And if our leaders arent careful, i think this could get out of control. If it keeps up, you have to believe well see more dice like this one. The dow lost, s p plunged 2. 5 and nasdaq nosedived 1. 47 . First, i think the recent rhetoric against business is insays. In my view, the creation of capital through hiring and building something is worth celebrate. I look as it as a way to get food on the table, as a a, i celebrate it. And when i see Fabulous Business people dock wonderful its not like theyre creating any jobs. Good business people, though . Theyre heroes to me. But thats not how many politicians look at business right now. This noisy dispute is now front and center in the investment, and the tone is so damaging, we might as well be in a bull fight, and we all know how those end. First the blocking of the pfizer allergan deal. Two years ago this agency said only that are domiciled overseas in low tax jurisdictions, but since then treasury has promise you will gated three rules. The last rule in the 11th hour specifically blocked the pfizer allergan deal, even as both companies were in total compliance. That nonchalant moving the goal post to get this one crushed was as Brent Saunders said, just plain unamerican. I think treasury secretary jack lew was ordered to find a way to block this deal, because these inversions are so unpopular, how is it possible the treasury secretary session that legislation was needed to block these deals and then contradicts himself and blocks them anyway . That doesnt inspire business confidence. Second the justice departments to lose the bakerhughes halliburton deal. On air i said it was as anticompetitive as it comes, but i think they were somewhat cavalier in not even bothering to articulate what they needed to do to satisfy the laws, in that bill baer called it unfixable and shot the whole thing down. If theres a third and most unsettling, though, theres the surprising popularity of Bernie Sanders, who is viewed as a fringe candidates six month ago, but has put up a decent challenge to Hillary Clintons bid for the democratic nomination, even though the socalled superdelegates seemed to have aligned with hillary that it does seem a done deal. The attack on business is unprecedented as he said the other day then turned around and fined them billions for some of bares misdeeds, to buy failing banks dural the agree recession, it pleaded with them to do so. Is sanders says now hey, lets break up this up. We got this morning the annual letter from jamie dimon, and this bank has done everything it can to comply with the everchanging rules that have been demanded. It has 43,000 people who do just controls for the bank. Thats up from 6 billion and 24,000 people in 2011. Dimon professed he wasnt happy with the stocks performance, just even with the s p, but jpmorgan has outperformed its cohort which is saying something, and thats me talking, not dimon, who doesnt blame the government for not beating the s p. Then Bernie Sanders whole headscratching attack on ge saying the company is, im going to quote here destroyer the moral fabric of the america, because its so skilled at avoiding taxings the. No company is perfect, but its hardly an example of corporate greed at its worst, as jeff immelt said in a tellall opinion post in the washington post, ge has been in business for 124 years and weve never been a big year with socialists, end quote, but he continued we create wealth and jobs instead of calls them for speeches. He goss on to say we takes risks, inoy investigate and produce in ways that today sustain 125,000 u. S. Jobs, including jobs . Vermont, where sanders is from that employ 1,000 people. Added bonus, he writes vermont as junior senator is always welcome to come by for a tour. Hes never visited the plan. Ge said its paid billions, and accuse sanders of false accusation, and then says that does sound like the voice of a destroyer of moral sp fabric to me. People have watched this show for years and they know that. We need good, smart regulation, but it needs to be rational predictable, not ad hoc and not out of for nowhere and not adhoa adhome i nuits terrific that u. Steel stock has doubled is, thereby assuring it can raise money if it needs to. I like the fact that the International Trade commission is looking into chinese dumping of aluminum. The chinese have been flooding the world with this stuff, including the u. S. , with subsidized steel, im telling you, for years. If the xhert department puts in a who knows how high acoa can go. The reports on monday may not be that good of a quarter, but you get my drift. I always love that they have to put p clients first. That rule is a long time coming. It got me thinking, i wonder who those advisers were putting first before this . Hmm. But any war on business in general is a war again you in general. 90 million households own stocks, 90 million depend for wealth crazy. Companies have to make decisions, and they could have the rules change on them with no warning. Repealing what they did when they were playing by the previous rules, got me thinking today, i asked dividend faber, will the government decide that dupont and dow cant merge . Despite the competition . Will treasury rules change so you cant borrow money anymore to buy back stott . With you you talk the government out of the bolts, who knows where it can go if its time for this administration to pull back and wait until a business does something wrong before going on the attack. Ice onning stocks will become a reckless thing to do. There is ra payables capitalists out there, but not all capitalists are rapacious. I say declare a truce so companies with hire, create, serve customers and generate wealth for shareholders of all shapes, sizes, colors and creeds. Lets go to gary in new york, please. Caller hi, jim. A big booyah too you. I like that. Whats up . Caller jim, a recent interview with sprints ceo was very positive looking forward. What is your longterm analysis of sprint . I know they raised some money, but i fear that the sprint common stock will just not go up that much, because theres solve debt. I like vise are not and at t for income, and i like t mobile for growth. Thats three in one industry that i like. Thats enough. How about bruce in minnesota . Bruce. Caller hey, booyah, jim, from st. Paul, minnesota. Nice. Caller back in january, february when the market turned down, you referred to bmy, can you elaborate as to why . Because bristolmyers has one of the most unbelievable anticancer pharma out there. Its an inventive company and has held up extremely well. Bristolmyers, good company. Adam in delaware . Caller mr. Cramer, a big booyah to you from delaware. I love delaware. I was just there the other day consider regarding the airlines stocks, the service mentality geared towards millennial, what do you think about holding southwest over delta for the long term . Delta reports next week. The stock is getting ham irahead of t i think that no one has ever gone wrong during this whole period buying southwest, because the company has been profitable. If you have to own an airline, im never going to is it stand in the was of buying luv. Theres a war on business and its out of control. If the government keys v keeps it up, to bes will become a reckless asset class. If buying an Engagement Ring may make your arms sweat, but combining a im sitting down with the ceo to find out. And a bed bath and beyao coupe been with the stock down 30 over the past year, let me take a closer look. Great news if your dog ate your homework, i did it for you, and it could make you some money. Stick with cramer. Dont miss a second of mad money. Foss on twitter. Have a question . Tweet craper e er crame cramer madtweets, or give us a call. Miss something . Head to madmoney. Cnbc. Com. This clean was like, pow it added this other level of clean to it. It just kinda like wiped everything clean. My teeth are glowing. They are so white. I actually really like the two steps. Everytime i use this together it felt like leaving the dentists office. Crest hd, 6x cleaning, 6x whitening. I would switch to crest hd over what i was using before. We need to be ready for my names Scott Strenfel and r im a meteorologist at pg e. We make sure that our crews as well as our customers are prepared to how weather may impact their energy. So every single day were monitoring the weather, and when storm events arise our forecast get crews out ahead of the storm to minimize any outages. During storm season we want our customers to be ready and stay safe. Learn how you can be prepared at pge. Com beprepared. Together, were building a better california. Whats has been at s. I. G. . A you kay recognize them as kay or sayles. Its down 6 for year to date, but after taken it on the chin for months, it dramatically rebounded, which begs the question, we know that signet reported a decent quarter a couple weeks ago, even as their sales were a bit weaker than expected, but had a healthy key increase. And management gave you solid guidance. So is this jewelry coloss us worth looking back at. Lets talk to the ceo and find out where the company is headed. Welcome to mad money. Good to have you, sir. Great to be here. People know your brands. I just want you to walk through how you make your money on the brands and the different levels. Thank you, as signet, were the largest retailer of diamond jewelers in the world. The largest is kay jewelers, the largest brand in the united states, and then sayles and were also the number one jeweler brands in canada, and also the united kingdom. Theres a couple things that tell me. Styles matter, the commodity costs people say matter, and also the seasons. So are we in an valen types day is important. Its a seasonal big to some degree, but walk me through the key metrics. Definitely our big is about 50 gift giving, and our other 50 is a bridal or engagement related business. That is a nice, consistent business, and its a very stable business, the closest we say is a necessity, but its a very solid bit and very donzant business. Traditionally you had some dead on the balance sheet. You bought sales and took down a lot of dead. I know youve some synergies, but you still have a lot of debt. The entire debt we have is specifically for the zales acquisition. We just increased our synergies up about 225, 250 million direct improvement, and were thrilled with whats going on with the acquisition and the integration of zalez with our company. On the Conference Call you spent time going over lending standards, basically. You have an element of your business thats kind of like a credit card company. What are the risks for people interested in investing, and how do you balance the risk for customers who definitely want to buy jewelry, but cant afford it . In our kay and jared stores, we have been carrying internal credit for well over 30 years. This is something weve been doing for a long, long time. We have a consistent methodology of how we improve and under and we have tons and tons of data understanding how jewelry customers react and pay for their credit bills, which is different than how they pay for their cars, or port 2308 i dont is doing well, and we think its a tremendous enhancement. How did it hold up during the downturn . The statistics or metrics were worse outside the recession, but much better as we compare to other financial institutions, so we have a good handle on how we run or credit business. Next wednesday was they revised things down from january. What is how is signet doing . Retail sales have been so rockie . Signet has been pretty consistent. If you look over the last 20 years, weve been consistently up 5 outpacing the jewel write market. We guided we will be up 3 to 4 for the first quarter. You have some brands ive been to neil lane. Thats very expensive in l. A. , and vera wang is not inexpectative, either, do they fit into the level of income for those who go to zales and kay . Thats the beautiful thing. They design products for the celebrity levels, but theyre also designing for middle america. Thats what were all about. Jim. We know the mid market better than anyone else. Were a Growth Company quite frankly, to vera wang and neil lane are tremendous, because theyre designing products through the middle america. One of the phet things l brands has had a restructuring, and theyve taught me well be careful of the malls. Do you think that brickandmortar malls are no place to be, even though i know you cant be amazon because of the way jewelry is . In our business, jewelry is a very much a considered purchase. People are buying earn gaugement rings, gives, its considered. Were more of a destination. Were affected by mall traffic, but not as much as other retailers. We see theres different types of retail traffic. You have mall traffic, offmall traffic, and online and offline. Its a common term, but the omnichannel experience in jewelry is so critical, so we believe there are good malls and very healthy malls, but we have a diversified portfolio. But 50 of signet is off maul and 50 in the mall. I want people to understand, your relationship with credit, is it similar do what Credit Card Companies except there is some loss, but they do well . Net out good. You net out good on your credit. Absolutely. We believe its a tremendous enabler, and we understand these customers. We understand the jewelry customers better. Weve been lending money for jewelry customers for 30 years. We have tremendous data to understand how they pay for jewelry. Excellent. Well, thank you so much, sirs, thats mark light, ceo. Youve seen the ads, and now youve learned the story. Stay with cramer. Coming up, cramer studies the stocks of two Biotech Companies in the ongoing fight against cancer, but only one of them will make the grade. Cramer reveals the report cards, just ahead. This clean was like, pow it added this other level of clean to it. It just kinda like wiped everything clean. My teeth are glowing. They are so white. I actually really like the two steps. Everytime i use this together it felt like leaving the dentists office. Crest hd, 6x cleaning, 6x whitening. I would switch to crest hd over what i was using before. You wont see these folks they have businesses to run. They have passions to pursue. How do they avoid trips to the post office . Stamps. Com mail letters, ship packages, all the services of the post office right on your computer. Get a 4 week trial, plus 100 in extras including postage and a digital scale. Go to stamps. Com tv and never go to the post office again. A buyback is a terrible thing to waste. If you want to know who wastes it, look no further than bed bath and beyond which reported earnings last night. A retailer widely known as a great merchant, with a terrific racetrack and excellent prices. Testify righthand by buyers who knew what people want, or at least they thought they knew, because they have what we used to call a great eye. It was a cash cow. Enough to buy back so much stock in the last four years she shrashall range the share county down to 15 million shares. Among the best of shrinkage of any company i follow. How has the stock done in reaction . Well, heres something interesting. The market capitalization has shrunk from 14 billion to 8 billion. That was, as it took out the number of outstanding shares, the valuation was cut in half. For years you would go on their dece decent dessicated Conference Calls, and all they would do is talk about one thing, amazon. They would say the showed that bed bath was getting its clock cleaned by the web. And in short bed bath was a dinosaur living in the ice age of the web, and the algorithmic ability it of them to figure out what you wanted no matter how good. From a merchant background myself somewhat, i found my trips were still rewarding. My kids laughed at me. I used to take it to the original bed bath, and we would stroll through the aisles, passing a lot of stuff that we werent interested in, to get the things we need. I would come in with a coupon that was in the paper or in the mall or in my mail, whatever, diligently saving my 5 off the final price, which was typically jacked up, anyway, by the candy aisle with the long lines at the register, but as my kids grew up, they tired of the trips. They skipped over the aisles filled with what they didnt need by flipping through web pages on their macs are on browsen on amazon. Shipping was free thanks to amazon prime. Obviously they werent aloe. The samestore sales which have always been on the upswing began to stagnate, as the older generation, me, stopped being the prime driver of bed path purchases, mainly starter homes or going to college or second house outfitters. Customers avoided the cumbersome waste of time and zeroed in on directly on the web, and the 5 coupon meant nothing. Do you know that chickens all came home to roost, and they came home last night on their Conference Call. Oh, this was not as they say your fathers Conference Call. It was filled with terms you would hear in a tech Company Called like a salesforce call, thinking about the customer interface, digital web, navigatal improvement, nub of the racetrack stores, but digital offers, as the ceo said, which was no doubt listened to by the two cochairmen and founders. In nodoubt grudging admiration, quote where were we . The opportunities presented by new technologies surpassed our older systems capability, making additional improvements to search, navigation and functionality more difficult. We also did not have mobile web sites, applications for any of our concepts. In other words, they spent money on stock, not technology. So can bed bath recover . The Conference Call was filled with every omnichannel and Customer Satisfaction buzzword of the new age form the endly coupon even seemed to come under fire. While bed bath has 500 i. T. Professionals and welcome the new additional world, it could be too late. Time will tell, but amazon was doing the bell tolling all along and now it tolls for the great merchant bed bath and beyond. Lets go to michael in new york. Caller thanks for taking my call. I want to say you and your staff are doing a great job. The staff is dynamite. Caller my question is with limited brands. I have a position that im about breaking even with. With the restructuring, i was wondering if you think i should buy, sell or hold my position. It yield 2. 85 . Leslie waksaler runs it, almost everybody has been around when it was lmtd knows that. The stock got hammered today off of what i thought was a very, very good, surprisingly good number. The victorias secret breakup i think makes sense, too. I do like l brands, and i like it very much, particularly down 10 for the year, which is highly unusual. Mark in michigan, mark . Caller hey, jim, how are you doing