Jim Cramer gives his latest thoughts on the market, and his thoughts on the coronavirus and its impact on the economy.
There are over 362,000 cases worldwide, with over 15,000 deaths.
Johns Hopkins reports that there are over 101,000 recoveries from the virus.
Watch the video above for more.
Jim, what's top of mind for you this morning when you look at this market?
When I look at this market, I am trying to figure out, the top of mind for me is, at what point do we start thinking about the new world? At what point do we say, "Okay, they're going to solve it." I'm looking right now, again, everything's in real time. It's just never been as real time as it is now. I'm reading a CEO from a biotech company who says, "This is not time to short American ingenuity. It's a fool's errand. We will get through this and once we have medical stuff people will know that the economy's roaring again." He suggests that maybe it'd be the roaring twenties. But of course then says, "Stay safe." Everybody wants to stay safe.
And so top of mind to me is, when do we decide that the elderly are who need to be protected and quarantined? But the young people, if they can get enough tests... Marc Casper is the CEO of Thermo Scientific told me this weekend they're going to have 2 million tests this week. 5 million towards when we get to April, middle of April. When do we get to the point where people say, "You know what? I've got my gold star. I've been tested. I want to go out to dinner." And in the meantime, the treasury secretary is getting the people who have restaurants, the ability... And restaurants being to me just what a small business is because it's such a huge part of the economy, but service 50 million people.
Let's just use me as a metaphor. At what point do I say, "You know what? I got Bar San Miguel open. I can keep my staff. I keep my staff anyway, but right now I don't have that loan. I can keep my staff. People who got a gold star can come in, entering. People who don't, cannot come in and should be quarantined until they're better. And I'm not going to serve anyone over 60." And the answer is, is that that can happen in a number of weeks. That's got to be the new economy. We cannot wait until everybody's better. We have to segregate those who, if they get sick, might die.
Even in Milan, we're not seeing a lot of people under 40 who die. As a matter of fact, the numbers under 40 look a little bit less than how many people who die with the regular flu. This is a cold, not a flu. And I feel very strongly that we have to start getting back. Getting back to work, getting back to entertainment, getting back to shopping, getting back to dinner. And we can do that with testing, multiple testing. We can't just shut down the economy. It's just not right. We're shutting down the economy basically to preserve older people who are dying and so let's quarantine older people and get on with the damn thing.
Catch up on the Latest Videos on TheStreet!
- ‘We’re at War:’ Trump on Coronavirus in New York, Washington, California, Rand Paul, Economy
- Where Stocks Finished the Week, What Wall Street Says to Do Now
- How This Small Biotech Player Is Racing Gilead, Moderna to Coronavirus Treatment
- A Legal Look at the Drugs Being Used to Potentially Treat Coronavirus
- Jim Cramer on the New York Stock Exchange's Decision to Temporarily Close
- Notable Stock Market Halts and Closures Throughout History
- Laid Off? Here's What Jim Cramer Says to Do With Your Investments
- Jim Cramer's Advice for Investors Worried About Their Jobs