Nov 6, 2023
WATCH: Jim Cramer Forced To Admit He Was WRONG About UAW Strike
CNBC's Jim Cramer was forced to admit he was wrong about UAW leader Shawn Fain and their strike against the Big Three automakers.
- 7 minutes
I think that the UAW
was underestimated the whole way
because I fain just beat them everywhere.
Yeah, they were underestimated
by people like you.
Now, of course, he's talking about
the United Auto Workers who have secured
[00:00:15]
some pretty big concessions,
pretty big wins from the big three
thanks to the strike they engaged in.
Obviously, they were able to accomplish
this under the leadership of Sinn Fein,
who is just a stud of epic proportions.
And look, honestly, credit to Jim Cramer
for at least acknowledging
[00:00:31]
that he was totally wrong about the UAW
and how successful they would be.
And he did spend quite a few segments,
quite a few months basically
crying his eyes out over Sinn Fein.
So let's watch Cramer's full statements,
and then we'll show you what he said
[00:00:49]
about the UAW and Sinn Fein in the past.
I think that the UAW
was underestimated the whole way
because Fein just beat them everywhere.
It was very much guerrilla action.
It was very smart.
They were completely they
were outgunned at every turn.
[00:01:05]
I mean, it was almost like they were
that Fein was a great NFL coach
who really figured out
all the weaknesses of the other team
and just came in and blew them away.
They were blitzing.
They were doing everything right.
I mean, they had like linebacker
and corner blitzes and safety blitzes and,
[00:01:23]
you know, like the other guys like like,
I love I love Farley and I love Barr.
And you know, you know and I think
that they were well what happened.
They were in the wow what happened camp.
And you know when the game was over
it was just a real beatdown.
It was in fact, a real beatdown.
[00:01:40]
I want to just quickly show you
what he had to say about Sinn Fein
and the UAW prior to his concession.
Let's take a look at this compilation.
The notion that that we're fat cats,
the the shareholders are fat cats
and have been overly rewarded.
We haven't seen this. That's class warfare.
[00:01:58]
I took seven courses
on communism at Harvard because I was
in a particularly bad period at Harvard.
There should be an eighth course.
Sinn Fein and what he had to do with
Engels, it was Marx and Engels and Fein.
I mean, he says horrible things.
He's talking about a kleptocracy
that the people who own these stocks
[00:02:14]
are just bad people.
He is using rhetoric that Elizabeth
Warren would say, keep your mouth shut.
APS got a piece this morning
on public approval
of either the automakers or the unions.
Do you want to know percentage
that favor the automakers?
Oh, my.
It's like it's like 6%. The man you
saw just now, I think is a paper tiger.
[00:02:34]
I'm just saying that Sinn Fein,
when you listen to him, he sounds like
he's the president of the United States.
No president of something higher
than the United States.
He's not.
I thought that that perhaps
there would be people who say,
you know what, I have an f 150.
I love it, and they do a great job.
And the workers are being greedy and no.
[00:02:53]
Yeah.
The workers. Workers win.
I think that the UAW
was underestimated the whole way
because I fain just beat them everywhere.
Increasingly,
I'm starting to believe Harvard.
They're not sending their best.
So earlier, Sinn Fein was Karl Marx
and Engels, and even Elizabeth Warren
[00:03:13]
would tell him to shut his mouth,
and he was all these terrible things.
But the minute he wins,
isn't that amazing?
Like the CNBC's of the world,
they're like all aggro guys, right?
And like, oh,
he's like a linebacker blitzing in.
He was like so manly, like victory,
like the smell of victory in the morning
[00:03:31]
even though we got our asses kicked.
And but my favorite is like the old school
clips when he's like, oh actually
he said it in that last clip too.
He the one from today
where he was like, I love those CEOs.
- Totally.
- But they did get outplayed.
I mean, don't get me wrong,
the CEOs are always the best, okay?
[00:03:47]
And my heart goes out
to those beloved CEOs.
But they have to lose this game.
It's a game.
It's a game.
And then the best of all time
was in the earlier clip when he was like,
when he saw the polls.
And he's like, the workers win.
[00:04:03]
No, he went, he went,
oh my, would he realize?
Yeah.
When he realize that the American people
are on the side of the workers?
Because guess what?
The majority of Americans
are workers in this economy, which,
you know, increasingly over the years
has been rigged against them,
[00:04:21]
where you see shareholders get paid these
massive dividends, where you see
the executives at these corporations spend
the money not on investing
in improving the business or investing
to improve the lives of the workers who
generate the revenue in the first place.
[00:04:36]
But to essentially buy their own stocks
and artificially inflate the value, right.
Which of course,
helps the shareholders and the executives
who are paid through shares.
Right.
So I just I love how disconnected he is.
I love how his expertise is.
[00:04:52]
I took seven courses
on communism in Harvard.
So as a result, I understand the
American people and how all of this works
better than anyone else.
And it's like, except you don't
you don't understand this at all.
Yeah, and unions are not communists.
I know, and I mean, you were almost crying
about how the workers won.
[00:05:11]
The average American worker
doesn't believe in Karl Marx or Engels.
They're not communists. They're just.
American workers.
Yeah, they work and build cars.
So. But to him, if you're not a CEO,
you're not a shareholder.
[00:05:27]
It's all class warfare
and you're all Karl Marx.
And so his the real Jim Cramer
is the one that was crying
when the workers were winning.
So now this is him trying to be like
oh yeah I'm just analyzing I mean I don't
have a horse in this fight, you know.
Can you can you believe
that Sinn Fein was underestimated?
[00:05:44]
Who would do that?
I thought I mean, I thought he was
a strong leader from the beginning.
Who would call him a paper tiger?
Did I do that? I didn't do that.
Did I do that? Yeah.
- You call him a paper tiger, brother.
- That's what you did.
And look, to Anna's point,
I don't mind people taking dividends and I
don't mind executives getting paid a lot.
[00:06:01]
I'm an executive here at Twit. Right.
As long as everyone is winning. Yes.
Right.
But you can't say, hey, I gave giant
dividends and I gave giant increases to
the executives as GM, Ford and Stellantis
did and go, oh, well, right afterwards
[00:06:17]
I ran out of money for the workers.
No. And that's why Sinn Fein said no.
And then he beat them with a stick.
And so the only thing correct
and honest that Cramer said, is, yeah,
- Fein kicked their ass all over the field.
- Absolutely.
[00:06:34]
And we've shared this information
with you before, but I'll share it again.
Under the new tentative agreements,
UAW workers will receive a wage hike
of 11% upon ratification
and 25% in wage hikes through April 2028.
And that's before the cost of living
adjustments and other benefits
[00:06:52]
that the big three have conceded on.
And according to the union,
starting pay is over $30 per hour
and the top pay is over $42 per hour.
With these cost of living adjustments,
and between the wage hikes and a $5,000
[00:07:08]
ratification bonus and an estimated $8,800
in cost of living adjustments,
most UAW workers are expected
to realize economic benefits worth $68,200
over the life of the contract.
Doesn't sound like Sean Fein
was ever a paper tiger, that's for sure.
[00:07:25]
Yeah, although he did bring in
a lot of papers.
- Yes he did.
- Yeah.
And so look, if a company can't
afford something, they won't pay it.
Otherwise they'll go broke.
They obviously could afford it.
And that's because Fein
was right all along.
[00:07:40]
Just in the last decade or so, they
made a quarter of $1 trillion in profits.
Crazy.
They definitely could afford it.
And Fein proved it.
And Cramer, now pretending
to be on the side of the winners when he
was crying about it the entire time.
Oh my.
[00:07:58]
If you enjoyed this video,
that's because of our members.
They make us independent, they make
us strong and they make us honest.
Become a member today
by hitting the join button below.
Now Playing (Clips)
Episode
Podcast
The Young Turks: November 6, 2023
Hosts: Cenk UygurAna Kasparian
- 17 minutes
- 10 minutes
- 8 minutes
- 7 minutes
- 4 minutes
- 7 minutes
- 15 minutes
- 23 minutes
- 10 minutes