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CNBC’s Jim Cramer stammered out on Thursday, accusing the market liquidation of global governments and slamming executives for failing to contain the spread of a variant of Covid-19.
Major US stock averages all plunged nearly 1% during the session, pushing the S&P 500 and Nasdaq Composite indices down from record highs. Health concerns have also caused bond yields to drop to levels not seen since February.
The declines can be attributed to the delta strain which is spreading rapidly across the world, Cramer said.
“I put this clearance sale squarely on the knees of politicians around the world because we have a global leadership failure right now,” said the host of ‘Mad Money’.
“Here in America, we do a much better job of getting people vaccinated than most countries, but we screwed up when we made the vaccination process voluntary.”
Cramer blasted that the U.S. Food and Drug Administration had yet to give full approval to Moderna and Pfizer-BioNTech’s coronavirus vaccines. Three vaccines, including a unique solution from Johnson & Johnson, have been authorized by the agency for emergency use to fight the health crisis and given to millions of people across the country.
Pfizer sought FDA approval for its vaccine in May, followed by a submission by Moderna for its own product in June.
“Maybe you think it’s a technical detail, but so many Americans don’t trust vaccines and the lack of FDA approval certainly doesn’t help,” Cramer said. “I challenge the FDA to explain and explain their reckless behavior.”
The delta variant, which was first discovered in India and is spreading rapidly across the world, is now the dominant strain affecting the American population. Despite the high vaccination rates in the United States compared to most other countries, the delta epidemic elsewhere in the world could portend outbreaks in communities here, vaccination rates are lagging behind.
Health experts say indoor mask warrants and public health measures may need to be reinstated to slow the spread of the delta variant in the country.
“If we get the variants of COVID under control by forcing people to get vaccinated, I think bond yields and the stock market will start to rise again,” Cramer said. “I don’t see much hope of speeding up vaccinations without paying people or forcing them, which is not going to happen in this country.
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