Obama’s wealth destruction

From this morning’s Today Show. Look for Cramer to say, “This is the greatest wealth destruction I’ve seen by a President.”

The White House has got to be in a tizzy over press like this. I suspect it’s what prompted Robert Gibbs press conference slap I noticed this afternoon.

Thou shalt not speak against The One.


  1. Randy in Richmond says:

    I don’t watch the Whitehouse press conferences as I prefer to watch reruns of ‘The Twilight Zone’ instead. To what ‘slap’ do you refer?

  2. Additionally, Jim Cramer is a liberal and Obama supporter. That make this all the more interesting!

  3. I don’t recall that. I know Steve Liesman is over the top for the guy, but I haven’t heard much about Cramer. I will say Cramer is not a favorite of mine.

  4. Randy, the press briefing transcript isn’t up yet. I’ll try to remember to get to it tomorrow.

  5. Well did some homework, Cramer is listed at a Repulican, listening to him (and I do) he sounds like a liberal. He had Eliot Spitzer on his show alot, they became good friends while attending Harvard. Those show were extremely anti-capitalist.

    Below is one of his endorsements of Obama.


  6. Randy in Richmond says:

    It may have something to do with where he works. Cramer is on the Obama network, NBC, headed by in the tank Jeffrey Immelt. And keng, I’m curious–where do you find a persons’ party affiliation? I’d like to be able to utilize that site. Thanks.

  7. Randy – It came up on an ABC website as part of an interview during my search. Political donations are public record which can be an indicator. Gotta stick up a little for CNBC they do have the best balance of politics even though it is a “business” channel.

  8. Randy in Richmond says:

    I suspect the slap you refer to is the exchange given here.


    This will end up being another ‘come on down’ moment in the continuing game show that is the Obama administration. This issue will be pulled from the bill I predict.

  9. Actually, it’s this:

    Q Robert, I’m Tom Costello with NBC. This morning Jim Cramer made a note of saying that he thought — by the way, he’s not a conservative. But he said on the Today Show that he thought that the President’s policies, his agenda, had contributed to the greatest wealth destruction he’s ever seen by a President. So along the same lines of whether the President’s policies —

    MR. GIBBS: He’s on Ed’s — (Laughter.)

    Q Following up on Ed’s question —

    Q It’s NBC seeking more free publicity. (Laughter.)

    Q Do you want to address that? Any concern at all —

    MR. GIBBS: Well, you know, this is where I — (laughter)
    — have to probably be careful.

    Let me build on what the President said, and that is — without understanding the basis for what Mr. Cramer said, I’m not entirely sure what he’s pointing to to make some of the statements that he’s made. I think you can go back and look at any number of statements that he’s made in the past about the economy and where some of the backup for those are, too.

    But, look, some people are on TV every day to comment on the tracking poll, the ups and the downs. There are other people that were elected to try to fix the problem and try to reinstitute an economy that works for everyone. For many years, as the President has said often, we had a mind-set that if it was good for Wall Street, it was good for Main Street. Now we know that’s not the case. The President is taking action to ensure that we can fix what’s broken and get the economy moving again.

    Again, some people watch and comment on the day-to-day; the President is much more focused on how to move this economy along for the long term, and not just for those that work on Wall Street, but for those that have investments and live on Main Street.

    Q But I think the broader context or concern that he was expressing is the President may be losing the confidence of some investors, if not Wall Street — Main Street investors who are fleeing the markets and — as reflected by what’s happening in the markets.

    MR. GIBBS: I’m going to get in a lot of trouble if I continue with — the President — again, if you turn on a certain program it’s geared to a very small audience — no offense to my good friends or friend at CNBC. But the President has to look out for the broader economy and for the broader population, some of — many of whom are investors, but not exclusively investors. He’s taking steps to reregulate our economy so that what happened on Wall Street doesn’t happen again; that the trouble that was gotten in because through a number of decisions we decided that leveraging at 30 to 1 was a good idea; or that sub-prime lending was just fine; or that different financial institutions were strong and healthy.

    We now know many of that — many of those things turned out to be untrue. A recovery and reinvestment plan, a home foreclosure plan, many of the things that I’ve talked about, including the investments that we’ve long ignored making in order to ensure that long-term growth not just for next quarter when investors open statements, but for the long term — I think the American people are confident that their President is working on that each and every day. And they have confidence that he has a plan to lead us to something better. That’s what his job is each and every day.

    Q Were you hinting that you did get in a lot of trouble the last time you went after somebody and promised not — (laughter.)

    MR. GIBBS: No, no, I’d — there are very few days that I’ve had more fun. (Laughter.) I was afraid I was going to have too much more fun.

    Yes, sir.

    Q Granted that the President wasn’t as fevered this morning as Jim Cramer —

    MR. GIBBS: He wasn’t as what?

    Q As fevered.

    MR. GIBBS: I’ve never seen the President that fevered, so — (laughter.) I’ve spent a lot of time with him; I don’t — he doesn’t drink coffee.

  10. This is the same Jim Cramer who told us that Bear Stearns was in rock solid shape? The same Jim Cramer who told us that Lehman Brothers was strong despite the industy’s troubles? The same Jim Cramer who’s been telling us to buy, buy, buy through the GWB led recession?

    Listen to the man at your own portfolio’s peril.

  11. grumps- GWB recession ? last I recall GWB entered 1600 after the dot-com burst/2000 recession. remember- it was that thing that Al invented ?

  12. Grumps – Cramer’s also the one that told you to cash out at 10,000 if you needed your money in the next 3 to 5 years.

    I’ve said before I’m not a fan of Cramer. I do find it amusing the White House chooses to demonize anyone who speaks against them.

  13. The Lorax says:

    So i’ll take that as a no.

  14. The Lorax says:

    Nothing about Feingold opposing the budget?