Jim Cramer breaks down what it was like on the floor of the New York Stock Exchange when trading was halted minutes after the opening bell was rung because the S&P 500 fell 7%, hitting the circuit breaker.
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Jim Cramer: You know, the floors, not what it used to be. As much as I like everybody down here, a lot of the trading halts were meant to be so people can catch their breath, but machines don't need to catch their breath. And I found the trading halt to be a little counterproductive. We're looking for price discovery, we're looking for opportunity. If you slow it down, all you do is delay the opportunity. Now that's okay if you're trying to delay a virus so that we have enough money in time to be able to handle a rolling COBIT, but it does not help to be able to make it so that we're just kind of okay, well let's slow it down because we don't want it slowed down. We want it to get to where it has to go. And that was one of the things that I always had it to trading desk. Get to where it has to go and we're not there yet.
Jim Cramer: I know a lot of people are commenting on my tone saying that you know, Jim, you're just kind of low key and it is time to have ice water in your veins. There's no need to panic. But you would like to see a definitive time of confidence. I would like for instance, what would create confidence? The notion that we have enough kits that everybody on a cruise ship is tested. I mean, I think that we're all kind of at sea that we have to listen to the most important doctor in the, in our government say, don't take a cruise ship. Well we don't want to not have to take a cruise. We want the cruise ships shut down. Now maybe you could say, well what does that do to Carnival's balance sheet to Royal Caribbean's balance sheet?
Jim Cramer: What does it do to Norwegian Cruise Lines balance sheet? And I say, no, what does it do to the average Americans balance sheet? Are they part of the, if they are an easily solved part of the problem, meaning that they obviously, and you can check the CDC for this, obviously have a history of problems like this. Well let's just stop them. I don't think that's invasive. This is a bit of a war against an illness to be sure it doesn't hit what the Harvard School of Public Health, a leading authority said it's going to be 60% here. So it's time to show leadership and then that will make it so that we feel like we should buy some Coca-Cola at 52 and that's just the stock, but if we had leadership and we have low interest loans, then I think what we can do is have a government that tides things over. Until we feel better.