. We need people to be able to go back to work once they're healthy. Not get healthy, and then find out there is no work.
So I mean, why am I advising sit tight and maybe pickets of stuff because they could reverse this. Now you can say, "Well Jim, they're not going to listen. They're not going to reverse it." And we had to go back and Washington Mutual goes under and the fable Bear Storms. There we go. I said, "Your money was safe in Bear but it didn't matter. You should've sold there." Okay, easy enough. I mean, I could have everybody sell, suggest that everybody sell everything. Last night what I suggested though is, is that if you need the money in next couple of years, you can take that off the table. And I reiterate that. If you need the money next couple of years, you can take some of that off the table. But I will be on the hunt again for very solvent companies, AAA, balance sheets like at J & J and think we should put money there.
We've been maintaining this cash position of 11% of which were very high for us now and didn't put any money where since the big sell off in part because you know I've been very bare since I came back from the Superbowl. I love football so much, but I came back from the Superbowl without seeing the Superbowl because I wanted to tell people that Monday, "Please understand. Listen to Dave Tepper. Look at what's going to happen." He was a friend, Dave. "Look at what's going, about to happen," and it didn't happen and we kept selling and selling and selling and that's why we're in business.