Jim Cramer: We Have to Avoid a Depression

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Jim Cramer has some thoughts on the Federal Reserve.

When asked what was top of mind, he discussed the Federal Reserve and Jerome Powell. 

Watch the video above for more.

Video Transcript:

Katherine Ross:
Good morning. I'm Katherine Ross and I am joined by Jim Cramer. We're joining you via Skype this morning in our efforts to practice social distancing. Jim, what's top of mind for you this morning?

Jim Cramer:
The Fed, they just kind of went nuts. They said, "Listen, by any means necessary and here are the means." And what they did, if you want to measure what they really did, just hit up a thing called the HYG Index. Okay. That's an index of high yield bonds and it's up four. It was so heavily shorted, it's up 81 now. I think you can go all the way back to... And then you go to like 85 and what's happened is that the Fed is saying if there's a low, a high yield bond, you're fine. We understand that we got to stay out of depression. We're going to err in favor of giving you credit and backing up the credit. We just have to do that because we have to avoid a depression and that's what they took off the table today was the depression, which is great. Because depression has been on the table.

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