CRAMER: Apple Should Give Carl Icahn A Board Seat

People talking about Apple are getting a little bit loopy.

In response to the news that Carl Icahn bought $1 billion shares of Apple, Jim Cramer said on CNBC, Icahn should get a seat on the company's board.

"Maybe he wants a seat at the table. Would I give him a seat? Yeah," Cramer said this morning, adding, "I think Icahn is the single best investor in America today, so yes I would."

Cramer's argument in Icahn's favor is that Apple CEO Tim Cook is too conservative. While Apple announced a program to return $100 billion to shareholders, Cramer thinks it's not enough.

He says Cook is focused on customers, but not capital. He thinks Icahn would be good for focusing on capital and shareholders.

REMINDER: Icahn's $1 billion buy isn't even 1% of Apple's stock. There are dozens of shareholders with that much, or more Apple stock.

The only reason stuff like this is even coming up is because Apple's shares tanked from $700 to $400 in six months.

The reason those shares tanked was because Apple's earnings began to shrink. And the reason Apple's earnings began to shrink was that Apple's astounding iPhone and iPad businesses began to slow.

Apple needs new products to get its earnings growing again. Carl Icahn isn't going to help with that. He's just a sideshow and a distraction.

Any second Tim Cook spends with Icahn instead of on new products is a waste of time.