First Santelli
…now Cramer. The list of CNBC personalities under attack from the White House grows:
Cramer, yesterday:
“I thought the prices, the screen, the action, the sense of a vortex down that cannot be stopped, of equities becoming worthless, of savings becoming tattered, of a stock market without bottom,” Cramer said. “But this time in slow motion, I felt the total lack of control that we all feel right now – the ‘it’s out of my hands,’ the ‘where’s the authority,’ the, ‘Hey, it’s amateur hour at our darkest moment.’ It’s the feeling of capitalism vanishing, businesses capsizing under their own weight – thanks to an administration that doesn’t seem to know or maybe doesn’t care.”
The “Mad Money” host observed that the “change” mantra that Obama campaigned on was actually coming to fruition, but he said it was coming to the detriment of the American economy.
“Hey – I get it,” Cramer said. “Young president, big landslide, vigorous agenda, Congress that smells Republican blood – might find changing the world simply irresistible. We all want to change the world. I know I’d like to change the world, but when you talk about wealth destruction, don’t you know that you can count me out?”
And naturally, in response, Obama’s press secretary attacks Cramer by name. Man, the Nixon Obama White House’s enemies list is growing a lot faster than the economy itself.
Regular BMB readers know I’m not a huge Cramer fan. But on this, he’s right — and this administration continues to display a very thin skin, an unwillingness to listen and discuss, and an eagerness to go after their critics.
Link via Instapundit.
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Fascinating! The White House better figure out a way to get the stock market to make a significant recovery in time for the Congressional elections of 2010. Else, thanks to the media, the Republicans may find themselves with a rather strange ally in the working man. Why, one may ask? Well, the “working man” these days has a IRA, perhaps a 401k or similar retirement account which, if invested in stocks or mutual funds, is way down, needless to say. I caught a minute or 2 of Limbaugh yesterday and he cleverly mentioned how the market topped shortly following the Democrats taking control of Congress in 2007. I don’t think it is coincidence that these things are being mentioned now, for it is fair warning to the White House that it would be in their best interest if this relentless slide be stopped and be reversed. Otherwise, some normally Democratic voters, come next election season, may express displeasure as the reality of Democratic policies become expressed as their pocketbooks speak louder than prior beliefs and principles. I hadn’t thought much about this until I read BMB’s note the other day concerning pension accounts in trouble; and then Rush’s comments hit home. Expect more of this as time marches on unless, of course, the stock market begins marching to a different drummer. Personally, I rather see the stock market do that new march.
Comment by Mike p — 3/4/2009 @ 11:22 am
I think when it comes to the pension funds, the problem there has been ignored for years. They’ve been perennially underfunded, but the problem is only now becoming that much more obvious because not only are they underperforming their ‘targets’, they are losing money — and lots of it.
And as was noted in the article, in the cases of most of those public pension funds, the taxpayer is on the hook for the money. Yet another taxpayer liability. Wasn’t it Maggie that said, “eventually you run out of other people’s money”?
Comment by BMB — 3/4/2009 @ 11:25 am