Jim Cramer weighs in on what's top of mind for him this morning.
Here's what he wrote in his Real Money column on Tuesday.
"It's time for thinking big. It's time for being creative. It's time for understanding that the next few days may determine how our nation fares for many years to come. First, let's frame the dilemma. We are a service economy. We are an economy that thrives on coming together and congregating, particularly among the young," wrote Cramer. "Sadly this diabolical illness has our number. It knows that the younger people are going to find a way to congregate. It knows that these people can play the role of Typhoid Mary. They will then infect their parents and their grandparents. I keep hearing we don't have enough data about who gets ill and who dies."
Watch the full video above for more.
Good morning. I'm Katherine Ross, and I'm here with Jim Cramer. We're practicing social distancing, so this morning, Jim is joining us via Skype. Jim, what's top of mind for you this morning?
What's top of mind is the idea that we're a service economy, two-thirds of our economy is a service economy. And so therefore, when you decide to shut down a lot of the outlets in our service economy, what you're saying is "All right, we have to take a recession. We can't beat COVID without taking a recession, so we're going to do it. And whatever is left after we triumph over COVID is what we'll have." But again, because we're a service economy, that means that there's going to be a huge downturn. And that's what we have to deal with and try to figure out how to handle.
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