Jim Cramer on President Trump Invoking the Defense Production Act on 3M

Author:
Publish date:
Video Duration:
3:01

President Donald Trump has ordered 3M (MMM) - Get Report to produce N95 face masks under the Defense Production Act.

Trump told reporters in Washington Thursday that he was invoking the 1950 Act, which compels American companies to perform essential tasks for the government during times of national crisis, in order to "be able to do what they are supposed to do".

The Administration had raised earlier concerns that 3M-produced masks were being shipped overseas amid a national shortage for healthcare workers dealing with the accelerating coronavirus pandemic.

Watch the video above for more.

Video Transcript:

Katherine Ross:
I'm wondering, let's put that in perspective here in regards to 3M having the Defense Production Act enacted on them. I'm wondering if President Trump's decision to enact that now is a little too late or should it have been done two months ago when we first started talking about this?

Jim Cramer:
I think through asked this thing, what's very clear, is they didn't know how to procure. They didn't know which organizations should procure or maybe it should've been FEMA. Maybe it should have been, I don't know, Vice President Pence. There was just terrible procurement. Terrible procurement of ventilators, terrible procurement of masks. The private sector has done more to get masks than anybody else. Terrible procurement of gowns. The personal protection equipment. Of swabs, where they had the wrong ones. Every single one was requisitioned badly.

Jim Cramer:
It's a total reflection on the disorganization of the administration. I know I've been forgiving because COVID, it was kind of so unexpected. Yeah, I sounded the alarm, I didn't go to the Super Bowl game. I came back and said, "Listen, everyone has to recognize, this is going to be a terrible thing that's about to come to the country. But they didn't .. Look, even just Monday seems forever ago. I know I do my part. I have no illusions. I have a TV show. But I knew this was coming, and I said it.

Jim Cramer:
There are some things I didn't see coming. Some of these I do see coming. And it meant nothing. They did not ... I work behind the scenes too. I said, "Listen guys, this is serious stuff. You got to get all these masks, you've got to get this team together." But they didn't and they got it wrong. I got TGX wrong and I got Tyson Foods wrong. I got Viacom wrong. I'm looking at the camera and telling you, "I got this wrong. I screwed up." I thought Tyson would do well because we solved the trade dispute. I thought TGX would do well because there are so many retailers going out of business. They'll be able to buy all this stuff.

Jim Cramer:
I got taken, I got to had by Viacom, because I believed in the story. I mention that because ... Have you ever heard our president say that he made any mistakes...I'm human. I make mistakes, I own the mistakes. You have to own the mistakes in order to learn from them. But I think it's time for the administration to say, "Listen, we procured poorly. And stop blaming Mike Roman. Geez. Mike Roman, yeah, he makes masks. If you ask for the masks, he's going to give them to you. If you don't ask for the masks, he isn't giving them to you.

Got a Question for Cramer?

Send it in!

You can tweet at @ByKatherineRoss or @TheStreet or you can email at katherine.ross@thestreet.com.

Every day, TheStreet and I are looking for questions on the markets, send yours in for a chance to have it asked on the show.

If you're a member of Action Alerts PLUS, please continue to send your questions to the team at AAP.

Catch up on the Latest Videos on TheStreet!