CNBC host Jim Cramer warned President Donald Trump that sinking stock prices are a warning, and things could get “a helluva lot” worse if he ignores the market’s message.
The Dow Jones Industrial Average dropped over a thousand points Monday and closed at -890 points amid fears fueled by Trump’s repeated refusal to rule out the possibility of an impending recession over the weekend, then dropped almost 500 on Tuesday amid trade turmoil.
Cramer spent Tuesday morning hammering Trump for “manufacturing” a recession and blamed him for the U.S. getting “crushed” by foreign stock exchanges.
On Tuesday night’s edition of CNBC’s Mad Money, Cramer delivered a more direct message to Trump — listen to what the markets are saying or “we could end up a helluva lot lower than where we are with stocks and with the economy”:
So let’s talk about stock prices and the White House. Now this weekend the president said he’s not focused on the stock market. Maybe if you’re in power, you’re not up for reelection, the stock market can be ignored. There– that’s just one problem.This is what the president’s forgetting. The stock market serves a dual role. Yes, it makes rich people richer, no doubt. At least when it’s going up.But when it goes down, it can also be a signal, a signal
that things aren’t well in the economy. The business group getting tougher and that layoffs could be on the table.Now, big picture I mostly agree with the president’s attitude toward trade, even if I disagree with the details and certainly don’t like the angry way he’s handling it….All right, listen to me, guys. Right now the market is trying to tell President Trump that he shouldn’t be so rancorous and angry. Just try to get the job done sotto voce under the–. You know, I just– fly lower, please.And if he keeps ignoring that message, we could end up a helluva lot lower than where we are with stocks and with the economy.
Watch above via CNBC’s Mad Money.