Jim Cramer: Phase 2 Will Be Failure for Restaurants, Bars

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How's the market looking?

Well, stocks were mixed Monday, May 11 as investors weighed plans to reopen the global economy as lockdown restrictions ease against worries about a rise in coronavirus infections as people get back to work.

Treasury Secretary Steven Mnuchin said the American public could experience "permanent economic damage" if the U.S. economy doesn't reopen.

“If we do this carefully, working with the governors, I don’t think there’s a considerable risk,” Mnuchin said on “Fox News Sunday.” “Matter of fact, I think there’s a considerable risk of not reopening. You’re talking about what would be permanent economic damage to the American public.”

Mnuchin also said the unemployment numbers “are probably going to get worse before they get better,” but he expected improvement in the second half of 2020 and added that 2021 would be a “great year.”

And then, on Monday, Cramer sat down with Mnuchin. 

When asked whether or not it's time for the government to consider another stimulus check or rent or mortgage forgiveness for the millions of Americans still struggling to go back t work as states reopen, Cramer said that that'll be a part of Phase Two.

Watch the video above for more on Phase Two.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here. 

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