whirlpool. >> you got it. dan? >> come on, dan, check blue, courtney not for me blackstone, courtney. >> very good "mad money" is about to start right now. thank you very much voining us on "fast money my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends, just trying to make you money. my job is not just to entertain but teach you. call me or tweet me @jimcramer there is nothing wrong with a market led by oil as long as oil is the general and the rest of

the market especially industrials stand behind them. but right now, this crude general has no divisions following him whatsoever and starting to make people feel wary and unsure about the future especially on what many consider to be the most important fed meeting in ages tomorrow when it goes up and up a buck and change today averages are going down dow slipping and s&p declining and dow declining and that is not reassuring before i drill down in oil, in all the years i've been doing the show and it's been on a long time, i've never seen a reaction to an off the charts segment like last night where i shared a history lesson with larry williams how the market regularly experiences a late june swoon remember, if you're trading, the ideal time to sell is this friday or monday it been ages since people stopped me on the street to ask if they should do something from

the show suddenly the prospect of a temporary dip is people wondering if it is time to ring the register now to all the traders who are worried about tomorrow's fed meeting that gives them a great excuse to get out now. the fact williams is not saying get out now doesn't bother sellers. he's saying swap back in by thursday or friday so be sure you're not blindly following something he's not saying. the guy is predicting tur turbulence if you're a long-term investor, ignore it. with that out of the way and important to do, i think we have to talk about leadership see, in any market we have a group of stocks we really have to focus on, okay? the groups that are able to shine even on down days and these are the leaders and pretty much any leadership is worth following and makes it broader if it's the banks, that could mean credit is bountiful, loans are solid, strong.

we have all those but the bank stocks are weak again. if the industrials are leading the way, we're looking at healthy sales, earnings for huge companies to pull their weight and then some but industrials weren't leading anything today very few managed to rally. health care can be a terrific leader wide ranging health care tends to hav absolutely terrific pin action today gave you nothing how about tech that's the ideal leadership group because the biggest capitalization stocks are all tech stocks but even though the news flow is good aside from a very long, very well thought out "new york times" piece about the hazards for working at amazon, big tech slept through the session or of course had a bias to the downside. couple years ago, i went out of my way on this platform to scream that the oils had become uninvested because of the collective attitude towards the environment and accessible leverage for reckless drilling new younger money managers weren't going to buy what they're selling.

many of these companies have got religion on climate change and more environmentally friendly white house is making it more of a drill. i like chevron and pioneer natural resources. like exxon after the board changed and got very proenvironmental which brings today where the oils were a strength in an otherwise uni'm priso -- unimpressive market. the surge of crude makes it -- how about life difficult for fed chief jay powell for tomorrow's meeting? even as many other commodities have fallen, some have fallen in recent weeks, oil keeps going higher so when powell gives a statement tomorrow and holds the press conference, he'll be tormented by the media with multiple questions about inflation. i've seen it you've seen it powell is adamant it's chance t -- transitory and said i told you so unfortunately, oil is too powerful and negative for the press to ignore and at some point he'll say he's monitoring

it, which in this world means. >> sell, sell, sell, sell! >> second, no matter what you say or do the algorithm controls so much of trading will immediately jump to the conclusion oil demand is higher than expected and that's inflation. i have told you over and over that the price of crude is rising because of reductions in supply part of that is a new found discipline participant of it is environmental concerns remember, when some eco-friendly insurging snags three board seats and created a panic, a panic in the oil pact. the only really sure way to cut down on carbon emissions is cut down on drilling maybe that's why shell is thinking about selling the entire 260,000 acre position of prime real estate in the pbasin. now, almost all of the oil companies are being run for cr cash they are no longer taking on debt to expand they are not increasing despite the rise in price and that's unusual. traders don't care s

aren't impressed biden wouldn't approve the keystone pipeline. unless it been approved, you can rule out most pipeline projects for the next four years and if it's been approved, it might not be safe but that's fabulous for the existing pipeline plays without new pipe, there are existing ones suddenly have major scarcity value they have been crushed by cutthroat competition. now that's gone and this is become the strongest among the strongest groups in the market put it together you have a business attached on the system and doesn't do as much higher as it used to oil is a general with no soldiers it's a general who could force the fed to change the tune and take a harder line it certainly hurt the stock market can powell avoid an oil trap the federal reserve is almost always viewed as a chtransitory

eve ev event. i thought when jay powell said it would run higher than expected, it included oil. one problem there are a lot of reasons oil prices are surging and very few are cyclical. more more structural. rare bout of common sense. what could push prices down? not going to happen. they are making fortunes so let me give you the bottom line. tomorrow, when the fed gives its statement at 2:00, i don't expect much change in the language but the stock says oil leadership will clearly keep going higher and change course never mind weaker than expected retail sales and buying yields the dirty secret is higher interest rates won'tdo anythin to create more oil supply but you'll never hear that from the inflation people let's go to nikesh. >> caller: boo-yah big fan of yours watch your show every single evening and just want to say thank you so much for your

investment ideas and everything you do and just your overall enthusiasm. >> you're very kind. i mean, yeah, i am fired up every day when i come out here i'm fired up in the morning. i obviously don't like discord i like to see everywhere i go i like to see kind of very high end conversation about stocks and i'm sure you're going to give me some so why don't we get one. >> caller: yeah, thank you my stock for today is plug power. i bought it on $18 and some change and i saw it go up to almost 70 and dropped to 30 with a bunch of mixed news so i'm a long term investor i want to know if i should hold on my investment or should i buy some more? >> if you hadn't said you're a long term investor, i would have said look, you have a great profit and let's go. i believe in plug. they did have accounting re regulariti regularities i got through the accounting regularities the main issue with plug is hydrogen is too expensive.

you're okay. let go to philis in my home state of new jersey, philis? >> caller: hi, jim cramer, how are you? >> good. how about you? >> caller: okay. i'm a first time caller and i'm from new providence, new jersey. >> right next door to me excellent. >> caller: glad you could take my call. you're a great teacher. >> thank you >> caller: my stock specializes in organic indoor and outdoor gardening and also, growth in the cannabis market and the stock is grow generation the symbol is grwg what can you tell me about growth generation corporation? >> okay. i've looked very hard at growth generation we recommend it in the teens two days in a row. i never do that. then it went to the high 50s i said let take profits. back to 40 it it's okay. we need to see many more states allow marijuana to be produced that should drive it higher.

right now it's in no man's land. listen, the stock market has oil as the leader as it believes the co-modty will continue the move higher and means the fed might have to change course or at least heckle the heck out of jay powell tomorrow at the press conference on "mad" tonight a number the world's top website including amazon, "the new york times" went dark last week due to a massive internet outage, they created a buying opportunity for a company called akamai and one of the junior growth investors and the ceo joins me tonight don't miss the sit down with twilio and is it time to dabble in the world of psychodelics i'm eyeing a stock that could bring an altered experience for your portfolio stay with cramer >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter have a question tweet cramer

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the senior growth stocks are finally having their day in the sun. take the world's largest cloud based content delivery network that helps companies ensure the digital presence and fast and secure when the pandemic hit, many of the content delivery stocks caught fire like crowd flair that happened in a five fold rally but after a 60% run from the lows in early september, they struggled to gain traction and it has taken off more than 25% since early march and a textbook senior growth

stock and 10% revenue growth good but far from spectacular and a reasonable evaluation plus it's over 20 years old, thank heavens. that feels more enticing in the market when one of the largest competitors have a major service outage last week we have to ask about that let's check in with the cofounder and ceo to get a better sense of where his company is headed. welcome back to "mad money." >> thanks, nice to be with you. >> so tom, i find myself wanting to ask about the content delivery because of disney plus, because of call of duty, because of all the different apple, because of every single ott, but it's security that most in intrigues me because it's growing so fast and in the news. how can we make security be a bigger part of akamai because it's growing so quickly? >> it's 37% of our revenue in q 1 through 29% year over year it will become a bigger part of

akamai because we have solutions that can really help defend enterprises. you've read the headlines, ransomware attacks and data theft attacks and we take a different approach to the security to stop the attacks. >> let's go over that. what exactly are you doing everyone comes on the show, frankly, and claims they've got the solution and yet, i see solar winds, colognngnial pipe if everyone has the solution, why isn't it fixed >> the enterprise has to adapt a solution there you have a situation where the credentials were stolen. in fact, the whole setup of the way enterprises defend themselves is just not very secure you know, you think about the physical world with your office. now just because somebody has a key to get in the building doesn't mean that that key lets them into every office, every room, every drawer and file cabinet. it would never do that.

>> yeah. >> that's how enterprises are digitally securing themselves. once you authenticate the fire wall, you get in and can go everywhere and if you lose the key like they did, that means anybody can come in and go anywhere and you get a disaster. so that model has to change. you can't allow just unfettered access and you got to double check who has the key that is coming in because maybe the key had been lost or stolen. >> well, look, president biden cares about cybersecurity. why can't we have some zar that says if this is what you're doing and you try to pay ransom ware, we're going to prosecute you under an act that was started under jimmy carter which doesn't let you pay ransom for a kidnapping. >> well, i think the government can really help in establishing guidelines to help enterprises understand what they got to do so you got to adopt a model of zero trust of security you can't just allow unfettered access once you're past the fire

wall you have to do multi factor authentication, basic principles there are many providers that can help supply that now including akami as a leading provider of these kinds of services and the government can set standards for that. >> that would help i'm an early riser i got up today at 3:00 like yesterday and i like -- i have a routine my routine is that at 5:50 every morning i go to ny times that's what i do i do i'm so ridiculous. if i don't do it, i'm very superstitious, i think there is something wrong. i get a message that says it doesn't come through and i'm having a hissy fit i wanted to pull over to the side of the road i'm on i-95 going nuts and can't figure out how to get my guy to fix -- it turns out that it was fastly can you make it so that if someone changes their internet configuration everything else doesn't crash or do i -- if i change my internet

configuration, can i wipe out everybody if i'm using akamai? >> of course, you got to do that i'm surprised this happened. fastly is vocal they push updates in miliseconds and you don't have time to check it's okay and there is not an unintended consequence and eventually, when you keep doing that you'll blow out the platform and i know because 17 years ago the last time we had a major outage like that that happened in 2004 because back then, we did push, you know, these updates within oa second and we did get bit and it was bound to happen and, you know, it took us a lot of time and effort and investment to make sure that never happens again. and in fact, it hasn't over the last 17 years and, you know, they're going to have to do that, too, and it will take a lot of time and investment and companies have to decide what

venders they want to work with, not only for reliability but for security you look at solar winds for example because who you're working with will largely determine if you're reliable and if you get hacked. >> tom, i've been thinking because i started on the web i did the street you remember this in 1995. there is some degree of wisdom that comes from experience and i find there is a lot of people younger than you and i that come on and experience means nothing because you have the best but they don't know the best means at 5:50 jim cramer can't read "the new york times" and as far as i'm concerned, i'll find out who did that and i have a special skills to annihilate them. you no ways to stop things that other people haven't seen. >> absolutely. you know, i remember what it was like to go through that. i was apologizing for two years

and we just decided as a company that will never happen again it took a lot of hard work, a lot of innovation, a lot of investment to bulletproof our platform so it doesn't happen and the same investment goes into the platform to make sure it stays secure so we can keep our customer secure. experience matters a ton just like you're going for open heart surgery, do you want to go to the doctor that is the low cost provider and says they will get it done the fastest or do you want to go to the doctor that has experience and a great track record and the patients all come out well? i know which way i'd go. >> i love rediclinic but for open heart surgery ill advised by the way, that's actually good, not bad, thank you, tom, for coming on the show "mad money" will be back after the break. coming up, after a year of

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every time we get a red hot inflation, that happens in tech stocks when inflation heats up because inflation erodes the value of the future earnings look at the cloud based platform that helps nike, lyft, netflix, phone, email, video you name it after wracking up a huge gain they peaked in february and got slammed. nothing new out of turbo charged growth names never mind business is good. business is great. revenue 62%. they tumbled $7 today but this

is the kindof stock that gets cheaper as it goes lower and the come uponcompany is doing greatr and they are a member of the covax initiative and committed $10 million to vaccines worldwide i want to know more about this let's look with jeff lawson, the founder, chairman and ceo of twilio to see how they are helping on the vaccine front welcome back to "mad money." >> thanks for having me back, jim. >> you have a million different initiatives and you seem to do all of them because you're a char charitable person and company. tell me how you got involved in this vaccine initiative because to me this will make people love our country. let's talk about this patriotic thing. >> one of the things of being

vaccine rollouts in the first year of the united states, we saw how twilio can be used to get people how we get vaccines out to people, how do you get people to vaccine and educate them it's safe and coordinate logistics of not just one shot but two and we've been used throughout the united states and worked with california and worked with texas and worked with a variety of states and said this is not a u.s. problem, this is a global problem how do we make sure there is equatable vaccine distribution around the world we got involved in working with covax helping with the $10 million grants but our technology is also able to be used by organizations around the world with the same problems that those had here in the united states, uhow do you educate people and get them out? we're looking to fulfill or our commitment to help 1 billion people around the world get vaccinated we have 250 million people we think that will be about half

a billion by this fall we're excited with the work our technology and also our money can do to help with equatable vaccine distribution globally. >> when i got -- when is able to find my vaccines, there is a terrific woman on our staff that kept checking the web. every two seconds refresh. that did not seem like a twilio experience. >> no, and you really want to do is find out where the vaccine is, get notified when you're noa vaccine is available and create the appointment via text message and get a reminder to show up and reminder when it's time for your second shot that's a proactive way and helps people get to where the vaccine is as opposed to going to random web pages and hitting refresh constantly. >> let's talk about what you're doing commercially because there is something that you're doing everyone should read this paper. the state of personalization it's really an unbelievable document that really just kind of talks about where we are and

you launched twilio segment journeys, which may be the only way that people start buying things i want you to talk about these tick aways particularly 85% of the business is studied by twilio believed they were offering personalized experience and 60% of the consumers thought they were doing it twilio is closing the gap. >> you experience that all the time we all do as consumers how many black shirts i bought and the company keeps trying to market me women's hats personalization is the story how great companies are able to taylor the experience to each individual consumer. that's not just like we have two segments, men and women. no, you look at the products i bought in the past what do i browse do i put in my car that i may throw away later d what does that telecol compani we may serve later they personalize everything

based on what they think will interest you guess what as we move into the digital economy, every company needs to get as good at personalization as the tech giants are and that's what segment and now segment journeys allows companies to do to personalize those engagements across every channel of communication and across every touch point that a company has with its customer. if every one of those touch points is smarter and more relevant, guess mwhat you build a better relationship with them and more repeat business. >> i could not agree more but you're my friend that and disclosed that and a partner we believe the trust is the most important thing. brand trust. i have to come back in and say wait a second, how about privacy? are they mutually exclusive? >> no, every company driving to understand the customers is trying to do that in a privacy

centric way. when i go to a website, i don't want them sharing my data. that's not what this is about. this is about companies the changes in our expectations of consumer privacy are making it harder for companies to figure out how to serve you because they can't rely on things like facebook they have to figure out themselves based on everything that we know about jeff and the fact he buys these black shirts like how can i sell more relevant thingsto him and not go out and buy data from other people this is about using the data they have to make them more atentative and pay attention to customers and that is what consumers do. >> we both want omni channel to be as powerful as possible that's what target has done well we have amazon doing it. give me examples of what twilio is doing to make sure omni channel is not being overlooked. >> it's using the right channel for the right purpose, right

you don't want to call a contact center anymore you want to text with a contact center you want to have that conversation on the go you want to pick the thread back up two days later when you realize the thing is not working again if you're having a support interaction. this is about using the right channel for the right purpose and when you do that, you know, we surveyed enterprise decision makers and found 96% of enterprise decision makers said they are going to maintain or accelerate their digital spend in the coming years and going to add on average four new channels of ways to engage and when we look modernization of the work flows and the ways we want to be talked to, we don't want the same thing from 25 years ago we don't want the standard email newsletter we want things tailored to us and delivered on the channel we use. that's really the promise of omni channel and having those conversations follow you from maybe a marketing message that

you got to a sales conversation you're having to a support interaction. shouldn't those all be connected so that when you talk to a m company they know who you are and are able to give you a really great experience -- >> if we don't get it, we'll go elsewhere. that's the way the world is. jeff lawson, founder chairman ceo of twilio. restaurants, i was happy to participate with. jeff, thank you for coming back on "mad money." >> thanks for having me, jim. >> if you like high growth stocks, twilio may be a cloud pin. the one for you as it comes down "mad money" is back after the break. >> announcer: coming up, don't invest yourself until you inform yourself cramer did his homework and shares it with you next

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whenever i get a call about a stock i'm not familiar with, i take the time to do some homework and circle back to you with a more informed opinion there are a lot of new stocks out there. often the little known stocks are garbage but we stumble with an interesting idea and some of the biggest splinter haves come from you viewers who managed to stun me which brings me to last wednesday, mind medicine, mind med for short. i promised to research and circle back. it turns out it is for lack of a better word a trip

this is one of a hand full -- i still get excited about the job. this is a hand full of publicly traded companies that study psychodelic drug use for psychodelics think lsd. think magic mushrooms, ecstasy, mind med believes these drugs can treat anxiety, adhd and addiction. if that sounds crazy to you, believe me, i get it the idea that people dropping acid to improve their mental health is tough to get your head around but you know what? the science on the stuff is surprisingly compelling. look at it like this, a u few years ago kedimen was a horse tranquilizer or club drug and now it for depression. don't be surprised if we see the same things from the psychodelics mind med got my attention but this is an incredibly messy story maybe not surprising

considering the business they're in on the same day steven asked me the co-founder and ceo was leaving the company and the stock roared up 23% last week on incredibly high volume because we learned it's being added to the russell 3 t,000 index in the past couple days it has given back a sizable chunk of gains and up substantially where it was trading a week and a half ago. before we get into detail, we need to know this is a tie ny company that's insanely speculative. stocks don't trade at $3 and change because everything is great but if you treat it like speculation, believe it or not, i'm actually willing to give mind med my blessing provided you only buy it with money you're prepared to lose. what makes this so attractive i would give it my blessing? they are trying to develop actual psychiatric medicines based on controlled substances believe it or not, my extended family has a long history of mental illness shocker. we just finished celebrating

national mental health month around the house and heard encouraging things about the studies on silo, aka the magic ingredient in magic mushrooms. that's definitely not an e endorsement because i don't encouraging breaking the law but many believe to be legit depression is what many companies tried and failed my med a surprising number of early stage clinical trials are going on because they work with drug companies sks r, the compa testing two different programs they have non-illusive companies as a treatment for adhd i kid you not. these they plan to market as regular medications, the thing you pick up from a pharmacy and actual hallucination medicines that need to be administered by a doctor they are testing large doses of lsd as treatment for anxiety and

cluster headaches. i do a lot of work for headaches. none of them recommend this to me in my network but take it and the doctor will be with you. they have three candidates in phase one and phase two and they have project lucy, the lsd experimental treatment for anxiety. throw anything at anxiety and project layla. say what you will about mind med. they have a killer sound track they have eye bone gain that is a naturally occurring psychodelic for addiction. in the end of phase one trials early and assuming all goes well once the launch of phase two goes next year and the lsd micro dosing drug for adhd which

should go into phase two trials in europe sometime in the third quarter. p micro dose something when you take a tiny part of this like a regular medication they have a compelling pitch that's that. now we got to talk about mind met the stock often two different things n. marge of last year this started trading on an obscure change we don't like that and trade on the nasdaq after it got up in april and late last year surged from less than a dollar to $5 and change after the state of oregon legalized psychodelics. suddenly it doesn't have anything to do with the actual business here. oregon is quote forbe when it comes to these things. is there a catalyst? no part of the same speculative mania that lifted the electric vehicle spacs. they pulled back to $3 and change and rebounded to $4 and change in february before tumbling to 205 before the collapse in the spring and mind

med caught fire again before it got uplifted in april. once it started trading on the nasdaq, it sold off hard with shares back to $3 and change level it's well off the highs here now, it's not the most straightforward story. they acquired digital health business and the ceo left and more of a positive to bring more experiencing development and got a swiss starter to develop a psychodelic compound shelling out millions of dollars to study it to help establish a center for psychodelic medicine, where? at the nyu medical center where i do the work, do my work. the electric wing, okay, it's not actually call that but maybe it should be at the end of the day, though, i just heard so many positive anecdotes about psychodelics one of my former colleagues got into an experimental trial that helped him beat alcoholism i was thrilled for him it been a total success and i'm really proud of the guy. he told the story to anderson cooper on "60 minutes" not that

long ago you hear about micro dosing help cluster headaches. it is legitimate enough to speculate on since the company seems to have a good working relationship with the fda but this story is ridiculously speculative. you have to be prepared to lose all of your money because there are all sorts of ways to blow up in your face maybe they can't figure out low to administer them and maybe one of the competitors beats them to the punch but maybe just maybe harvard professor timothy leary was ahead of his time when he thought it could be the gateway to a saner, safer more enjoyable life and that's why richard nixon called him the most dangerous man in america the bottom line, at $3 and change i'm inclined to give mind med my blessing while the stock had an enormous run over the past year, it could have more upside if everything works out and will take awhile don't forget, this will blow up in your face if something goes

wrong at which point you need to turn on, tune in and drop out. "mad money" is back after the break. coming up next. >> let's make money together what do we got >> cramer is bringing the thunder and answering your burning questions in today's edition of the lightning round

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for a cloud that fits your demands, there's interest you accrue, and interests you pursue. plans for the long term, and plans for a long weekend. assets you allocate, and ones you hold tight. at thrivent, we believe money is a tool, not a goal. and with the right guidance, you can get the financial clarity you need, and live a life rich in meaning, and gratitude. to learn more, text thrive to 444555, or visit thrivent.com. it is time, it is time for the like eveghtning round, buy,, buy, sell, sell, sell. let's start with chris in

connecticut, chris >> caller: hey, jim, big fan calling about pharmaceuticals, the stock dropped 10% after another -- >> actually down was 20% and i thought that was an over reaction because of cystic fibrosis pipeline and a good opportunity to pick some up which let's go to harvey in illinois, harvey >> caller: boo-yah jim thank you for your recommendations. just wanted to get your open o onon turtle beeach. >> my friends at wall street bets and i mean that sincerely being the most sincere man in north america like course air and i think that is granddagood but i like logitech more let's go to eric in wisconsin, eric >> caller: hey, jim, i sold after a big run and e long lily. >> i'll go in aggressively when

i do my conference call why i think that now i'm troubled by eli lilly after what happened to biogen i want to go to brian in ohio, brian? >> caller: jimmy c, the peace keeper, how are you tonight? >> i be the peace keeper in the institutional representative i'm good how are you? >> caller: great, thank you. this cheap stock for systems and mechanical assembly is big into warehouse animation, as a post pandemic transportation and infrastructure play, tell me what you think of commercial group vehicle ticker cvgi. >> you got horse sense that is one good stock i am with you. call me a buyer particularly at the federal reserve stays the course curry and that's my accent, not the indian food but a person's name curry in minnesota, curry? >> caller: hi, jim yeah, thanks for taking my call. >> of course.

>> caller: i bought and held logan sacks over the last seven years several years and after hitting five-year highs this year i started selling in 2021 i understand don't look back but i stilllike gold man do you have any current stock prices what would you consider a good reentry point and how would you calculate? >> we're in the exact same boat. we have a double for action alerts for the club members and i think you want to let this thing go and maybe they announced the trading isn't as good yesterdaymorgan's turn 350 is the level i want to get back in and slowly can we go to carl in new jersey, carl >> caller: hey, jim, double boo-yah. >> triple boo-yah at ya. see you and raise you a boo-yah go ahead. >> reporter: the stock is dbi vaccine. >> oh, man, you cut me quick

with that one. my jersey friend who just stuck me badly i do not know vbiv also known as vbi vaccines we'll have to come back. let's go to patrina in new york. >> caller: hi, mar. cramer. >> love your show. >> caller: thank you very much we wanted to know your thoughts on snap. >> i was quick to judge evan sp he was on the right side of the tracks he's gotten it together. i welcome him on the show any time and i think snap is a winner and that, ladies and gentlemen, is the conclusion of the lightning round. >> announcer: the lightning round is sponsored by t.d. ameritrade

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what if you could push a button and less carbon would be put into the air. if there was a button that would help you use less energy,

breathe cleaner air, and even take on climate change... would you press it? i think you know by now i'm a huge fan of financial

technology stocks but had trouble making people understand why i am i used to explain that as a small business owner, i find the fintech firms more valuable to me than regular banks but i never had anything definitive until yesterday when jamie diamond the esteemed ceo got a question about the fintech competition at a big morgan stanley conference i do not want to put words in his mouth so let me just tell you what he said quote, so if you look at like some of the things we -- i mean, we got to be a little self-critical here we could have done what square did and we didn't, okay? end quote. for those of you who don't remember square as a fast growing payment technology play and they started making loans to the small business clients, they used their transaction data to figure out who is a good borrower and i quote, and so if you're at my management meeting, i tell them we could have done

it and we didn't we didn't have the imagination to do it end quote yet, it wasn't about the technology it's just that square thought of it and jp morgan didn't. wow. later in the talk he mentions this his bank has legacy systems that have hurt them when it comes to rolling out new technology plus jp morgan the fintech companies have quote no capital requirements, liquidity requirements, no insurance requirements end quote and hosts of other regulatory interests that are inescapable when you run the largest bank in the world when you consider j.p. morgan has $2.2 trillion, maybe it's a good thing they aren't doing anything conventional but i keep circling back to jamie, quote, we didn't have the imagi imagination. end quote. here is the thing. if j.p. morgan couldn't dream up this business, well, then how come american express could?

remember yesterday we talked to the ceo steve and he gave us chapter and verse how amex is coming after square. thanks to the recent acquisition of cabbage, they have a host of products that will be incredibly helpful to small business, makes sense. a long history of promoting small business now, i'm not trying to be too critical here. the best bank of the world is j.p. morgan. i hold jamie diamond and j.p. morgan in high esteem. they have been my banker for most of my adult life and i can choose any bank i want it's terrific he's owning up to the mistakes and if you run an institution, how do you fail to offer something so simple and delightful to your customers to me the real failure is the big banks are unable to grasp what matters to small businesses perhaps because these firms are making fortunes working for huge companies. why take the risk of investing in small businesses that have a high propensity to fail when

there is bigger, safer money to be made elsewhere? i don't see this as a failure of imagination. it more of a somewhat deliberate omission as a conservative banker in a world where the regulators may look at loans backed by receipts, jp morgan's behavior to fall, the customer is right and the customer needed these products if the big banks can't provide them, it obvious they will lose a lot of business to the tech plays. look at the market capitalization of square $103 billion or paypal 319 billion is clear this is a major missed opportunity. and that really does for the whole industry it's not like the other big banks jumped all over this they all missed it jp morgan is honest how it happened the fintechs are competing with the banks and gives them an enormous leg up, an enormous advantage the old brick and mortar guys may be able to catch

up to unless the goth cvernment changes the rules and i don't think under this administration, we'll wake up and see changes that favor the old dogs no matter what they do. i like to say there is always a bull market somewhere and i promise to find it for you here on "mad money. i'm jim cramer, see you tomorrow "the news with shepard smith" starts now. two presidents, high stakes. russia and america face-to-face. i'm shepard smith, this is the news on cnbc. president biden lands in geneva the countdown begins we're live on the ground with what's on the table ahead of their brig sit-down. 3, 2, 1! >> the first state to close for covid now reopened