News that China’s Communist Party may soon ban education companies from making a profit or raising funds through the stock market sent those stocks crashing Friday and led to a stern investor warning from CNBC financial analyst Jim Cramer.
”They’re killing us,” Cramer said in a televised segment on the network Friday. ”They know that we own these stocks, and they’re showing no mercy. … It’s very malice. It’s Stalinist. We tend not to see that.
“I think these are very serious violations that make us realize capitalism is not alive in China. We kidded ourselves that we thought the party was somehow going to want to join the rest of the world in being capitalist. They’re not. This is a dictatorship.”
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