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Jim Cramer reacts to the Fed's move to raise interest rates by 75 basis points - YouTube
Channel: CNBC Television
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okay so here's what I think matters
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first of all I think that fed chairman
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Powell conducted himself very well uh
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he's been wildly criticized again he
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can't get people really just have the
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long Dives out for him this is an
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inventory clut recession uh there's
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clutch on almost there there'll be a
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glutton housing there's clearly a glut
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in things that are retail we saw that
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from Best Buy again confirming Walmart
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but we have we can't find more workers
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uh so at the same time we need companies
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to understand I don't mean to sound
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heartless here to lay off people and
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that has not happened the first time
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I've seen anything like that is was in
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Stanley Black and Decker which was a
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total disaster quarter so we don't have
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enough labor but we fortunately have
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inventory gluts across the board which
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is going to make it so it's very hard to
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raise price and therefore I think j-pal
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can take the summer off come back
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September raise smaller uh Jeffrey good
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luck yesterday saying they're no longer
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behind the curve I thought that was
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seminal yeah because Jeffrey's been very
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good now one thing those who wanted a
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hundred basis points those who wanted to
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hike intra meeting are they now looking
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back and thinking that would have been a
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mistake well they have to
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um they were doing sub-optimal thinking
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and they've been ill-advised and I think
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it's time that it's okay to be able to
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say
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you should be more data dependent uh
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again I don't want the one thing I don't
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want to do is is is say things that
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would elect the Democrats or Republicans
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in the house I think there's a lot of
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subcurrents the people who want who like
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the Republicans are saying that it's all
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bad the people like the Democrats are
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saying it's good you got to get away
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from that because it doesn't make our
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viewers money I don't want to be Jim
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Cramer in September of 1988 telling
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Karen Kramer don't you understand it's a
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recession it's stagflation and only for
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her to pick up the phone and buy
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everything because I was not a stock
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person I became an economist and I don't
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want to become an economist what I want
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to do is say what will happen with
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stocks and this is we were up huge
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yesterday we should be down today the
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last two times that the FED raised we
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were down and what this this economy
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this stock market is saying is you know
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what it's not as bad as we thought and I
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think one of the reasons not as best we
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thought is because we wanted the FED to
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be able to say listen we're in charge
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again you know you think we've lost our
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touch we're in charge and I think that
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that kind of stability in a democracy's
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goodness right so you think it's
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meaningful that we're not giving back a
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lot of the best day in two years for the
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nest I mean the numbers last night were
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all subpar oh we're gonna go through all
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the the weaker guidance you mentioned
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Stan Lee Corsair Best Buy Qualcomm you
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know Best Buy is what I'm talking about
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when I come to my talk about an
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inventory clot I mean they have too much
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Stanley Black and Decker that's an
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inventory you can go aisle by aisle and
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Home Depot they may have an inventory
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club uh Sherwin-Williams would indicate
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to my internet I'm I'm looking at what's
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bought by consumers I mean in power
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there's a terrible inventory Club TVs
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inventory glut everybody made too much
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of everything Shopify hired too many
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people Amazon Jeff you know you're going
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to see a big slim down by chassis
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Facebook metaverse hired too many people
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alphabet slowing hiring this makes a lot
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of sense you think it's because
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employment lags I mean continuing claims
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this morning were down well I think that
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well I think that what you'll get
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is initially they're still hiring slowly
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uh and then they will be just laying off
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I mean you know I look at meta
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Facebook
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we don't care obviously we want Revenue
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growth we don't care what costs what it
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costs we don't want down Revenue growth
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and try to make the number through
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savings but you know that said they have
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to right the ship there and that's where
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we're going to see the big layoffs now I
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think that Mark Zuckerberg actually is
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building you know he's got a big product
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transition to reels and real system
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makes much money it don't be too
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ganglier yet uh but I do point out that
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when you get the uh end demand for a lot
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of things that have been really great
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not be that great it's just you're just
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not used to seeing it
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and still comes out yeah it's I mean
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there's just silicon valleys with the
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headquarters of the recession not the
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banks I mean you blame one in I mean did
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he come on the show
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uh to be able to say that the consumer's
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strapped and consumers in debt no
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consumers very ready for recession
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that's not supposed to happen we're all
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very confused because the individual is
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liquid uh some on the other day was
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saying the debt rates are high Brian one
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hand has guy knows what the ratio is and
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so I come back and say look there are a
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lot of stocks that have to go lower
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because they're betting they had bet
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that the economy is going to accelerate
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and they have too much of what of
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everything too many people too many
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products they double ordered in some
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cases right and but and we have to go
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through that so if you were you owned
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Best Buy you're gonna you know today's
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your day to be whacked my Chapel trust
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owned Walmart that was stupid I I was
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back in Walmart to have the artificial
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intelligence to not be what they did now
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see I didn't say they're stupid I said
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I'm stupid for listening to them
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