Tuesday, March 03, 2009

Jim Kramer: President Obama Pursuing A Radical Agenda

Money mavin Jim Kramer of CNBC's Mad Money skewer's President Obama's economic policies. Kramer says, I just want some sign that Obama realizes the market is totally falling apart and that his agenda has a big hand in that happening....A young kid took me aside. He said I was right when I said we've elected a Leninist.

Here's Kramer again appearing with Today Show's Matt Lauer and Erin Burnett of CNBC. Erin tries to put a positive spin and a happy face on a market headed for a deep dive. This is the greatest wealth destruction I've seen by a President, says Kramer.

Meanwhile, White House Press Secretary Robert Gibbs tries his level best to defend the amateur hour spend-thrift policies of the administration. The only thing Gibbs can come up with in responding to Kramer's criticism is to make a lame comment about the size of Kramer's audience and try to pin the blame on Bush. The little audience Mr. Gibbs refers to when talking about Jim Kramer's show, are investment fund managers and bond traders. They're the guys who tune in to shows like Mad Money to get a glimpse on what the word is on the street from a guy who made millions as a Wall Street trader! Gee, I guess we wouldn't want to listen to a guy like that would we Mr. Gibbs! We should belief in the pie-in-the-sky economic policies currently coming out of the Democrat controlled Congress and the White House. While the administration plays politics with the economy, and tries to pin the blame on Wall Street for the subprime lending mess that accelerated the market slide, the real culprits in this fiasco, Congress along with Fannie Mae and Freddie Mac, get a free pass.

While Mr. Gibbs tries to formulate a lucid response against that latest economic broadside hurled at the Obama administration, the Wall Street Journal notes that in the Obama economy, the President is running out of people to blame.

The powers in Congress -- unrebuked by Mr. Obama -- are ridiculing and punishing the very capitalists who are essential to a sustainable recovery. The result has been a capital strike, and the return of the fear from last year that we could face a far deeper downturn. This is no way to nurture a wounded economy back to health.

Listening to Mr. Obama and his chief of staff, Rahm Emanuel, on the weekend, we couldn't help but wonder if they appreciate any of this. They seem preoccupied with going to the barricades against Republicans who wield little power, or picking a fight with Rush Limbaugh, as if this is the kind of economic leadership Americans want.

Perhaps they're reading the polls and figure they have two or three years before voters stop blaming Republicans and Mr. Bush for the economy. Even if that's right in the long run, in the meantime their assault on business and investors is delaying a recovery and ensuring that the expansion will be weaker than it should be when it finally does arrive.

1 comment:

commoncents said...

Great post and nice site!

Would you like a Link Exchange with our new blog COMMON CENTS where we blog about the issues of the day??