Jim Cramer, please go away
Aside from labeling Obama a radical this morning on NBC's Today, Cramer uncorked this beaut :
"The stock market is the country right now."
Oh brother. Wasn't that pretty much the CNBC-driven mindset that helped set the table for the current economic calamity? This idea that Wall Street is America. And that Wall Street's (often irrational) needs must be satisfied first and foremost. And that Wall Street's happiness is paramount to every citizen prospering.
Truth is, citizens are going to spend years bailing out Wall Street and fixing the problems that Cramer's stock market idols helped create. It's probably time for media talking heads to walk away from this very 2004 notion that Wall Street=America.
UPDATE: And did Cramer really blame Obama's proposed budget for unprecedented "wealth destruction." Sorry, but longtime Wall Street heroes like Bernie Madoff, and Street icons AIG and Citicorp, have probably destroyed more wealth in the last four months than any administration will ever be responsible for.
Like we said: Jim Cramer, please go away.
- Posted In
- Economy