CNBC’s Jim Cramer on Thursday mused about how President Joe Biden impacted stocks and reviewed a prevalent question among executives — whether the market performed because or in spite of the administration.
“Look, maybe it didn’t matter. Everything turned out to be just fine. Could it have been even better? Of course. Maybe it will be with President-elect Trump, but maybe it won’t,” he said. “Ultimately, I think that a president should develop a good relationship with the business community…Biden was, indeed, needlessly antagonistic.”
Cramer suggested that Biden was reluctant to meet with top CEOs, saying many he’s heard from wish the president had engaged in more dialogue with them. He said that corporate leaders he’s spoken with recently while visiting San Francisco for the JPMorgan healthcare conference relayed this sentiment. But he pushed back against an overwhelmingly negative view of the administration’s attitude, saying strong employment and great stock performance doesn’t seem possible if the White House is completely antagonistic to business.
To Cramer, investors should want the government to have a “thoughtful approach” to big business, with give and take discussions between the corporate world and the president.
He reviewed several sectors that have clashed with the administration — including semiconductors, pharmaceuticals, oils and banks — saying Biden was somewhat inconsistent with his action. For example, the CHIPS act was helpful for the semiconductor industry, but he said the subsidies weren’t spread out evenly enough. Ultimately, Biden’s regulators cultivated an inhospitable environment for mergers, Cramer continued, and were more punitive than they had to be.
“Business is not hated in this country. It doesn’t need to be loved. But something in between? Maybe everyone would’ve done better,” Cramer said. “Maybe that’s the put paid when it comes to business, the White House and the closing stock prices of this administration.”
