Cramer gushing over Obama again? Yes and no.

Jim Cramer of CNBC is once again taking a lot of heat for… well, being Jim Cramer. This week, it’s his great enthusiasm over Obama’s performance at the CNBC Town Hall meeting, the one in which by most accounts the President was tepid at best, and was much more memorable for the comments from the audience (in particular, Ms. “I’m exhausted of defending you”).

But before diagnosing Cramer as being back in Democrat partisan relapse, let’s take a little closer look at what he actually said.  Cramer, you have to always remember, is a finance guy first and foremost.  Everything he looks at, he looks at the prism of how it’s going to affect the markets.

And time after time, Cramer saw a president who would rarely if ever pass up an opportunity to bash Wall Street or say something to send the stock market into a tailspin. Lest we ever forget the beatdown he took at the hands of Jon Stewart for making just that observation.

On Monday night, President Obama, among many other failings, failed to keep up the streak of Wall Street bashing.  Instead he has started to talk a different talk, saying things that sound supportive of business rather than the unabashed hostility he has displayed in the past.

Now you know, and I know, that this is all just lip service in a desperate bid to stave off election defeat in six weeks’ time. Cramer may or may not know it, but the beauty of it, from his point of view, is that it doesn’t matter whether it is genuine or not.  Because, once again, he is first and foremost a financial guy, not a political guy.

And as a result, what he sees is a president locked into a strategy that requires suspending his tendencies to run roughshod rhetorically over anything corporate in nature. Which means, for the next six weeks anyway, Wall Street gets a vacation from being laid into by The One.

Jim Cramer is not here to tell you how to vote (and if he does, you’d be well advised to do the opposite).  He is here to tell you how to invest. And even a lifelong Democrat like Cramer can see that an Obama on the ropes and forced to change his tune — whether he means it or not — makes for a market you want to be in.

So by all means, as Erick penned on the inside of my copy of Red State Uprising this week, keep on fighting. But if you get a moment, see if you can’t cash in for yourself a little in the bargain.