Andrea Mitchell   |  January 10, 2014

Thinking long-term when investing

Jim Cramer shares details from his new book, “Get Rich Carefully,” which reveals his new approach to investing in this post- Great Recession economy.

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This content comes from Closed Captioning that was broadcast along with this program.

>>> joining me now, the one and only jim cramer , his new book entitled "get rich carefully", his new approach to investing in this economy. i want to ask you as a new jersey residents and someone familiar with ft. lee and george washington bridge , what do you make of chris christie 's management style and his claim in 108 minutes that he didn't know what was going on beneath him?

>> disappointing, it's not the chris i know. by the way, i know it's the first world problem, as my caughts daughters would tell me. i'm on that bridge and i know it's an act of god. take anger management courses, but who would inflict traffic on anyone? holy cow .

>> it's hard to figure out. now, here you've got this new book on getting rich carefully. how has the great recession and all of the volatility we've seen and new regulations and a lot of other post recession changes, how has that affected your investing judgments?

>> what's happened is people feel the market is rigged against them or the big banks have decided they are in control of the markets or feel they look at all of these u.s. attorney investigations and indictments and think it's all crooked. what i'm trying to say, post great recession, there are a lot of opportunities, be less frightened but use the kind of things that happened in washington where the market shops 5 to 8%. to be able to buy longer term themes. what i focus on longer term than i ever had, it's important to get people thinking 5 to 7 to 10 years rather than five to seven to ten minutes which has become the preoccupation on wall street .

>> what about the jobs report today? weather related -- still, is this a softness?

>> it was weaker. i had the labor secretary on and didn't expect this candidly because interest rates are down dramatically. this is watershed number, you thought the economy was really strong and we were coming in with a head of steam, think twice of hiring. when is thinking christie, definitely the right thing -- it is a scandal. i have to tell you it is a scandal how we're still -- nowheresville when it comes to hiring. this was a bad number. it was a worry some one. interest rates are coming down and mortgage rate will go down next week. but my breath was taken away. where are the jobs?

>> and if you're asking where are the jobs, what is janet yellen do in terms of tapering? is this the right time to take that stimulus away and also big new names the white house said that stan fisher is going to be. we expected this but for someone like stan fisher who is a preeminent economist and ben bernanke 's these sis adviser, the fed is ramping up.

>> i love fisher, studied his work for many years. he's kind of just one of these people unassumingly fantastic at what he does. he saved southeast asia during the crisis. it was him at the imf. i do believe there are a lot of jobs in a lot of places and people have to get there. i know the government doesn't want to be involved in trying to get economic mobility , let alone mobility to where the jobs are because there's such a xix down in washington. they need to think bigger than what they've been thinking. congress and president have to come up with something beyond unemployment benefits and beyond minimum wage to create some jobs. this number was stark. and the market is changing because of it. it's great that interest rates go back to where they were before the big summer scare, but it shouldn't be for this. it shouldn't be because we don't need to borrow as much money. we have