Cramer’s Remorse: “These Economists Are a Joke”
Say what you will about Jim Cramer. (Everyone does.) His opinions may be as changeable as the direction of the market (and are often strongly correlated), but when he has an opinion, he makes no bones about expressing it.
For the past week or so anyway, Cramer’s been rather viciously against the Obama Administration’s direction, so much so that he’s even made the front page of RedState. But if anything, he’s getting even more pointed in his criticism. Savor these excerpts from this morning’s column:
“[T]hese days only a few hardcore-left Democrats, President Obama and Rahm Emmanuel among them, are maintaining the fiction that they are pro-growth and pro-job. Oh, and of course, the adoring media that verges on being Nixon-like for those who disagree vocally.”
Nixon’s antics in that regard were before my time, but if being compared to him doesn’t get the media’s attention, not much will, I imagine.
The main thrust of Cramer’s article is that the estimates for the usual economic numbers (unemployment, leading indicators, consumer confidence etc.) are, once again, all too high and totally wrong.
This is, of course, nothing Rush hasn’t been saying for months, about how the word “unexpected” is practically a permanent fixture in any economic report these days. But it’s rarely an unpleasant moment when Limbaugh and Cramer are on the same page, so let’s enjoy as we get to the money quote.
[W]ho in his right mind thinks anyone would hire in a world where Congress has made it darned near impossible to figure out how much you have to pay workers? Congress and the president have frozen business, but they refuse to even acknowledge it. That’s why predictions for unemployment should be going back to 10%-11% and claims will soon be over 500,000. How can they not? Who would possibly hire now?
Preach it, Reverend Jim Bob.