i'm really thrilled to welcome many of you for the first time and certainly the first time meeting as the american technology council -- >> all right you've been listening to president trump in the white house meeting in the state ni roo room with the ceos of some of the biggest tech companies in the world. my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends i am just trying to make money. so call me at 1-800-743-cnbc or tweet me @ jimcramer. this market's winners simply refuse to die.
every time you think they've buried technology stocks, it turns out to be the moment to buy them every time you think they've abandoned the growth stocks -- >> sell, sell, sell. >> no, they're right back there. >> buy, buy, buy >> every time you've written off the industrials or decided the latest fed rate hike means nothing to the banks, the money flows right back in. the result, a bountiful day. ♪ hallelujah ♪ >> where the dow gained and the s&p both set records and the nasdaq liclimbed 1.42%. and it reminds us that the nasdaq doesn't just go down, which is what you felt like last week that's a good point, isn't it? where were the buyers when these
stocks were pummeling? where did the sellers go i think it's a great question, given how quickly the market has given up on each group, only to come back in the end it is why i've urged you for years to buy the dips endlessly. because the negativity gets so thick at the bottom, that you can miss these opportunities unless someone reminds you that they're out there. let me go over what each group is going for so you know why i'm so add maam that you can come right back to them i have the ceo of goldman sachs on tonight they're the only cohort dependent on the government. i was astonished last week that these stocks traded down when both the treasury and the
federal reserve gave them kisses there's so much government force, nonproducing overhead at the banks that you can literally raise estimates if treasury gets its way. then the federal reserve gave them a second rate hike this year, and sit clear that the fed wants rates higher maybe dramatically on a percentage basis as fast as possible there's nothing that creates more risk free earnings for thebacks than rate hikes it's just a plain old windfall for turning the lights on. bank of america and jpmorgan are the biggest winners. if you get regulatory relief, they can use that capital on their backs to buy back stock aggressively what happened to tech? i've got a list of the president's historical meeting today.
all these companies, of course, it's a happy coincidence, as this group would be on fire regardless of themeeting when we interviewed the former microsoft cfo it is easy to sea that the government can save tens of billions with an aggressive cloud deployment, which would be fabulous for many of the companies. it seemed to be heavily weighted towards executives who do cloud work more important, though, is that some mon sfster seller of tech walked away or finished on friday a couple of large sellers, people who sell millions of shares, mutual funds, hedge funds, could destroy the market, could destroy the has back,
speci -- destroy the nasdaq, or shorting these stocks thinking the selling would never end. because you don't know when the selling will end you have to buy the weakness in stages those who did last week were duly rewarded in a very short period of time this was tech's best day of the year all the stocks that did fly have a good buy thesis. yet it didn't matter last week now we start hearing positive things i'll tell you what is going to happen tomorrow because i've been in this business for so long the analysts are going to come out to remind us why we liked these stocks in the first place. where were they last week? i'll show you, they were here. okay they were under here they were hoping that no one would find them and they wouldn't get hurt. sure enough, after today, they're out tomorrow, pounding
the table. how about the drugs and the biotechs, which have been soaring. what is that all about i think it's about a campaign promise gone awry. there's no negotiation between the government and the drug companies over pricing we thought that was going to happen trump mentioned that in his campaign bunches of times. on friday, officials in the administration were trying to come up with a policy on pricing. they came up empty handed. according to the om b's director of health programs is crafting the executive order about pricing. that would be fabulous news. why? because his previous job was the head of federal affairs for gilead, which created hepatitis c cure that cost $80,000 hard to believe he'll crack down on high prices for drugs but the bottom line is, there's always money that wants to play the trend of the day, which is to buy banks, tech, and health care and all three are getting a boost from washington, with
russia and health care reform off the table for a day, you can see what happens these three sectors catch a fabulous bid the seller walks away and the stocks fly up in unison. and those who brave the negativity walk away the wealthier. those who panic, maybe next time you'll remember that no one ever made a dime panicking. doug in connecticut. doug >> caller: jimmy, how are you doing? >> doing good. how about you? >> caller: never better. >> all right >> caller: so hey, here's the question i have for you. a significant growth in p to p and p to b alternative payment options, including crypto currencies what are your thoughts on pay pal? >> pay pal is the winner here. everybody thought that visa would crush them, that wells fargo would crush them nobody crushed them. that situation is just beginning
to monetize itself >> buy buy buy buy buy >> daniel in south carolina. daniel >> caller: hey, jim, greetings from aiken, south carolina my beautiful mother worked for estee lauder for many years. after she passed away at 92 years old, i bought estee lauder as a tribute to her. what do you think? >> i love that you're talking about your mom fabulous and the tribute to her, you did real well. estee lauder, you buy that sock. i would literally tell you at the 52-week high today, still a buyer of el. >> okay, what's trending it's the banks, the tech, the health care. every time you think it's a lost cause, they come right back. now look at them fly right up.
on "mad money" tonight, the food and grocery industries are shaking in their boots following amazon's decision to buy whole foods. i'll tell you what is to come in a second and one of the most influential voices in business, the ceo of goldman sachs joins me here tonight. and declining gas prices, it's time to take notice of the energy space i'm the only one doing it. i'll tell you why. don't miss a second of "mad money. follow @jimcramer on twitter have a question? tweet cramer send an e-mail or give us a c l call miss something head to madmoney.cnbc.com.
it's tack. from the trump tech opportunity to the trading floor "squawk alley" 11:00 a.m. eastern cnbc take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have a sudden decrease or loss of hearing or vision, or an allergic reaction, stop taking cialis and get medical help right away. ask your doctor about cialis.
and get medical help right away. yogig-speed internet.me? you know what's not awesome? when only certain people can get it. let's fix that. let's give this guy gig- really? and these kids. and these guys. him. ah. oh hello- that lady. these houses! yes, yes and yes. and don't forget about them. uh huh. sure. still yes! you can get it too. welcome to the party. introducing gig-speed internet from xfinity. finally, gig for your neighborhood too. why are the food and grocery industries so frightened of the amazon whole foods zeal? many investors were shocked at
the dumping of every retailer that's correct compete with the combination friday and today first it was a shockwave because most observers of the situation thought the last thing the ceo would do is sell his company, whole foods, to amazon.orously t then when an activist firm came in and bossed him around, it got ugly, especially after he upgraded his board, and adding ron shakes, ceo of pineira bread. no wonder macky called them greedy bastards and said the activist was trying to destroy his reputation it didn't matter what mackie did, it wasn't enough for jana
let's go back to the explosive reaction to the stocks is it overreaction the official exaggerated prices on friday might be too much. and there was a bit of a rally as friday's session wore on. but sellers came back today. if it wasn't for the buy pressure on the s&p 500, i think all the whole food competitors would have been hammered again but you want to know why it's so justifiably ugly let me get personal. in my lone experience as a host, i've talked to a lot of executives everyone is aware of the power of amazon. most misjudged what it could do to books and entertainment then they misjudged what it could do to the traditional retail and the mall. so friday's reaction was based on thousands of behind the scene conversations like those i have had, where executives expressed concern about what would happen
if their gross margins if amazon ever moved into their businesses i want to talk about my father he had a thriving business in name plate bags, the ones that have the store's names on them lots of his customers sold clothes. but then one day walmart moved in walmart. i've been recommending the stock of walmart back in the '80s based on the growth, low prices. but they hadn't yet moved to the northeast. soon after walmart landed and expanded, my father's long-time customers began to drop like flies. i heard pop say to his brother, that these clients were all moaning that walmart was selling shirts for same price that his customers were buying them from the manufacturer so there was no way they could mark them up most of his customers were gone
in two years' time after wgs al street invaded the philadelphia area he started making doggy bag for restaurants, this was his last order, because of how quickly walmart destroyed the mom and pop businesses many were skeptical that walmart could sell food next to clothes and hard goods but they've succeeded and now they're the number one grocery store in the country. they were the lowest cost operator with a non-unionized low paying workforce so amazon can do to walmart what walmart did to the mom and pops. not only that, but amazon isn't just any low cost company. they can figure out what you
want it has amazon prime that can offer deals that will be unthinkable from kroger's point of view. they can afford to take some loss on products to capture attention. amazon can offer delivery systems, the echo to order so easily as you look around to what you need. you can install the button to buy fresh and prepared foods and in terms of keeping costs down, amazon is the best check out technology where you can use your apple phone, something that saves a hunlge amount in labor costs. a lot of people seem to be caught up in how expensive whole stock food is right now. so who would want to go there? that's presuming amazon won't change pricing for the better. nobody i know believes that whole foods offers bad food, just the opposite. now they can sell it at reasonable prices or sell close to cost if they want to make an imact. so not only do i think the
negative reaction will prove to be right, i recognize there will be some remarkable transformations ahead. i am sure in the short term traders will want to buy kroger. that's why it rallied today. i could argue that the two near german entrants would be enough to send kroger down further. i bet the drugstore stocks can bounce nevertheless, anyone who thinks amazon won't do to walmart what walmart did to my father's customers hasn't lived it. you have to live it to know. otherwise, it's too theoretical. believe me, there's nothing theoretical about what amazon is about to do to these industries. it's a reality for everyone. and the pain, it hasn't even begun yet. mike in rhode island mike >> caller: jim, thanks for taking my call >> of course >> caller: this is -- this is the best show on television.
>> you're too find thank you. >> caller: my question is, now that amazon acquired whole foods, how do you think this is going to affect ups? >> you know what i have a feeling that u.p.s. -- i think they're going to put a residential surcharge during the holidays because their networks are overwhelmed. fedex is going to be talking later this week. look for surcharges to make it so that u.p.s. might be a buy here amazon, it is a force to be reckoned with. other food and grocery stores are right to be frightened much more "mad money" ahead. and did you miss the buy in the emergency space like everybody else did i'll fill you in and your calls "rapid fire," tonight's edition of the lightning round stick with cramer.
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we're very excited to have a special guest with us tonight. one of the most important people in the financials, the ceo and chairman of goldman sachs, lloyd blankfein. lloyd, welcome to "mad money." good to see you. >> cramer, good to see you >> have a seat we go way back, so we can go over a full range of issues. but i am thrilled that you're here >> great to be here. >> you know, you just -- just give us a sense of where things are. you know what's going on with the markets. people want to know what lloyd blankfein is thinking an't the world. >> i would say things are pretty good if you looked at things statistically, the numbers, the metrics, the u.s. is virtually full employment, low energy prices, growth -- rather the metrics are all positive
most of the areas of the world are growing. again, not great trajectory of growth but they're growing. china is -- and i just got back from china china is doing okay. europe, again, 2% is not so bad given where expectations were. there's a lot of things going wrong, but it's not obvious they have to go wrong >> how about the united states what is your feeling about what trump's doing? i know you have obviously gary cohen in the administration. i would love to know what your relationship with him is, the treasury secretary and what the administration is fulfilling some of the things you thought could happen when trump was elected. >> yeah. you know, i can't say i'm on all fours in line with the administration across the board. but as far as the economy is going, as far as markets are going, they recommended stimulus in the form of lower taxes, spending on infrastructure,
taking away maybe some of the layers and layers of redundant regulation that's certainly good for the market but generally i think good for the economy. i know that there's some people who believe, as do we all, that sensible regulation is good. but there was some redundancies and there's been a bit of a wax buildup as layers have gotten on it and impeded the economy and he represented trying to deal wit the devil, of course, is in the details and how you look at it depends on things. but it seems to have gotten bogged down in the issue i would say the market now is not what he wants to do, but whether he'll be effective in accomplishing it >> do you think he will, given the fact that it's late june we have not seen the infrastructure that i know would be great that i know you favor. we have not seen the lower taxes. we've gotten bogged down on health care and these russian issues >> well, it's not going to
retrogress >> that's fair >> not talking about politics across the board or decisions that you would make outside of the general economy. but you certainly were looking -- the market was discounting in terms of the alternative to trump, was discounting higher taxes potentially more regulation. et cetera, et cetera so already there had to be an adjustment just to get back to the neutral. then of course, the market is -- won't accomplish very much versus he might accomplish a lot. >> why did it take so long after this great recession just a much worse time than we realized >> i'm not an economist, but if you ask me, i'm more of a history guy. you had a severe banking crisis, which always takes time to sort out.
-- we had kind of for us and others, us especially, the reputational phase where it went from kind of modeling how did we do it, how did you do it to how did you do it >> and the justice department gets involved. >> none of that came to anything but at the time, obviously very just disconcerting >> but you still got fined >> everybody got fined, and we got fined for -- actually, in some cases, listen, everybody came through that period it was as if it must have been a virus, because every financial institution got fined for the same bad behavior. look, at that point, there was a housing crisis
people bet money on the basis housing prices would go down but only a certain amount and not every place at once. housing prices went down 40% everywhere and that never happened before so people got it wrong >> and they'll get it wrong again. >> and once you get something wrong, it's hard to go back and imagine that somebody -- that it wasn't simply a mistake, it was bad behavior but who got it right did the fed get it right did all the observers of the financial market say, you're lending too much money against real estate. it's a dangerous thing so it was a bubble that burst, and in hindsight, i'm much better identifying bubbles >> everyone was fined. and there was -- that's the way it worked in the country
>> well, that's the way it worked and you know something not only am i not denying it, look how many people that were hurt we're a million miles away from ground zero. and people were looking -- at the end of the day, people borrowed too much money, which meant that people leant them too much money let's not make a big mistake like that. >> it's changed in radical ways in terms of the way it looks, which i like you've had to change in terms of the personnel, how you get people it's kind of interesting, versus when i applied in the early '80s >> we worked together a long time >> we know each other. you were very kind to me >> i was very kind to you. you always thought i was kind to you because you were doing doing
a rotation, you always remarked how nice i was i was in the commodities at the time the fact that -- i was nice to you because no one ever spoke to us so i was nice toyou because we finally had company. >> all i can tell you, everyone treated me very roughly and you were very welcoming. i called my mon am and said, ths guy was so nice to me. >> i don't think people realize how good your pedigree is, because i know you from way back when, harvard college, harvard law school and people don't know, the single most prestigious thing you could do at harvard. another person who had that job was franklin roosevelt, which is mind boggling, that you and roosevelt are going to answer
the same trivia question >> luthank you, lloyd thank you for that that's very sweet. thank you. we're going to talk more with the chairman and ceo of goldman sachs lloyd blankfein in a moment excuse me, are you aware of what's happening right now? we're facing 20 billion security events every day. ddos campaigns, ransomware, malware attacks... actually, we just handled all the priority threats. you did that? we did that. really. we analyzed millions of articles and reports. we can identify threats 50% faster. you can do that? we can do that. then do that. can we do that? we can do that. your insurance on time. tap one little bumper, and up go your rates. what good is having insurance if you get punished for using it? news flash: nobody's perfect.
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i'm back with lloyd blankfein, chairman and ceo of goldman sachs. lloyd, you're tweeting what is that all about >> i agree, for an institutional firm like us, it's not that usual. but you asked me about the financial crisis before. in a financial crisis, nobody knew anything about what goldman sachs did. the value we create, what we do in the communities also what we do raising capital for people who need capital, creating business, hiring people you know, if this ever happens again, i'm not going to allow it to be a vacuum about what we're like i'm going to communicate to the world more of what we do which we've done institutionally, but also there's a personal element to
it, too. >> i would say antagonistic -- >> i've always commented on certain issues this is how i think of it. i don't use that platform for lloyd blankfein's personal point of view, i'm interesting to people because of my role at goldman. i've communicated before by press release. i commented on immigration, on lbgt issues, i commented obviously on the environment, and the reason why i do it, it's something that is in our wheel house of expertise, so i commented. before twitter, i did those things by press release. the other thing i'll comment on is when things affect the ability of our people to be who they are and to do their job and to be effective as profession professionals. lbgt, the immigrant ban so
people wouldn't move around with their spouses. so i commented on those issues, because really i kind of have to be a champion of our people and i kind of owe it to the body politic to comment where i have expertise. they can take my advice or not >> things involving investors that i would never -- that you would have been furious, had i gone after >> so we are traditionally a wholesale business one of the things that we started to do, and this is a little bit part regulation, because the world kind of favors lending over a lot of other activities that we do. like market making and investing. and so what we've done is augmented the lending part of our business one place we thought we could fulfill an important business purpose and social purpose is
nonrecourse lending to consumers. so we have this platform called marcus, which is named after our founder, marcus goldman. and we do loans between $3500 and $30,000. we distribute this online. and now i'm very conscious of the limits of our expertise. the world has evolved. again, these nonrecourse loans that we provide, it's about risk management it's about digital experience without distributing things digitally. it's about approaches to risk management really in our wheel house. stuff that is -- it's also about customer experience. we did not have a lot of experience at that we imported some of that but it's been the 360 degree pie of what you need, but that's not the biggest part of this
>> this has to bring down the gross margins. >> i think -- let me just say that the business of -- the business as it exists today, unsecured lending to individuals, is mostly accomplished through credit card balances most people get charged interest of 17%, 18%, 19% or more on their credit card balances again, we don't have a lot of stores that branch off we do things digitally no fees. get information online and loans are made fairly quickly and very, very easy with that kind of -- and flexible how we organize it. o that serves a real purpose and by the way, we did a lot of studying of this and we had a lot of sessions. we talked to thousands of people as we were developing this
product. i talked to consumers of this. and they're really good people, terrific people who have a little clouds or some needs in their lives that came up have to repair a roof, have to get work done on your teeth or your kid's orthodontics. >> when i worked at goldman, you were supposed to be public service. it then got determined as being government sachs is this an attempt to show a more human face than working with wealthy people? >> let me be clear this business, the way the margins are in the way credit card balances are charged out, there's plenty of room to make a great return on this and still do something that is beneficial to the consumer. of course, it wasn't beneficial to the consumer and it had no role it just crossed over a billion
dollars and by the end of the year, $2 billion so we wanted to grow it slow to make sure we were doing a good job. >> where are you politically i think people didn't understand the clinton -- the mrs. clinton role with goldman. it was not really a speech that your partners were all fired up about, right >> no, no. we entertain we hold a lot of conversations and we inject a lot of content our client base is mostly professional money managers. and so we bring in speakers. sometimes you pay speakers so we paid her as a speak tore talk to clients, not to -- >> it would have been a concert. >> well, if it was a rock star, it would have cost a bit more money. >> how about your relationship with gary cohen? is it -- how do you keep this from being a nefarious nexus, and treasury secretary ma
mnuchin. these are old friends. how do you deal with that? >> it's sad for me i barely talk to them. i talk to them a lot less. you're a little bit sensitive to not wanting to -- the fact is, nibble in my job would always talk from time to time to the treasury secretary we're wunldz one of the biggest underwriters of government debt. but this is a kind of a parsing for us not only do we lose people that we would like to keep. but when they're in that office, we're apprehensive about engaging for a long time, until he got a formal release, he didn't engage me directly. he talked to me through some other department in the treasury, which wasn't as helpful to him or for us
>> coming out of school now, do you think google or facebook, would you still go wall street or go west with the great opportunities, or just east with paper and nmoney? >> i would say today, you know, i don't know i like finance i like the fact that -- you know, we have a predicate for a lot of other business activity so to me, it's like through the course of the day, i'll talk to people in retail, industrialists, who are manufacturers, traders you know something it's a very interesting kind of enga engagement >> you obviously don't want to leave. you're not up for federal reserve chair. >> right now, i like what i'm doing.
>> but can we -- i used to be there when you would have palestinia principles, where you would buy customer's goods >> it's much more cumbersome and difficult and much more -- without buying, it's just very cumbersome you can regulate capital, leverage if you're doing it, other than anticipation of a near term customer -- who thinks like that >> i know. >> so there's some aspects of that, that have to change. but the overall need to regulate activity is good for us. the biggest risk of goldman sachs during the financial crisis is our counterparties might not be good for us so the extent that you have certain things like stress
tests, higher capital raules, it's fine. but if you put layers and suspenders and belts, you bog down the system. >> hopefully that goes away. it is important for me to mention you do a tremendous amount of charity. the firm has always done what's known as government service then, but it's accepted and promoted and demanded. >> well, all our people, when i got to be partner, there were two things i was taken aside and said those are the two things that are very important. you should have a charitable foundation and give money away the second was, you should organize your professional life so that if at the end of your life they write an obituary about you, they write nine graphs, no more than three should be about goldman sachs.
do something that involves public service which people do. there was a period of time where people were scorned for forsaking very high paying jobs at the height of their earning power to leave a company and go into public service. a lot of times when people put that scornful term government in there, it's implying we take people from government to support our business it's the other way around. government draws largely from us mostly it's government draws talents from us and they largely don't come back. >> last thing, janet yellen doing a good job >> i think bernanke and yellin, that link-up together, they are responsible for why we had a -- we would be complaining about the shallow recovery, but we didn't have a deep depression. i think the aggressive way which they -- at the end oh of the day, if we suffer some inflation
at the end of the day, which there has been no signs of, there's a play book for dealing with inflation there is no playbook to deal with deflation and they've managed to avoid that. all the naysayers were saying against them and lined up against them if it went wrong. you look at it now, everybody is worried about this or this >> let's leave it at that. that's lloyd blankfein, chairman and ceo of goldman sachs [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward.
lightning round is sponsored by - it's time for the lightning round. >> buy buy buy, sell sell sell >> are you ready time for the lightning round eric in florida. >> caller: hi, cramer. watch your show every day. >> thank you >> caller: what do you think about at&t >> i like at&t i like the growth procespects ad
thank you for watching me every day. let's go to dave in connecticut. dave >> caller: jim, my stock is at home group, symbol home. >> we said it was one of those ipos that nobody cared about, and it was so right. another good one let's go to darrell in arizona darrell? >> caller: jim cramer, i would like to talk about marathon oil. >> i would like to talk about marathon pete. that's the much better one that's a good situation. not marathon oil let's go to dave in new york dave dave you're up. >> caller: yes >> go ahead. >> caller: all right i want to get your take on this conduit, cndt. >> i liked at it you know what? we're goingto have to come back we should have them on
let's go to dennis in nevada dennis >> caller: boo-yah to you. thanks for taking my call. i love your show >> thank you >> caller: i certainly admire yo your energy. tell men me about ultraclear >> i think it's a buy. and that, ladies and gentlemen, concludes the lightning round. >> the lightning round is sponsored by - what are you working on? let me show you. okay. our thinkorswim trading platform aggregates all the options data you need in one place and lets you visualize that information for any options series. okay, cool. hang on a second. you can even see the anticipated range of a stock expecting earnings. impressive... what's up, tim. see options data like never before. with thinkorswim only at td ameritrade.
why does everyone hate oil and gas so much? the hatred may be at multiyear levels, rivalling the hideous days back in 2016. i find that so odd when you consider oil seems to have found its footing in the 40s many of our companies are profitable at these levels wall street may be buying into the profitability levels and the values created by the selling on wall street. but the companies themselves aren't that's why we should sit up and take notice of a huge deal today. eqt buying rice energy for $6.7 billion, giving shareholders a 25% pop in today's trading i think the biggest values here are being created by the fantastic oil drilling techniques but the ones that are producing oil in the 30s and 40s, but this
deal unites two powerful forces, with eqt consolidating 187,000 acres of the marcellus all i can say is wow with natural gas at $3, $1 above where it was last year and the $1.112 in production, this is a remarkable deal. there was a time when this natural gas would have been land locked now there are pipelines to the east, replaced by nuclear and coal power plants and thepipelines to the south were built to transport imports and southern natural gas but they are now set up in the other direction. for the record, if there's going
to be more consolidation, capital oil and gas with similar oil and cost for natural gas would be the center of attention. why does everyone hate this group so much? because it's largely viewed as a destroyer of your performance, and any speculation in the past has been a night fair for anyone who has ventured into it this eqt for rice shows us that portfolio managers can shun the value all they want. but people are happy to do some buying at prices well below the cost of drilling itself. stick with cramer! e, in all of , is the stuff that matters? the stakes are so high, your finances, your future. how do you solve this? you don't. you partner with a firm that advises governments and the fortune 500,
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