Jim Cramer's epic rant: Government should suspend tax collection

" 'I want the federal government to know more than me. I knew more than they did in 2007, and I know more than they do now, and it is disappointing.' "

That's CNBC personality Jim Cramer on Thursday slamming the government's response to the coronavirus ahead of what turned out to be another brutal trading session.

"They know nothing. They know nothing. We know more than they do, and that's not acceptable either," he said, in an echo of a noteworthy past outburst. "This is the time for radical action."

For one thing, he said the government, in a move that would have to be considered "radical," should stop collecting taxes for now. "Everyone owes the government at all times," he said. "Everyone in this country - individuals, corporations. That has to be suspended right now so they have more money."

Cramer also said he fears that several companies in the S&P 500 could go bankrupt within a month due to the economic slowdown caused by the coronavirus outbreak.

"Are we going to sit here and let so many companies go bankrupt because of an illness? I think that is stupid," he said. "Once we settle that out and stop worrying about money, we can worry about health simultaneously. Right now we can't do both."

On Thursday, the Dow Jones Industrial Average closed down 2,353 points, while the S&P and Nasdaq ended off more than 9%.

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