Wall Street doesn't care about Trump's credit card plan, 'it is too over the top', says Jim Cramer

Summary

In a special Mad Money from San Francisco, Jim Cramer argues Wall Street is rightly shrugging off two Trump-driven headlines: the DOJ's criminal investigation of Fed Chair Jay Powell and a proposed 10% cap on credit card interest rates. He says the market does not believe Powell will be prosecuted or the cap will materialize, and he is betting the market is right. Cramer also tells a caller that Shopify is a buy despite recent pressure, and he teases upcoming JP Morgan Healthcare Conference interviews.

• The DOJ has launched a criminal investigation of Fed Chair Jay Powell over his testimony on the Fed headquarters renovation.
• Markets barely moved - Dow up 86 points, S&P up 0.16%, Nasdaq up 0.26% - which Cramer reads as Wall Street betting no prosecution happens.
• Cramer wants Powell pardoned and warns an actual prosecution would end Fed independence and DOJ independence.
• Trump's proposed 10% credit card rate cap would need congressional legislation; bank stocks opened lower then rallied, which Cramer says shows the market dismisses it.
• Cramer says a real cap would backfire by cutting off lending to risky borrowers, effectively mandating a credit crash.
• Cramer says he is betting the market is right on both the Powell probe and the credit card cap.
• Cramer calls Shopify a buy, saying recent pressure is wrong and investors should go with today's rally.
• Cramer teased upcoming JP Morgan Healthcare Conference interviews with Novo Nordisk, Medtronic, Pfizer and Bausch and Lomb.