‘They Know Nothing’ (Again): Jim Cramer Calls For Government To Suspend Taxes, Print Way Out Of COVID-19

Jim Cramer on Thursday called for the federal government to immediately print $500 billion to address the coronavirus outbreak, and suspend all taxation during the crisis.

“Everyone owes the government at all time. Everyone in this country, individuals, corporations. That has to be suspend right now so they have more money,” he said.

“Are these radical actions? You bet they are,” Cramer added. “This is the time for radical action and the action can be done by the federal government.“

“They know nothing,” the CNBC host began to rant, referring to the government’s response to the crisis, “I know more than they do, which shouldn’t be – there are no signs anyone in government understands problem.”

“We know more than they do, and that’s not acceptable either,” he added.

Cramer also recommended that companies tap their credit revolvers and that there should be no stigma attached to it when they do so.

This is a DIFFERENT TIME. Only the Federal government can get us through this. ONLY. NO ONE else is big enough. This is my last shot to help this situation. The laughed in 2007 at me. NO MORE LAUGHING

— Jim Cramer (@jimcramer) March 12, 2020

His comments come on the heels of President Trump’s prime-time Wednesday address in which he announced that travel would be suspended to most of Europe for 30 days in an attempt to slow the spread of coronavirus. He said he will also ask Congress to provide payroll tax relief for Americans – and would instruct the Small Business Administration to “provide capital and liquidity” to small businesses.

Cramer’s Thursday comments were reminiscent of his infamous “They know nothing!” rant in 2007. 

‘They have no Idea how bad it is out there… NO IDEA. They know NOTHING!’

Of course in 2008: ‘Bear Stearns is fine‘

Investor Peter Schiff disagrees with Cramer, big time:

Crazy @jimcramer just advocated live on @CNBC that the Federal Government suspend all taxation and just “print the darn money.” A new low for economic thinking from the network that claims to be number 1 in finance!

— Peter Schiff (@PeterSchiff) March 12, 2020

Has @JimCramer ever considered what would happened if everyone stayed home from work, no one produced anything, no one paid taxes, but the government just printed trillions of dollars out of thin air and effectively dropped them on the populace from helicopters?

— Peter Schiff (@PeterSchiff) March 12, 2020