Media top headlines December 9
In media news today, The New York Times catches fire for a headline saying the Fox News Christmas tree ‘catches fire,’ social media has fun with Hillary Clinton’s invitation to ‘MasterClass’ lesson, and USA Today gets mocked for asking if math is racist.
CNBC host Jim Cramer offered a full-throated endorsement of the current state of the economy, predicting a sunny outlook for 2022.
“To me, we have the strongest economy perhaps I have ever seen,” Cramer told viewers on Thursday during his Investment Club Talk. “Did you see that number this morning, that unemployment number? It’s the best in 60 years! Best since 69!”
CNN GUSHES OVER GAS PRICES FALLING TO $3:35 A GALLON: ‘A BIG ECONOMIC RELIEF FOR MILLIONS’
“We have all spotted the ‘Help Wanted’ signs, the housing and apartment shortages, the tremendous demand for goods and services- a marvel to behold,” Cramer said. “Oh, people are confident about their jobs. I say fantastic. And the ability [they] can get better ones if they want to. They’re spending more than I’ve ever seen but they’re doing it with cash, not with credit. They’re doing so in a Roaring Twenty’s style!”
Cramer went on to defend Federal Reserves Chair Jerome Powell for raising interest rates to make sure “we have some but not too much inflation” and knocked “the media and money managers” for spinning a “fear-based narrative every time Powell talks.”
“We’re still looking at rising costs associated with port delays, truck driver shortages, and, of course, COVID-related illnesses. The fact that we only have one kind of inflation, though, is tremendous news, and it will make Powell’s job easier and should space out the rate hikes so that they’re palatable, so that they don’t hurt our portfolio,” Cramer told viewers.
He also suggested to viewers that they should come to “expect” multi-day market dips whenever a new COVID variant emerges as “acceptable risk.”
“I trust in science, the science of our great pharma companies, and they haven’t let us down at all. They won’t in the future, not in their DNA,” Cramer added.
NEW YORK, NY – AUGUST 03: Jim Cramer visits the New York Stock Exchange opening bell at New York Stock Exchange on August 3, 2016 in New York City. (Photo by Noam Galai/Getty Images)
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On Wednesday’s installment of “Squawk Box,” Cramer similarly gave the economy a strong clean bill of health,
“The economy is a juggernaut now,” the CNBC star said, later adding “I just keep coming back to one word: Boom,” and how the boom can be as historic as the one following the Spanish Flu.