Diary

Jim Cramer is smart…and also…not so much…

Cross posted to The Political Class.

In response to attacks of him and his criticism of the fledgling Obama administration and how it is handling the economy, he had the following, in part, to say:

Are they really that blind to the Great Wealth Destruction they are causing with their decisions to demonize the bankers, raise taxes for the wealthy, advocate draconian cap-and-trade policies and upend the health care system?

And furthermore:

After the White House briefing, Rush Limbaugh defended me as a wayward leftist who has seen the light. I am always glad to have any allies and defenders, but I do favor almost all of Obama’s agenda, right down to having the rich pay more of their freight in this great country. It’s just not the right time. We need to declare a war on unemployment and solve it before we let it get out of hand. We need to stop house-price depreciation. Neither the pork-laden stimulus plan nor the confusing mortgage proposal put forward by Obama will defeat either enemy. When Obama trounces both unemployment and house-price depreciation, he will have the power to enact anything he wants. But all the initiatives he wants to rush, like tax hikes, changes in health care, tinkering with the mortgage deduction — good grief, right now in the midst of the worst housing downturn ever — and the tough cap-and-trade rules, will derail any chance we have of turning this economy around. Instead, they put the Second Great Depression smack on the nation’s table. The markets thought he could stop it; hence the giant relief rally when he was elected. But in fewer than 50 days of his ascendancy, the markets’ hopes were totally dashed and the averages are now forecasting the worst decline since the Great Depression. As someone who listens to what the averages are screaming, I think they are accurately predicting the future.

Apparently Cramer wants Obama to wait for the stock market to recover, and then demonize bankers, raise taxes for the wealthy, advocate draconian cap-and-trade policies, tinker with the mortgage deduction, and upend the health care system!

If it is negative for the economy in bad times isn’t it equally bad for the economy, albeit easier to overlook, in good times?

What a joke!

Cross posted to The Political Class.