Tags: Editor's Pick | Financial Markets | jim cramer | federal reserve | janet yellen | rate hike

CNBC's Jim Cramer: 'We Have No Leadership' as Stocks Plunge

CNBC's Jim Cramer: 'We Have No Leadership' as Stocks Plunge

By    |   Friday, 21 August 2015 02:56 PM

CNBC's Jim Cramer urged Federal Reserve Chairman Janet Yellen to calm investors as US stocks plunged Friday.

He said this is the time for American leadership to provide clear guidance and soothe rattled nerves.

"I don't hear anything from [Fed chair Janet] Yellen about how it's not the time to raise rates," he said on CNBC. "If she came out today and said everything is on hold until we get this China situation [sorted out], you would see a rally."

"I don't want to be so negative but we have no leadership now," Cramer said. "None—the president, the Treasury secretary, Fed chair— nobody says anything and we need it."

"It's one of those days where a lot of people are giving up and the moving averages are breaking down."

He spoke as worries of a deepening China economic slowdown intensified on Friday after a private survey showed the factory sector shrank at its fastest rate in almost 6-1/2-years in August, hammering global stocks and commodity prices.

U.S. stocks dropped sharply for a second day following a sell-off in major indexes around the world on the growing evidence that China's economy is slowing. The Dow was down 400 points in late Friday trading.

Cramer wasn’t alone in his call for government leaders to come forward as global economic fears ripple through world stock markets.

The White House and those who aspire to it need to be reminded of how grim the past several years have been for millions of Americans and how little has been accomplished in an era of trillions in quantitative easing and near-zero interest rates, says Mortimer Zuckerman, editor-in-chief of U.S. News & World Report.

“It is the nature of recessions that the bigger they are, the bigger the comeback, yet the period since the Great Recession ended in 2009 has seen the weakest U.S. recovery since World War II,” he wrote in The Wall Street Journal.

“The little improvement we have seen hasn’t benefited a significant percentage of Americans. It is also the nature of recessions that they occur about every eight years; America is ill-prepared to weather the one on the horizon.”

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CNBC's Jim Cramer urged Federal Reserve Chairman Janet Yellen to calm investors as US stocks plunged Friday.
jim cramer, federal reserve, janet yellen, rate hike
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2015-56-21
Friday, 21 August 2015 02:56 PM
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