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Why Jim Cramer Is Wary About the Banking Sector

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Jim Cramer has some thoughts about the banking sector in the midst of the coronavirus pandemic. 

He explained why he "hates that group" right now. 

Watch the full video above for more.

Video Transcript:

Katherine Ross:
All right Jim, now before we head over to Action Alerts Plus, I do have a member question, or a viewer question for you. It's from Ben Cross who asks, "How can banks account for write-downs, loan loss provisions, credit valuation adjustments, and both trading and lending platforms if they do not know how and at what level the federal bailout package will backstop them?"

Jim Cramer:
Ben's always right. He's from Cheltenham High, Pennsylvania. We don't know. And one of the reasons why I hate that group is that the write-downs may mean that their dividends go, and that's what Janet Yellen applied yesterday. I thought it was reckless that she did it, but now I've decided, you know what? Maybe it's more that she knows something. So yeah, it's really, really, really important and I don't know the answer. And Ben's right, it's a big question. It's rhetorical, we don't know.

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