CNBC’s Jim Cramer Says Stock Market ‘Going to Be Wrong Today’: Biden Couldn’t Have ‘Prepared Us More’ for Russia Invasion
CNBC host Jim Cramer said Thursday’s stock market downturn will turn out to be “wrong” because President Joe Biden could not have prepared us more” for Russian Federation President Vladimir Putin’s invasion of Ukraine.
The stock market dipped sharply after Russia’s invasion of Ukraine intensified overnight.
But on Tuesday morning’s edition of CNBC’s Squawk on the Street, at which time the Dow had fallen more than 750 points, Cramer told viewers that the market was overreacting, and that the dip presented an “opportunity”:
JIM CRAMER: I do believe that we are down as much as Europe, which isn’t right. Europe’s directly impacted in terms of the energy costs. But let me just back up for a second. This is horrendous. That he is going to get away with it, which I think he can because he’s got basically a lightning strike here, is evil. But at the same time, I recognize that we have thought about this every day. I don’t think President Biden could have prepared us more for how this was going to happen. There were daily, David, daily reports. There’s going to happen. So now the market’s reacting like it’s a shock, and that means you’ve got to go against the market because the market’s going to be wrong today.
DAVID FABER: OK, so you you believe this is, you know, again, we don’t want to make light of the humanitarian crisis that is unfolding. That said, we’re here to talk about the implications economically and for markets. And what I’m hearing you say is there may be an opportunity here?
JIM CRAMER: I am saying there may be an opportunity. Now we’ve got Friday, which is historically a weekday when you go into a war, Monday where people are discovering this, I think you always have to remember that there are people who woke up today and looked at their 401ks. Said I got to take some action. But at the same time, David, we must understand that we have been preparing ourselves endlessly for this. That does not mean we can’t go down again.
Watch above via CNBC.
