Like it or not, Jim Cramer found some stunning similarities among the reactions to Donald Trump's electoral win, the tenure of Ronald Reagan in 1980 and Federal Reserve Chair Alan Greenspan's actions in 1991.
"I reach back to those two incidents because they led to growth spurts that brought people back to the stock market in drives," the "Mad Money" host said. "They changed the perception of the asset class from negative to positive … and I think that could be exactly what is happening right now."
Cramer couldn't help but notice a change in the stock market since the election of Trump. There is a sense of optimism about stocks that extends to both Republicans and Democrats, he said. Whether investors love or hate him, they are buying stocks.
Many of the biggest moves Cramer has seen in his career started without any basis in facts. The two largest moves were related to Reagan and Greenspan.
Ronald Reagan was elected into the White House in 1980, which Cramer remembers brought a feeling of optimism on Wall Street. It coincided with the end of a great bear market in bonds.
At the time, few people on Wall Street believed that a former actor turned politician could make a difference for America. Wall Street ended up collectively embracing him.
"In retrospect, America needed Reagan because of a national self-esteem malaise … In this latest election, I think many people in states that went Democratic four years ago voted for Trump because of a similar sense of national economic malaise, even though the numbers paint a very different picture," Cramer said.
Cramer saw that voters wanted the government to try something different to boost the economy after six years of gridlock in Washington.
The second time Cramer saw the gloom removed on Wall Street was in 1991 when Fed Chair Greenspan raised short-term interest rates in an attempt to prevent a banking collapse that had wiped out regional banks and forced larger banks to merge.
The banking group took off out of thin air, Cramer said, which is similar to the action in the financials after Trump's election. Greenspan's rate hike gave the financials a chance to rebuild capital and get earnings on track. It instilled a confidence in stocks that Cramer hadn't seen since Reagan was elected.
"These were both specific instances where the federal government didn't just stand there, it did something. And those somethings were very good for the stock market," Cramer said.
Cramer hears investors starting to talk about the economy growing sustainably again next year, which is drawing them out of bonds and into equities.
Moving forward, Cramer thinks the move in banks is here to stay. He also anticipates that industrials will be given a pass. The consumer will once again be worth betting on because they'll have more cash from tax cuts and technology stocks will once again rally.
"Welcome back stock owners. We have missed you. Don't worry, it's not too late," Cramer said.
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