FRONT PAGE CONTRIBUTOR
Did Jim Cramer Just Channel Rush Limbaugh?
There are things in life that just make you say “Huh, FTW?” If Cramer’s latest column, “Bad Data Has a Silver Lining” was a desperate bid for attention, it worked! He leads off with a good, provocative question.
Has “bad” turned good? Are we now rooting for crummy housing numbers, miserable housing data, weaker consumer confidence, and, yes, unfathomably horrible employment numbers? Do we now secretly lust for negative numbers?
Cramer goes on to say that the investor class now roots against the short-term health of the economy so that Barack Obama and the Democratic Party will die a thousand deaths on Election Day. He openly claims that people who seek to earn long-term wealth through equity investments are happy to see any piece of news that makes Barack Obama’s continuation in power a more precarious circumstance.
But if you are an owner of stock, any stock, if you are using the stock market for retirement or for savings to put your kid through school or to augment your paycheck, I think you are now beginning to see the silver lining of the miserable economic news: change in Washington. In fact, every time we see a downtick in the popular polls for the administration or Congress the large stockholders I know secretly cheer.
This sentiment is radical. It is too radical for even crazed Right-Wingers like moi. When the economy is bad, people have a really hard time selling their home if they want to move. They are probably attempting to move so that they can find a job. I wish them luck, they will need it! David Rosenberg, for example, sees the distinct possibility of 4 to 5 million jobs being taken out if current trends continue.
However, I totally understand the desire to see Barack Obama fail. I wish he had failed to pass either healthcare reform or the stimulus package. Both are malinvestments tantamount to state-endorsed brigandage. Thus, I’ll admit that seeing die-hard left-wingers like Joe Weisenthal having to write the following political analysis of the latest InTrade numbers.
There’s really very little for Democrats to be hopeful about come November, and the party’s odds of holding the House (under Democratic control since the 2006 midterms) has fallen to 25% on InTrade.
Another interesting part of Cramer’s column regards the fear so many people in business seem to have of Barack Obama. When Jim Cramer compares our current president’s anger to the wrath of Richard Nixon, that says a lot coming from a man with Jim Cramer’s political beliefs and worldview.
Rich Karlgaard writes of his friends’ reaction to Jim Cramer’s assertion that people in business and finance feel a fear to speak out. Karlgaard was told the following.
Cramer is so right. And the only reason people will not speak out is because they fear [Obama] will hunt them down.
Barack Obama has lived the Populist dream of getting to shove around and intimidate Big Business. He clearly chortled while telling America’s most powerful banking executives that he was all that separated them from the pitchforks. His motto regarding his relations to corporate America could be similar to that of Caligula’s: oderint dum metuant.
Jim Cramer, who once endorsed Barack Obama with the catchphrase “Obama’s a recession, McCain’s a depression,” now seems to have buyer’s remorse. Better yet, he has shown the courage to speak out when others have cowered. Yep, Jim Cramer just done said it!
Expect the ever-reactionary Jon Stewart to lampoon and ridicule Jim Cramer some more. I’ve taken shots at the man myself, while blogging the current state of our economy. However, this time, I commend the man’s courage.
Tyranny is destroyed when honest men speak out. Cramer may be wrong more often than right, but he can no longer ever be accused of being a boot-licking coward. Perhaps, Cramer’s fresh acquisition of courage is the harbinger of the end for these “Progressive” neo-fascists. Only through raw intimidation does their horrendous stupidity withstand the light of day.
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