Posted on Thursday, 5th March 2009 by Bruce
CNBC’s Jim Cramer, who has taken heat in recent days for his “pointed criticism” of President Obama’s long-term economic strategy, writing at TheStreet.com.
“I am a fight-not-flight guy, so I was on my hackles when I heard White House Press Secretary Robert Gibbs’ answer to a question about my pointed criticism of the president on multiple venues, including the Today Show.“I’m not entirely sure what he’s pointing to to make some of the statements,” Gibbs said about my point that President Obama’s budget may be one of the great wealth destroyers of all time. “And you can go back and look at any number of statements he’s made in the past about the economy and wonder where some of the backup for those are, too.”
Huh? Backup? Look at the incredible decline in the stock market, in all indices, since the inauguration of the president, with the drop accelerating when the budget plan came to light because of the massive fear and indecision the document sowed: Raising taxes on the eve of what could be a second Great Depression, destroying the profits in healthcare companies (one of the few areas still robust in the economy), tinkering with the mortgage deduction at a time when U.S. house price depreciation is behind much of the world’s morass and certainly the devastation affecting our banks, and pushing an aggressive cap and trade program that could raise the price of energy for millions of people.
The market’s the effect; much of what the president is fighting for is the cause. The market’s signal can’t be ignored. It’s too palpable, too predictive to be ignored, despite the prattle that the market’s predicted far more recessions than we have.
Gibbs went on to say, “If you turn on a certain program, it’s geared to a very small audience. No offense to my good friends or friend at CNBC, but the president has to look out for the broader economy and the broader population.”
How much I wish it were true right now that stocks played less of a role in peoples’ lives. But stocks, along with housing, are our principal forms of wealth in this country. Only the people who have lifetime tenure, insured solid pensions and rent homes but own no stocks personally are unaffected. Sure that’s a lot of people, but believe me, they aspire to have homes and portfolios. If we only want to help those who have no wealth to destroy, we are not helping the majority of Americans; we are not helping the broader population.”
Is the White House further empowering its critics by fighting back? Does anyone else find it unusual that this administration devotes so much of its attention to defending itself from the criticism of “experts,” pundits, and talk-radio hosts? Sound off.
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13 Responses to “Jim Cramer responds, in writing, to White House reprisal”
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March 5th, 2009 at 1:56 pm
Just another example of how blind Obama supporters were when they voted for him in the face of overwhelming evidence not to.
March 5th, 2009 at 3:44 pm
Glenn, we had liberals on this blog who said Obama was not very liberal. He is a Marxist.
I’d like a liberal to explain to me one issue on which Obama isn’t a radical. Just one.
March 5th, 2009 at 3:50 pm
Gus, don’t hold your breath. Progressives no longer respond to direct questions.
The advancement of their party’s radical agenda is no longer a matter which requires debate.
March 5th, 2009 at 3:59 pm
I know what you’re saying gus, and I remember some of the people here voicing their support for Obama. There were a few, like maybe two, who I like too. Most, however, are too dumb to seek shelter from an acid rain. If things keep going south, Seven Days in May might have a different ending this time.
March 5th, 2009 at 5:26 pm
I think it’s very revealing of how thin-skinned Obama and his supporters are.
March 5th, 2009 at 5:37 pm
Stay tuned for Mad Money’s new time slot @ 3:00am Eastern.
I predict as soon as there’s an upswing, which lasts a couple weeks, Cramer will be on O’s nuts again.
March 5th, 2009 at 5:54 pm
I don’t feel particularly “empowered” by the White House chastising private citizens by name for making non-approved political speech.
March 6th, 2009 at 8:15 am
“Does anyone else find it unusual that this administration… ”
Naw, this is deja vu all over again.
Bruce, I think you may have forgotten the Vast Right-wing Conspiracy.
And before ya’all get to cozy with Cramer, be sure to read the entire response linked to by Bruce.
March 6th, 2009 at 11:13 am
Glad you blogged on this, Bruce…I too have noticed this new approach to critics from Obama himself and his staff. It’s not something I remember Bush or his staff doing much of…personally attacking critics.
IMHO…it is beneath the Office of the President to come out and publicly attack critics…singling them out by name and mocking them. That’s something that Bubba didn’t even do much. Obama isn’t worthy of his office when he picks out Limbaugh or Hannity and makes public statements meant to belittle or mock them. The President, and any politician for that matter, should show more tolerance of differing viewpoints. It’s a good example of the Ruling Class mindset that many Dems have…rather than that of being a public servant. Completely absent is any hint of humility.
Obama needs to recognize that he’s no longer campaigning…he has the Office. He needs to grow up and start acting like he’s deserving of it.
March 6th, 2009 at 12:18 pm
Roland, great points. I couldn’t agree more.
The POTUS should be prepared to go toe-to-toe with fellow world leaders, not hand-to-hand with radio talk show hosts.
The comment I read at the Telegraph UK yesterday in response to Gordon Brown’s new DVD collection summed it up: It’s become clear, these people are amateurs.
March 6th, 2009 at 12:20 pm
Mjm I have principles. I’m not interested in getting “cozy” with Cramer, not a bit. He’s a liberal and he was wrong when he backed Obama.
He HOPED and that CHANGED. What does concern me is our President Nixon Jr. attacking those who see through him. Obama is the guy hiding behind the screen in the Wizard of Oz. He tries to shut down anyone who dissents or disagrees. He’s a loser. Cramer has seen the light. It’s a first step in the RIGHT direction for Cramer.
March 6th, 2009 at 6:21 pm
Any bets as to how long it will take before Jim Cramer winds up on Fox News? Clearly the Obama News Network (anything NBC) will move to marginalize him for daring to speak ill of Our Lord and Savior
JesusChristBarack Hussein Obama.March 19th, 2009 at 11:08 am
I hope Cramer continues to voice his opinion and if the President was really the person who he tried to portray himself as during the campaign he would be open to differing views. Cramer is right on!!!! I hope he does not bend to the pressures of a socialistic, political mindset.