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‘I didn’t like his attitude’: Jim Cramer just blasted Jamie Dimon’s outlook on the US economy, says he has no tolerance for ‘fear-mongering’ — here are 2 bullish ideas


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‘I didn’t like his attitude’: Jim Cramer just blasted Jamie Dimon’s outlook on the US economy, says he has no tolerance for ‘fear-mongering’ — here are 2 bullish ideas

JPMorgan CEO Jamie Dimon has been sounding the alarm on the U.S. economy. He recently told CNBC that inflation “is eroding everything” and could cause a “mild or hard recession.”

But Mad Money host Jim Cramer is not a fan of Dimon’s comments.

“I didn’t like his attitude and I didn’t like the way he spoke,” Cramer says. “I think that we all have to be very conscious about the way we speak at this point, and the tone that he gave us basically said I ought to put my money back into my cash account at JPMorgan. And I don’t like that.”

“I have no tolerance for his kind of fear-mongering when I don’t think he really has that fear,” the Mad Money host adds.

To be sure, there is a big reason why someone might consider putting their money into a cash account: stocks are tumbling. The S&P 500 is down 18% year to date, while the Nasdaq Composite has plunged over 30% during the same period.

But Cramer is not bailing. Here are two opportunities he recently highlighted.

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Tesla (NASDAQ:TSLA) shares have been under fire, tumbling 11% over the past five trading days.

A report from Reuters suggested that Tesla is cutting December Model Y output at its Shanghai plant by over 20% compared to the previous month. While Tesla has come out saying that the report was “untrue,” its stock remains in the doldrums.

Cramer sees this drop as an opportunity.

“That number is pre the reopening, I’d like to buy Tesla on that,” Cramer comments on CNBC earlier this week.

“I think that’s a great opportunity to buy Tesla because I think the opening is going to do well.”

Cramer might be onto something as Tesla’s business is still heading in the right direction.

In Q3, Tesla delivered 343,830 EVs (18,672 Model S/X and 325,158 Model 3/Y). The amount represented a 42% increase year over year.

The company has substantially ramped up its production, too. In Q3, it produced 365,923 EVs (19,935 Model S/X and 345,988 3/Y), or 54% more than its production in the year-ago period.

Year to date, Tesla shares have plunged 57%, which could give contrarian investors something to think about.


One of the reasons behind the bearish sentiment at the moment is that some believe corporate earnings will deteriorate. But Cramer points out that not all sectors are the same.

“I think the earnings for tech will come down, but the industrials were the leaders right here, and no one’s talking about it,” he said on Monday.

Cramer also provides some notable names in the segment, including Honeywell (NASDAQ:HON), Caterpillar (NYSE:CAT), Boeing (NYSE:BA), Deere (NYSE:DE), and Johnson Controls (NYSE:JCI).

He goes on to explain why this group had a “parabolic move” in this market.

“Unlike companies that issue a lot of stock — called stock-based compensation — these actually have earnings… and the stocks are not expensive,” Cramer says.

When another CNBC host wonders whether the momentum will continue for these industrial names, Cramer’s response is positive.

“You don’t have any earnings for a while, let it continue into the next year. Why not?” he says.

If you don’t want to pick individual winners and losers, you can gain exposure to the sector through ETFs like the Industrial Select Sector SPDR Fund (NYSEARCA:XLI) and the Vanguard Industrials ETF (NYSEARCA:VIS).

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.


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