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Jim Cramer on What Investors Need to Hear From CEOs

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Jim Cramer has some ideas on what Americans need to hear from CEOs.

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Video Transcript:

Katherine Ross:
Now I want to save a lot of this for our Action Alerts PLUS Daily Rundown show, which we will do right after this. But I do want to talk to you a little bit about your interview with Starbucks CEO, Kevin Johnson this morning because I think that what happened was remarkable to me watching as a journalist because you asked him to pledge that he would not lay off people for 30 days. He kind of dodged that question and you followed up and he did give you an answer and with that answer, is that what we need to hear from CEOs? Because as you said, people are getting sick of CEOs at this point and they need to be reassured.

Jim Cramer:
Yeah, I mean I was just coming back, ATT had taken the pledge. I want to see newcomers taking the pledge. I view the world as there's a big dichotomy. There's big business, which is about 15% of employment and they tend to be situations where they've got enough money because they've been doing well. And then there's small to medium size, which is 85% and for them it's much harder. This came about because when I was going back and forth with Kevin this weekend. On Friday, he said they were going to pay people, whether they showed up or not, and he asked me what I was going to do with my restaurants and I said, "Well listen, they're shut down." And he goes, "Well what are you going to do about the people who work there?" And I said, "Okay, I'll make that same pledge that you do."

Jim Cramer:
It's unusual but we're actually blessed. We made some money. Most of the restaurants on our blocks can't make that pledge. And Brooklyn is the Epicenter Of COVID in our country. I don't know how that happened, but it is, but he felt emboldened to do this. And I'm hoping that other CEOs with decent balances can say the same thing because you're going to have to lay people off pretty soon. You open your stores and nobody comes, you're going to have to lay people off and in a lot of places of course the stores are already closed. And for them there's no tomorrow. So it doesn't really matter.

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