Jim Cramer's Thoughts on the NYSE's Temporary Floor Closure

Author:
Publish date:
Video Duration:
31

For the first time in the New York Stock Exchange's 228 year history, the floor is not open while the markets are.

The President of the NYSE, Stacey Cunningham, took to Twitter to explain what this means. 

Video Transcript:

Katherine Ross:
Jim, I've got to say it's weird not being at the NYSE, especially since it's closed this morning.

Jim Cramer:
Yeah, I've always wondered whether there would come a day where they would try to make it with no people. And I think that you and I both know there's a terrific group of people there and that this moment makes me think that perhaps they're done. And the reason I say that is because I would like to hear someone from ICE, which really owns it, say, "You know what? It's temporary and everybody keeps their job." I haven't heard that. Have you heard that?

Katherine Ross:
I haven't heard that yet, but I am seeing behind me that Stacey Cunningham is on CNBC, so I'm hoping that she's got some commentary on that. And as always, I do hope that we get traders on the floor because I do think that there is a historical fact to it. I think that it's this beautiful monument that's stood the test of time and I hope that even when we do figure out the coronavirus pandemic, that that continues to be the case.

Jim Cramer:
Well, but I keep thinking... I'm sorry, I'm just doing my stuff here. I keep thinking that someone was going to say, "Well listen, Nasdaq doesn't have people, so why should we have people?" And there are others who think that... Let's say I was trying to figure out where to list. I always felt that if you wanted to list in the best place, you would want to list in New York Stock Exchange, and the reason you want to list in New York Stock Exchange is because there are people. But maybe if the NASDAQ has a generic thing going and the New York Stock Exchange has the bell and the bell is obviously a thrill. I rang it. I'm like, "Yes, Jesus," two weeks ago. That that's something that is iconic. But otherwise, I don't know. I mean, I think that they were waiting it to what... They had two people who had the coronavirus.

Jim Cramer:
I imagine that they just feel they can't practice crowd distancing and so therefore, it has to close and I really, really wonder whether that means, "Well, if it works and there's no disruption, well then why do we need them?" I also know that... I asked Duncan Niederauer who used to run the New York Stock Exchange, "Why the heck there's such terrible illiquidity?" And it's not the New York Stock Exchange that is, it's just a series of ETFs that are out there and a belief that there's no firms make a market anymore and it makes it to what's a very powerless place to be a buyer of stocks. I do believe, and I worked all weekend, looking for stocks. There are tons to buy, just tons, but I don't like to buy up. I like to buy down and when I liked it because I like to buy down, I'm not getting my opportunity although I'm suggesting a buy order right now because I think it's just worth doing.

Catch up on the Latest Videos on TheStreet!