Cramer: China Doesn't Play Fair
Jim we have got to talk about China because I've got so many things on China. One, their property has inflated so much that they have had to throw water on this hot fired up market. Then I'm also seeing that they're passing the United States in their use of oil. So, it's seems so schizophrenic that one minute we're talking about how on fire China is and then the next minute we're talking about how their growth is slowing.
Right. 60 Minutes talking about the empty buildings see-through. China is a conundrum for a number of reasons. One is that they are energy hogs, but also pollution creators. We would never let that happen in our country, where our greenhouse gases are going down, or in the continent of Europe. So they're a totally unfair player. They pollute the heck out of the world and can export with the cheap currency. We know that and we need them. We need them. So we need them to be able to buy our bonds. We need them. They are a consumption market for a lot of our companies. They are the reason why oil stays high. Okay. Because they keep importing and importing and importing...
They are sucking it down like no one's business.
Right. And that's why oil is at $90 and not $80 with the dollar being strong and our glut. So in many ways they're the epicenter of everything that is going wrong in the world right now. You have to tighten because they speculated too much. They are almost as if they are off the rails. That said, they are responsible for a lot of the world's growth. You can't get Caterpillar (CAT) over $110 if they don't do well. Cummins (CMI) has to be over 130. Action Alerts Plus owns United Technologies (UTX) , which is a big China play. We got rid of Emerson(EMR) . We got of the iShares China (FXI) . We got rid of a lot of the oils because they are all China plays. So they are...I have very mixed emotions about them. I think the people are great. They work really hard. I think the government doesn't play fair and we're seeing a lot of things come home to roost right now. They spent too much money. They encouraged too much speculation. They should be spending all their money on trying to crack down on pollution like the rest of the world. They're unfair players to me. It's infuriating.