Just days after warning that the coronavirus outbreak could create an “imminent recession,” market analyst Jim Cramer is calling on the U.S. government to step in as American financial markets drop dramatically.
“This is a DIFFERENT TIME,” Cramer tweeted before markets opened on Thursday morning. “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.”
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
Cramer posted the tweet minutes before the New York Stock Exchange halted trading amid an early morning sell-off. The market drop was so dramatic that it activated NYSE circuit breakers that automatically stop trading for 15 minutes when the market drops more than 7%, marking the second time in one week that the circuit breakers, which have not been triggered since 2013, were initiated to slow the panic selling.
The outbreak of the COVID-19 virus has shuttered manufacturing in Asia and placed a heavy burden on supply chains around the world as hospitals struggle to cope with the rising number of those infected. The Dow Jones Industrial Average dropped a further 8% on Thursday morning, reflecting the panic of Americans.
As of Thursday morning, the COVID-19 virus has killed more than 4,000 people and infected more than 120,000 people worldwide.
