Jim Cramer breaks down what the average American needs to hear from President Trump to sooth their fears around the coronavirus outbreak.
Watch the full video above for Cramer's take.
And finally, Jim, I have to ask...So we have heard from the President multiple times...So we've heard from the President multiple times, but the thing is we see a market down today, we've got the Dow down 760 points. What do I need to hear as an investor, as a consumer to be soothed?
Let's go over what's happening in Washington. We have a treasury secretary who is completely on the case. We have a chief economic advisor who knows what's going on. Now you may say Larry is too optimistic. That's a lot of people that rap against Larry. Larry's a smart guy, he's been partner at Kudlow & Cramer. Secretary Mnuchin is focused on just what he should focus on, which is the small, medium sized business base of the country where you have a restaurant and your cash flow restaurant say your payroll, and your amounts to say $20,000 a week. Okay? And that was based on the idea that you might do $24,000, $25,000 maybe you clear $5,000 a week. That would be very typical of a good restaurant. And then suddenly your cash flow drops say $3,000 so then you have all these people. So what do you do? Well, your instinct has to be the lay them off.
Those are the people that have to be protected. They didn't do anything wrong. And they're hardworking people, so he's not trying to bail out the fat cats, Secretary Mnuchin. He's trying to bail out the people who are less fortunate. That's what I want. Now he works for the President, I love him or hate him, you can't confuse that to be Mnuchin he's doing right now. He's going to meet with the cruise ship operators and that's very good. I don't know. I think that we have to distinguish between companies and shares. Okay? Does Secretary Mnuchin want to bail out the Royal Caribbean shareholders?
No, but there are a lot of people were employed by Royal Caribbean and he doesn't want them to have to go into reorganization. I don't like Carnival. Why? Because I haven't liked the cruise ships forever. I mean I also think that the moment that you heard about the cruise ship off of Yokohama, Diamond Princess, that was the end. Because, this is not like a Contra Costa crash. This is like okay I go to the CDC page, I see all these infectious diseases and I've been on cruise and I say I'm done. Particularly if you're older person, remember Dr. Fauci said older people shouldn't take cruises. I think Dr. Fauci is one of my idols. So why own those? You're owning those betting that Secretary Mnuchin is going to bail out common stock shareholders. You know I got stocks like Bristol Myers, beautiful stocks that are being brought down.
I don't want risk. So I just want to warn people that while the secretary is doing everything I'd like him to do, that may not be enough for common stock, but it may be enough for the working man and that's who you have to worry about working person. That's what you have to worry about. And I know this because I own two restaurants.