“Forget the investors!”
I was channel surfing last night and saw part of Jim Cramer’s Mad Money. This guy just doesn’t get it . . . or worse: maybe he does but his priorities are different.
They’re losing their jobs? Well tough! They deserve to.
But . . . “forget the investors”?!
Last Friday, when the Fed manipulated the markets before the open on Options Expiration Day, Cramer was all warm-and-cuddly . . . like the 2-year-old who got his way by throwing a temper tantrum. He defended the private bankers who jerked our “free market” around and actually attacked the Federal Reserve President from St. Louis who is one of only a few to say the right thing so far:
“As is often the case, the market’s punishment of unsound financial arrangements has been swift, harsh and without prejudice. While I cannot feel sorry for the lenders who have gone out of business, my attitude is entirely different toward the relatively unsophisticated, but honest, borrowers who have lost their homes through foreclosure. Many are true victims.”
–William “Bill” Poole; President, Federal Reserve Bank of St. Louis (July 2007)
His entire speech is here.
Last night, Cramer was at it again. Calling for the guy’s resignation. He cherry-picked some politician who supported his position and had a special call-in “interview” that was nothing short of propaganda . . . and why? Because the guy wants rich investment bankers to be responsible for their actions? Because he opposes a bailout when they take a risk and screw-up?
Make no mistake, guys like Cramer and his investment banker buddies want it both ways: They want to keep their profits, all their profits, every penny, with no capital gains tax . . . and I could support that as part of a broader tax package . . . but then they want bail-outs when they loose!
“Forget the investors!”
Who is calling for bail-outs for the little guy who lost money on his investments? Not Cramer.
“Forget the investors!”
Who is calling for bail-outs for the homeowners caught-up in the bursting housing bubble? Not Cramer.
“Forget the investors!”
Who is calling for protection when tragedy strikes and someone can’t pay their bills and stands to loose everything from the just-in-time “re-written” bankruptcy laws? Certainly not Cramer.
Who is calling for fiscal responsibility? Bill Poole.
Who has shown any sympathy for honest borrowers who are losing their homes to foreclosure? Bill Poole.
And who is calling for Bill Poole’s resignation as loudly and publicly as he can? Jim Cramer.
So, does Cramer really care at all about those folks who call-in to his show or does he really just care about his investment banker buddies? “Forget the investors!” . . . hmmmm.
How about forget the Federal Reserve?