Jim Cramer Response to White House

[DarrinS]

When I come to work each day, whether as a commentator for TheStreet.com or a host of Mad Money With Jim Cramer, I have only one thought in mind: helping people with their money.

I fight to help viewers and readers make and preserve capital. I fight for their 401(k)s, for their 529s and their IRAs. I fight for their annuities and for their life insurance policies. I fight for their profits, trading and investing. And in this horrible market, I fight to keep their losses to a minimum by having some good dividend-yielding stocks from different sectors, some bonds, some gold and some cash.

The lines are drawn pretty clearly: If you can help people make money to be able to retire, enjoy life, pay for college, pay down debt, etc., you are a "good guy," so to speak. If you take the other side of the trade, you are, well, let's say, a less favored fellow. And if you gun for the gigantic investor class that is out there that includes 90 million people in one form or another, whether it be 401(k)s or individual stocks or pension plans, then you are on my enemies list.

Now some, including Rush Limbaugh, would say I am on another enemies list: that of the White House. Limbaugh says there are only a handful of us on it, and if I am on it for defending all of the shareholders out there, then I am in good company. Limbaugh -- whom I do not know personally, but having been in radio myself, know professionally as a genius of the medium -- says, "They're going to shut Cramer up pretty soon, too, but he'll go down with a fight."

Limbaugh's dead right. I am a fight-not-flight guy, so I was on my hackles when I heard White House Press Secretary Robert Gibbs' answer to a question about my pointed criticism of the president on multiple venues, including the Today Show.

"I'm not entirely sure what he's pointing to to make some of the statements," Gibbs said about my point that President Obama's budget may be one of the great wealth destroyers of all time. "And you can go back and look at any number of statements he's made in the past about the economy and wonder where some of the backup for those are, too."

Huh? Backup? Look at the incredible decline in the stock market, in all indices, since the inauguration of the president, with the drop accelerating when the budget plan came to light because of the massive fear and indecision the do ent sowed: Raising taxes on the eve of what could be a second Great Depression, destroying the profits in healthcare companies (one of the few areas still robust in the economy), tinkering with the mortgage deduction at a time when U.S. house price depreciation is behind much of the world's morass and certainly the devastation affecting our banks, and pushing an aggressive cap and trade program that could raise the price of energy for millions of people.

The market's the effect; much of what the president is fighting for is the cause. The market's signal can't be ignored. It's too palpable, too predictive to be ignored, despite the prattle that the market's predicted far more recessions than we have.

Gibbs went on to say, "If you turn on a certain program, it's geared to a very small audience. No offense to my good friends or friend at CNBC, but the president has to look out for the broader economy and the broader population."

How much I wish it were true right now that stocks played less of a role in peoples' lives. But stocks, along with housing, are our principal forms of wealth in this country. Only the people who have lifetime tenure, insured solid pensions and rent homes but own no stocks personally are unaffected. Sure that's a lot of people, but believe me, they aspire to have homes and portfolios. If we only want to help those who have no wealth to destroy, we are not helping the majority of Americans; we are not helping the broader population.

You can argue, of course, that Obama inherited one of the worst hands in the world. I had been a relentless critic of the Bush administration's "stewardship" of the economy, calling repeatedly for changes to avert the disaster that I saw coming, although perhaps Gibbs hasn't seen my CNBC meltdown. Seemed pretty prescient to me.

I, like everyone else, have made less authoritative and wrong statements in the past, but that rant still stands as something that I am sure everyone in the Bush administrations' Treasury and Fed listened to. My calls to sell 20% of your stocks in September at Dow 11,000 and then all of your stock if you need the money for the next five years at Dow 10,000 in October, might have eluded Gibbs, too.

But Obama has undeniably made things worse by creating an atmosphere of fear and panic rather than an atmosphere of calm and hope. He's done it by pushing a huge amount of change at a very perilous moment, by seeking to demonize the entire banking system and by raising taxes for those making more than $250,000 at the exact time when we need them to spend and build new businesses, and by revoking deductions for funds to charity that help eliminate the excess supply of homes.

more at --> http://www.mainstreet.com/article/mo...se-white-house

[balli]

Yeah, because some screaming MSNBC asshole with a greed streak, soundboard and coke habit is just the best possible person to consult about the President's plan.

Jim Cramer's more or less an uncharged felon. A self-described market manipulator.

[ChumpDumper]

My calls to sell 20% of your stocks in September at Dow 11,000 and then all of your stock if you need the money for the next five years at Dow 10,000 in October

So Cramer created his own panic.

[MannyIsGod]

Cramer needs a lesson on correlation and causation.

[ChumpDumper]

Cramer is funny. The only people who ever made money off his tips were the people who already owned the stock and sold it the day after Jim told everyone to buy.

[MannyIsGod]

Let say for a minute Cramer is right. Lets say Obama provided a bad atmosphere. Is he really arguing that the atmosphere Obama creates is the true and final determination of how much those companies being traded on the stock market at worth? Such a bull argument that it doesn't stand up to the slightest bit of pressure.

[LnGrrrR]

I agree with the general tone that Cramer is a putz, and has to use loud noises and flashing lights to try to convince his audience, rather than sober analysis.

[DarrinS]

There are some really thoughtful responses in this thread.

[MannyIsGod]

[LnGrrrR]

There are some really thoughtful responses in this thread.

We must be becoming Republicans.

[balli]

Welp...

Oh, and if you want thoughtful responses, take a lesson from Winehole and post a thoughtful argument by a thoughtful person. We're only as good (or as bad) as the argument thrown at us. And Jim Cramer/Jim Cramer's track record is garbage.

[MannyIsGod]

Man - I wish I could play that video above for Cramer and ask him how he expects to carry any weight.

[balli]

Actually I think he publishes as James J. Cramer when he wants to be taken seriously. Not that he is. But anyways, I'm pretty sure he knows he's full of .

[Wild Cobra]

Another indication that nObama may go down as one of the worse p0residents in history.

[ChumpDumper]

He's got a long way to go to suck as badly as W.

[Wild Cobra]

He's got a long way to go to suck as badly as W.

President Bush will fair better in historical books as time goes by. President Obama is destroying the USA.

[ChumpDumper]

President Bush will fair better in historical books as time goes by.

Nah, he will continue to suck, just like your spelling.

President Obama is destroying the USA.

I'm really tired of this bull talk.

[balli]

lol at Cobra's re ed ass counting Jim Cramer as a presidential historian.

[Wild Cobra]

lol at Cobra's re ed ass counting Jim Cramer as a presidential historian.

I just shake my head in your interpretation being that stupid.

[TheProfessor]

Wow.

[balli]

I just shake my head in your interpretation being that stupid.

I shake my head at you taking Jim Cramer's analysis serious enough that you'd consider it an indication of Obama's historical worth.

[TheProfessor]

What's the deal with touting Cramer as some sort of expert on anything? He's been a useless blowhard for a long time. And the idea of one of the morons who saw nothing coming saying Obama's creating the adverse environment - STFU, you toadying Wall Street sycophant.

[clambake]

thats crazy funny. i got to watch that show.

[balli]

Meh, I usually laugh when I see it, but beneath the humor I find the Daily Show to be about the single most depressing way to spend one's time.

[DarrinS]

What's the deal with touting Cramer as some sort of expert on anything? He's been a useless blowhard for a long time. And the idea of one of the morons who saw nothing coming saying Obama's creating the adverse environment - STFU, you toadying Wall Street sycophant.

Don't these type of people typically become Obama political appointees?