What amazes Jim Cramer most about the people who say that the Fed needs to raise interest rates, is that while the economy is doing OK, there isn't a boom in anything.
"Calling for the Fed to tighten here is like calling the fire department to turn down your thermostat. It is overkill," the "Mad Money" host said.
Some investors fear a bubble in technology, but Cramer couldn't find a single example of a tech bubble when he reviewed the conference calls from last quarter. It was all about rapid adoption of the cloud, which he considers to be one of the most deflationary trends out there, as it tends to lead to employees being fired and less money spent on hardware.
"Sure, there WAS a bubble in tech, with the privately held unicorns. But guess what? That is over," Cramer said.
I say there is nothing wrong with the Fed being cautious given how horrendously jolting the first rate hike was.Jim Cramer
He could find any evidence of a bubble in publicly traded tech companies. Cybersecurity stocks were highly valued, but these days Wall Street seems to ignore those companies when a solid quarter is reported. The air in tech seems to be coming out of pretty much everything other than Facebook, Amazon, Salesforce and Adobe.
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He found the same situation with biotech stocks, as valuations have been falling by the week. Sometimes a big deal is announced, but that is it.
"I just don't see any heinous valuations in the stock market," Cramer said.
Cramer had the same sentiments about gold, bonds, treasuries and real estate.
The real issues impacting the economy, in Cramer's perspective, are higher minimum wage, overtime pay and higher medical costs. Those aren't things that the Federal Reserve can control.
Ultimately, a rate hike helps no one.
"I say there is nothing wrong with the Fed being cautious given how horrendously jolting the first rate hike was. Plus, it's not like there is any urgent need to tighten immediately. Why not be patient?" Cramer said.
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