Jim Cramer says not to fear bearish economic talk from bank CEOs – there’s no ‘financial apocalypse’

Jim Cramer says not to fear bearish economic talk from bank CEOs – there’s no ‘financial apocalypse’


CNBC’s Jim Cramer on Wednesday told investors that they should take gloomy economic commentary from bank executives with a grain of salt. 

“Don’t panic the next time you hear one of these bank CEOs say something terrifying — they don’t know the impact of their words,” he said, adding, “Sure, we’ve got plenty of problems, but they’re not financial apocalypse problems.”

The S&P 500 slipped for a fifth trading session on Wednesday as investors mulled the possibility of a recession.

Adding to investors’ worries, JPMorgan Chase CEO Jamie Dimon said on Tuesday that inflation is eating away at consumers’ pocketbooks and could create a recession. 

The chief executives of Bank of America and Wells Fargo also warned that the economy is slowing down as Americans cut back on spending.

“Memo to America’s bankers: Don’t try to frighten us. Don’t try to get us to sell everything,” Cramer said. “Don’t be Grinches telling us a hurricane could be coming.”

He urged the chief executives to remind investors of what’s going right in the Fed’s fight against inflation, and gave an example of what he believes one of the CEOs should have said: 

“There will come a day when the Fed will be done tightening, although that may be when the S&P 500 is a good bit lower. But I don’t know if I want to take the chance of possibly missing the [next] big rally. Hey, maybe buy small,” he said.

Disclaimer: Cramer’s Charitable Trust owns shares of Wells Fargo.

Jim Cramer’s Guide to Investing

Click here to download Jim Cramer’s Guide to Investing at no cost to help you build long-term wealth and invest smarter.



Source

Space startup Varda raises 7 million in funding to make drugs in orbit
Business

Space startup Varda raises $187 million in funding to make drugs in orbit

Pavlo Gonchar | Lightrocket | Getty Images Space startup Varda announced on Thursday that it has raised $187 million in Series C funding, led by venture capital firms Natural Capital and Shrug Capital, to continue advancing drug manufacturing in space. The latest round included participation from Peter Thiel, Lux Capital, Khosla Ventures and Caffeinated Capital. […]

Read More
How family offices are betting on the sports boom from fantasy apps to pickleball courts
Business

How family offices are betting on the sports boom from fantasy apps to pickleball courts

Key Points A third of investment firms of the ultra-rich have invested in sports, according to a new family office survey by BNY Mellon. While billionaire sports-team buyouts get the headlines, family offices are increasingly investing in adjacent assets like live-viewing venues and betting apps. Here’s how the family offices of ultra-rich sports team owners […]

Read More
Delta’s summer travel outlook tops estimates as CEO says high-end demand is holding up
Business

Delta’s summer travel outlook tops estimates as CEO says high-end demand is holding up

A Boeing 767-332(ER) from Delta Air Lines takes off from Barcelona El Prat Airport in Barcelona on Oct. 8, 2024. Joan Valls | Nurphoto | Getty Images Delta Air Lines trimmed its 2025 profit forecast as it deals with lower-than-expected demand this year and the industry manages a glut of flights, but the carrier’s outlook […]

Read More