Cramer to Obama:Your Agenda is Destroying the Lives of Millions of Americans
Posted: March 3, 2009 Filed under: Equity Markets, Global Financial Crisis, president teleprompter jesus, U.S. Economy, Uncategorized 7 CommentsI’ve had CNBC on in the back ground while working quite a bit lately. Some time around early September it replaced CNN as background noise in my office. I was talking to my dad about the concerns of losing about 5 years of 10 years worth of contributions to my retirement plan with the State of Louisiana. The DJ was over 12000 a year ago. It sits at half of that now. The S&P 500 is back to 1996 levels. It was bad in September. It’s in a freefall right now. Every time Geithner opens his mouth or the President does something, the markets crash. The three times we’ve see the markets quiet (including at this moment) is when Fed Chairman Bernanke speaks. I’m waiting for Geitner’s speech to start the sell off again. While talking to my dad, CNBC’s Cramer sent out a bellicose indictment of Obama and his administration.
“Until the Obama administration starts listening, until they start paying attention to what you’re watching – to the stock market, until they realize that their agenda is destroying the life savings of millions of Americans – then all I can give you is caution,” Cramer said on his March 2 broadcast.
Since Obama took office on Jan. 20, the Dow Jones Industrial Average has lost over 1,000 points, including a nearly 400-point drop on Feb. 10 after a disappointing speech by Obama’s Treasury Secretary Timothy Geithner on sorting out troubled assets. Cramer pleaded with the administration to take note of the possibility it might have something to do with that.
“I’m not asking for the Feds to give us a plunge protection team, to stop declines – as we always thought to be the case under Greenspan,” he continued. “I’m not saying, ‘Mr. President, stare at the Bloomberg quote machine and come to your senses. I just want some sign that Obama realizes the market is totally falling apart and his agenda has a big hand in that happening.”
Cramer was highly critical of the Obama administration for not catching on thus far. He questioned the merits of their abilities to contain the market turmoil and wondered if they were even bothered by it.
I’m watching Bernanke’s testimony at the moment with one eye on the market. But I’m with Cramer, when you talk about wealth destruction, you can count me out. I’m losing everything I’ve worked hard for during the last 12 years. My house is worth less money. I’m no longer seeing retirement on any horizon at the moment. I’m struggling to pay my bills and I’m just damn lucky I have a job at the moment. Hope is not a strategy. Change is not a plan. Stop talking in broad campaignisms and start putting out the details. Also, fix the economy and the banking system before starting any other major partisan paybacks. Now is not the time for intellectual dilettantes.
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Sky Dancing 
Wow! That is one serious indictment from Mr. Cramer.
And, from what I can tell… it’s pretty darned accurate.
I so remember the day Cramer told Ellen that Hillary Clinton was “hands down” the best candidate for the economy….
He was right then, too.
hi, i don’t follow his stock tips as a general rule, but he usually has some common sense things to say about the market in general … he’s also telling folks to Obamaproof their portfolios …
Dakinkat, I have never watched CNBC in my life, but the past month it has become my “office background as well”. I am going to adopt to the humble posture here that the only stupid question is the one that isn’t asked. My question is: When O and company talk about increasing taxes on incomes over 200/250K only, are they talking about household gross income, before itemized deductions, or are they including the many small entrepreneurs or, for example, small professional offices, specialty shops, people who may not be incorporated but gross over 200K yr before any deductions are taken?
For example if a person who owned a gift shop grossed a little over 200K, had not incorporated, and had 75K of expenses like office rent, insurance for premises, supplies, etc., would that person’s taxes increase? I’ve looked at several articles but I can’t figure out how this would play out?
I can see that for example, a corporate executive who with bonuses earned over 200K would pay more taxes but that is for one household without any business overhead. I can’t seem to find any reliable info on the small business problem. I’m guessing that maybe the small business would end up having to incorporate and that would incur more expenses and more taxes in that way.
Thanks for looking at this.
BBS
They’re talking about the net income after deductions. For a sole proprietorship or family owned business, it would be the income after all the costs are taken out. It’s the residual income after all expenses. And remember, the gross are adjusted by medicare too. So it’s net of that for folks with a paycheck, net of self employment type taxes and any insurance expenses for small business.
That 200/250 k would basically be what you walk home with and put in the bank for the business owner.
Cramer is no friend of mine, and I doubt he has the interests of the likes of you at heart either. No kidding, stocks are dropping hard these days–after 8 year of you-know-who in the Oval Office, that’s no surprise. Yes, house prices are dropping fast too–it’s a bubble that was going to burst sooner or later, and the sooner the better for all of us. I wonder where Cramer was when that bubble was still inflating–no, wait, I know the answer to that question–he was busy inflating it himself…
I would be more worried if stocks were going up after Obama’s speeches. It would mean the shareholders of the zombie banks were certain the administration was not going to nationalize them, but instead keep forking over taxpayer dollars to them, no questions asked.
Thank you .
Cordelia, the market’s the most forward looking indicator of the future that we have. It’s a consensus of what the business community thinks the future will look like in a year or two.
I’ve been noticing that on several blogs, even UTube, and newspaper sites there have been some very concentrated points made on any article dealing with Cramer recently. One is to suggest Cramer is a less than reliable source. While, I never take a stock tip from him, because personally I am a value investor and he is not, I think he has some good insight and I also think he understands market psychology.
The other thread (which makes me think your comments are part of an Axelrove Blogzkrieg) is that it’s the bankers that are suffering from this market crash. That is really wrong. They are being bailed out by TARP, TALF, and the like. They are getting capital infusions. Their bonds are being protected. MY state pension and the 401ks the likes of the little guys are being destroyed in this freefall. It is the little guy that is not getting bailed out and watching his two biggest assets on a freefall. That is Cramer’s bigger point and that is what I agree with …
Obama’s speeches just keep telling us things will get worse before they get better. His cash infusions of zombie banks are ensuring that and that is what the market is saying. I really hope that part time job spreading lies is paying for something important. Tell your Blogzkrieg masters I’m not buying it because I’m trained to see patterns. Your comments are definitely part of a discernible pattern.