Jim Cramer weighs in on what investors need to know about the pandemic and who to trust.
Here's a quick update on the virus: There are over 255,000 cases worldwide, with over 10,000 deaths. The U.S. has over 14,600 cases.
But let's start with the basics.
Can You Trust the Market Moves?
Here's what Cramer said in his afternoon column over on Real Money Thursday.
"Right now, if you listen to the wise men of the hedge fund business, you have to believe that the slings and arrows are going to crush us. First, the debt load of companies is so high, trillions and trillions of dollars, that there's no hope. There are billions of dollars owed by the oil companies. They can't pay it back with the collapse in oil. The airlines? How can you run a heavily indebted enterprise, even as they were buying back stock -- egads! -- and not default on everything? Boeing (BA) alone will cost us billions. The Secretary of Treasury, Steven Mnuchin, said to me that he didn't say the number of unemployed could go as high as 20%. The hedge funds I listen to are talking about 25% unemployment," wrote Cramer.
Watch the full video above to see what Cramer has to say.
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