In keeping in line with what I said just the other day about Jim Cramer being unpredictable and sometimes self-contradictory, he is out tonight with a piece bashing President Obama and upholding Congress, after having made it clear that he believed Obama was off-limits to criticism and that therefore Congress would be taking the brunt of his frustrations by proxy.
In this case, the Congressman in question is none other than Barney Frank, whom Cramer calls “they most sophisticated student of banking woes we have” (I know, retch).
But even I have to admit that at least Frank’s bill, which is conveniently blocked by Congress’s continuing obsession with national health care, at least in theory might accomplish something positive.
Contrast that with the “punitive and amorphous” plan “by an angry, intemperate president”, in Cramer’s words. Goldman Sachs’s internal hedge fund has been chugging along and not losing anyone anything, least of all the taxpayer. JP Morgan was instrumental in helping the government out by absorbing all the garbage that was created, and this is the thanks they get.
I don’t want to be too much of a downer when everything seems to be coming up roses for conservatives, so let’s cut to the Money Quote and get it over with:
[T]his market has many champions among the great companies that are delivering terrific earnings, but many of those companies have a real enemy in the White House.
Again, nothing we didn’t already know, but it’s nice to hear confirmation from a Democrat every now and then.