CNBC’s Jim Cramer came out on Thursday bluntly blaming world governments for the market sell-off and slamming heads of state for failing to get a grip on the spread of a variant of Covid-19.
The averages of major US stocks all fell nearly 1% during the session, causing the S&P 500 and Nasdaq Composite indices to fall from record highs. Health concerns also caused bond yields to decline to levels not seen since February.
The declines can be attributed to the Delta trunk, which is rapidly spreading around the world, Cramer said.
“I put this sell-out straight into the laps of politicians around the world because we have a failure in global leadership at the moment,” said the “Bad money“Said the host.
“Here in America we do a much better job vaccinating people than in most other countries, but we screwed it up when we volunteered the vaccination process.”
Cramer criticized the US Food and Drug Administration for like coronavirus vaccines Moderna and Pfizer–BioNTech. Three vaccines including a one-shot solution of Johnson & Johnson, have been authorized by the Emergency Response Agency to Fight the Health Crisis and distributed to millions across the country.
“You might think this is a formality, but so many Americans don’t trust vaccines and the lack of FDA approval certainly doesn’t help,” Cramer said. “I urge the FDA to explain themselves and their foolhardy behavior.”
The Delta variant, which was first discovered in India and is rapidly spreading around the world, is now the dominant tribe affecting people in the United States in communities where vaccination rates are lagging behind.
That’s what health experts say Mask requirements for indoor use and public health measures may need to be reintroduced to slow down the spread of the delta variant in the country.
“If we can get a grip on the COVID variants by forcing people to vaccinate, I think bond yields and the stock market will rise again,” Cramer said. “I don’t see much hope of speeding up vaccinations without either paying people money or forcing them, which is not going to happen in this country.