Cramer’s Remorse, XIII: It’s all Pelosi
Following CNBC and TheStreet.com’s Jim Cramer can be a frustrating experience at times. Just when you think he’s onto something regarding what’s wrong with the administration, like his proclivity for starting trade wars, the stock market decides to ignore the news, causing Cramer to decide there’s no story there at all.
So with that in mind, we’ll have to wait and see how long this latest trend of disgust Cramer has with the party he supports lasts.
As we know from today’s headlines, unemployment hit 9.8% last month, putting the quite a dent in whole narrative of economic recovery forged by the sheer willpower of The Won. And Cramer is out with a juicy rant, beginning thus:
So it is all about the Chicago Olympics? So cap-and-trade is the next issue? So we need to hold bankers accountable? So we need to worry about carbon dioxide and global warming? So we have to focus on the doughnut hole for seniors and the health care tax?
What’s right with any of this?
Careful, Jim, you’re going to get called back into Principal Stewart’s office at this rate.
Cramer spends most of the rest of the article on stock-specific advice, which I will refrain from relaying out of respect for my fellow paid subscribers to RealMoney.com. Instead let’s head for the Money Quote:
From the beginning of this Democratic regime, I have emphasized that it has had the wrong emphasis to the agenda. The stimulus plan was rightly criticized, as it was all Pelosi. The obsession with fixing health care and the environment and labor via tariffs was never right.
Now the longs are going to pay.
The first several times I read that second sentence I had trouble parsing it because my mind kept wanting to treat “Pelosi” as an adjective, as in, “The Buccaneers’ effort against the Giants was the Pelosiest display I’ve seen in years.” But in fact he’s simply blaming Pelosi for that debacle, even as Obama himself has repeatedly claimed credit for it during those moments when it appeared to be working.
I think this might be reflective of Cramer’s new tactic for venting against his party. I think he’s decided he can rant against “Democrats” in general, and certain individuals like Nancy Pelosi, but just so long as he never directly mentions Obama (as he did not at any point in this article), he can hope to fly under the radar of the Truth Squads.
As always, keep in mind that this is Jim Cramer, who CNBC’s Mark Haines once accurately dubbed “The Reverend Jim-Bob of the Church of What’s Working Right Now”, and as such, his comments potentially have a shorter shelf-life than even those of Obama himself. If the dip-buyers plunge in fearlessly and actually make the markets close positive today (and as I write this at 10:20am Eastern that actually seems a live possibility), Cramer is likely as not to decide that 9.8% isn’t such a bad number after all and move on.
So, cherish those quotes above. They may not last long.