If Jim Cramer only listened to the media, he would think that every single point of the stock market rally falls on the shoulders of President Donald Trump and his policies.
Newsflash: It doesn't.
"Give credit to this market where credit is due and recognize that the bull doesn't just reside at 1600 Pennsylvania Avenue," the "Mad Money" host said.
This rally is about a lot more than just politics, Cramer said. And when Congress doesn't move as quickly as expected, stocks are helped by American executive ingenuity and a global economy that is getting stronger.
Cramer did recognize that Trump brings the most pro-business administration he has ever seen, and it would be ridiculous to claim that he has nothing to do with the rally. But when he listened to CNBC's interview with Treasury Secretary Steven Mnuchin on Thursday, he realized that Wall Street is pinning too much of the gains on the President's coattails.
What struck Cramer the most in the interview was just how far away Trump is from getting his tax reform plan through Congress. Mnuchin did make a bold call that there will be something big done by August, but Cramer said buying stocks on that notion is premature.
"There seems to be no consensus between the White House and the Congressional Republicans on what the tax package will actually look like … I'm calling Mnuchin's observation optimistic, to say the least," Cramer said.
Cramer boiled it down to four reasons that weren't directly related to Trump that explain why stock market has been rallying:
The first is that while Trump says he inherited a mess, job growth near the end of President Obama's term was pretty robust. When those with jobs feel more confident, they spend more, particularly in housing.
Second, the end of gridlock in Washington does create tremendous opportunity, but nothing has been accomplished so far beyond approval of Trump's cabinet appointees. Ultimately Cramer expects Congress and the White House to come together on tax reform, but right now everything is up in the air.
The third reason is that so far, Trump hasn't had any luck putting through his $550 billion infrastructure program to rebuild roadways and airports so Congress has yet to spend a massive amount of money to fund the potential project. Congress seems more focused on repealing and replacing Obamacare than on anything related to job creation or fixing infrastructure.
The last reason and the most stunning aspect of Mnuchin's interview was what wasn't said. He didn't blast other countries for manipulating currencies. He didn't call for a trade war, and he wasn't pro-strong dollar like other Treasury secretaries.
"If you look around the world, you are seeing green shoots, better growth and higher stock markets everywhere with nothing being held back by what many thought would be huge trade barriers erected by Trump immediately," Cramer said.
Companies like Vale (Sao Paulo Stock Exchange: VALE'A-BR) and Petrobras (Sao Paulo Stock Exchange: PETR'-BR) in Brazil are coming back to life. India, China and Russia are even having a turn in fortunes. There is a pickup in business all over Europe, and Mexico's peso is soaring.
"None of this growth is because of Trump. It might even be in spite of him," Cramer said.
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