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Empirical Evidence of an Improving US Economy
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Producer
Tired of the bears, Cramer on Thursday laid out evidence to show how things are getting better in this country.
Employment claims, for example, have been improving, he said. Financial institutions, led by JPMorgan Chase [JPM
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], are reporting a peak in bad loans, including credit cards and mortgage loans. Back-to-school sales were also strong, according to CEOs who've recently appeared on "Mad Money," including Manny Chirico of Phillips-Van Heusen [PVH
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]. It seems the worldwide economic recovery has been revving up to the point where stocks can't help but go higher, as seen with shares of Oracle [ORCL
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], Research In Motion [RIMM
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] and Apple [AAPL
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].
Speaking of Apple, Cramer said the tech company has been "selling expensive product like it is going out of style." And the high-end retailers think things are better, too, including names like Tiffany [TIF
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], Coach [COH
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], Saks [SKS
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], Williams-Sonoma [WSM
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] and Nordstrom [JWN
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].
Meanwhile, President Obama no longer is the enemy of this market, Cramer said. Obama is now talking about programs that will create jobs, including some small-business breaks and write-offs on equipment for all businesses.
"I speak to a lot of CEOs as part of my job, and I can tell you that off camera, there has been a change in tone," Cramer said. "They like the new pro-business Obama."
In the housing market, Cramer said few homes are being built right now. The inventory is being sold when prices go lower, meaning that price breaks move houses. With interest rates being low and a shortage of cheap rentals, buying a home may be an inexpensive alternative to renting, according to recent analysis from J.P. Morgan.
"I am beginning to believe that it doesn't matter what good happens in banking or in housing or politically or to the consumer, nothing can change the negative pundit consensus," Cramer said. "But the idea that it can still be the case despite all of these new facts, it seems fatuous and ignorant to me. I can't afford to have ideology. I have to reconcile the market with these facts."
When this story was published, Cramer's charitable trust owned Apple and JPMorgan Chase.
Call Cramer: 1-800-743-CNBC
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