Former hedge fund manager, best-selling author and famous TV financial markets commentator Jim Cramer thinks the United Auto Workers union chief Shawn Fain is a “paper tiger” — unprepared, in Cramer’s estimation, to stand tall against the Big Three automakers.
Cramer attacks Fain in a long segment below, asserting that the Big Three are the heavy favorite in the current strike negotiations — first, because Fain’s UAW strike fund is insufficient to support his work force beyond five weeks, Cramer says, and second, because the corporate giants have what Cramer calls the “nuclear option” — Mexico.
Congresswoman Alexandria Ocasio-Cortez, an advocate for the workers, shakes her social media head at Cramer’s stance, saying: “People say stuff like this and then call themselves patriotic.”
Moving all U.S. car manufacturing to Mexico to enrich stockholders does seem hard to square with patriotism, but Cramer suggests it’s the natural move — he sells Mexico in the segment like he’s getting a commission.
People say stuff like this and then call themselves patriotic 🥴 https://t.co/HnR9k99ghl
— Alexandria Ocasio-Cortez (@AOC) September 16, 2023
Cramer says it took Mercedes just two years to establish operations in Mexico and, though it wouldn’t be as fast, the Big Three automakers’ option to shift manufacturing to Mexico — with $5 an hour pay — is Fain’s biggest problem, Cramer asserts. Unions have objected to Cramer’s commentary in the past, with his “class warfare” comment drawing a charge of, well, “class warfare” in return (see below)
[“Accuse the other side of that which you are guilty,” WWII villain Joseph Goebbels is said to have said, and on it goes.]
At the end of the CNBC segment, Cramer says “I have a factory in Mexico and it’s fantastic…well, my wife does.” (Though Cramer doesn’t identify what his family factory does, Cramer and his wife are in the Mezcal business together, which is not exactly comparable to manufacturing cars.)
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