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Are You Worried About A Possible Recession?
- Yes
- No
- I don't know
The "Mad Money" host said he fears stock prices may continue to fall on Monday, April 7, adding that investors could be facing a repeat of one of the market’s worst days.
If the president doesn’t try to reach out and reward these countries and companies that play by the rules, then the 1987 scenario ... the one where we went down three days and then down 22 percent on Monday, has the most cogency. We will not have to wait too long to know. We will know it by Monday.
The comment quickly went viral, sparking the term “Black Monday” to trend on X, formerly Twitter, over the weekend.
Trump announced on Wednesday, April 2, a blanket 10 percent tariff on nearly every nation. Vietnam (46 percent), Indonesia (32 percent), and India (26 percent) face the largest reciprocal duties. Only Russia and Belarus were exempt.
The move forced even some of Trump’s staunchest supporters to question the decision. Cramer initially backed Trump's proposal but said Friday that he got it wrong.
"The numbers do not make any sense," Cramer told CNN.
“And I was very let down as someone who really, truly believes that free trade is awful for the American working person,” Cramer told Erin Burnett. “This is what they came up with? Jeez, come on. Have some gumption. Have some math.”
The Dow Jones Industrial Average plunged 1,679 points on Thursday and another 2,231 points on Friday. The Nasdaq fell 5.8 percent (962 points) during that time, according to Yahoo Finance. It marked the worst two-day trading stretch since the pandemic began in 2020.
The stock market has lost $10 trillion in gains since Trump was inaugurated, Market Watch reported.
Many experts now fear rising consumer prices and a possible recession if the president can't staunch the bleeding. Members of Trump’s Cabinet spent the weekend downplaying concerns, calling the market reaction temporary and emphasizing long-term goals.
“I think that’s a false narrative,” Treasury Secretary Scott Bessent told "Meet the Press" on Sunday. “Americans who want to retire right now, the Americans who put away for years in their savings accounts. I think they don’t look at the day-to-day fluctuations.”
Democrats, meanwhile, argued that many Americans may need to delay their retirement plans because they've lost so much in investments.
California Senator Adam Schiff blasted the president for golfing over the weekend while the nation's economy was "on fire."
“He’s wrecking our economy,” he told Meet the Press. “I think people have seen their retirement savings on fire, and there he is out on the golf course. That may end up the most enduring image of the Trump presidency — that is, the president out of the golf cart while people’s retirement is in flames.”
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