Jim Cramer: The pandemic led to 'one of the greatest wealth transfers in history'

Investors reacted to worse-than-predicted economic data ahead of the May jobs report Friday. The Labor Department reported on Thursday that new jobless claims the past week came in at 1.877 million, while experts expected a read of 1.775 million claims.

Despite the ongoing economic woes, the S&P index of 500 large-cap companies, which is considered a benchmark for the stock market, is within striking distance of its levels from the start of the trading year. Since bottoming near 2,191 in March, the index is up about 42%.has recovered all of its losses from the coronavirus meltdown and set a new high on Thursday. Many investors are betting on a V-shaped economic recovery, Cramer said.

"I think we're looking at a V-shaped recovery in the stock market, and that has almost nothing to do with a V-shaped recovery in the economy," he said. In order to help small businesses make it to the other side of the pandemic, the federal government needs to pass another stimulus package, given the social distancing mandates that remain in place, he added. The American Bankruptcy Institute said Thursday that U.S.

"But, in the end, the stimulus package probably won't be enough, for one simple reason," he said. "It's not going to work because of social distancing."

Jim Cramer being the voice of reason is the Fourth Horseman.

Jim Cramer: 'joyous'

Sorry but Jimmy makes things up

jimcramer the lockdown, not the pandemic, led to the wealth transfer thanks to NYGovCuomo and Fauci. The lockdown was the black swan.

Americans will be too poor to afford coke now. We will be left with just meth.

Wealth will always be in custody of 1% dear Jim 😷

True. And people don't even realize it

We can reverse it with tax increases next year. Jim will continue his infomercial on your network for his friends. It’s all going to work out.

As I found, it was lead by Powell of FED. Some companies sold bonds to repurchase their stocks and pump stock price. The insiders exc options and cashed out. FED bought these debts and leave $8 Trillion to the most US citizen including kids.

Rich got richer

Not the pandemic, the Federal Reserve.

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