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“Washington could learn a think or three from the capitalist roaders running Communist China,” Cramer said Thursday.
Forget all this talk of health care, cap and trade and punishing Wall Street bankers. Lawmakers should focus on creating jobs. That’s what they’re doing in the Middle Kingdom. That country’s employment sub-index rose to 53 in September from 51.8 in August. Meanwhile, US employment is declining.
Washington needs to recognize that the “drumbeat of health care,” as Cramer called it, has kept business owners sufficiently scared enough to delay hiring. Why add employees when you’re not sure how much extra they’ll cost?
Not to mention, a lot of businesses are enjoying increased earnings as a result of decreased overhead. So there’s no incentive to hire. Retail bellwether Walmart [WMT
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] has said as much, Cramer said, and “they have great monthly data – they know more than we do.”
We need to see more jobs, Cramer said. So investors should keep their fingers crossed for Friday’s employment number. He wasn’t predicting a black October if the figure isn’t as good as we’d like, but “we are going to have more days like today” if the situation doesn’t improve.
Another thing we need is more stimulus spending. The money that’s been set aside eventually will kick in, but Cramer wanted the government to up its output.
Also, technology stocks have withstood the pressure, but they’ve been driven by global demand, not the US. That’s what Apple [AAPL
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], Jabil Circuit [JBL
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] and others have been reporting, and these companies aren’t enough to offset the lack of new jobs.
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So until Washington finds a way to create new jobs, Cramer recommended that investors buy the companies most levered to Chinese growth: Wynn Resorts [WYNN
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], which recently sold shares in its Macau operations; Procter & Gamble [PG
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] for its 58% international exposure; and the mineral companies that supply China’s metals needs, such as Vale [VALE
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], Freeport-McMoRan [FCX
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] and BHP Billiton [BHP
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].
These stocks were marked down on Thursday because of US weakness, Cramer said, “but they’re China plays through and through.”
“And in the People’s Republic,” Cramer said, “things are good.”
Cramer’s charitable trust owns Procter & Gamble and Vale.
Call Cramer: 1-800-743-CNBC
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