Okay, anyone disappointed in Obama so far?

[Anonymous]

Anonymous wrote:Cramer got it right. We are in plane heading for emergence landing, but the captain is still in a dreamy state.

Cramer was talking about the STOCK MARKET.

The people who say this would have all been great if we just had some tax cuts obviously (a) do not work in the financial sector, (b) do not read the Wall Street Journal regularly or understand it if they do, and (c) are smoking something.

Remember Alan Greenspan's "irrational exuberance" comment? We had a market surge across the board in stocks and housing prices built on nothing but speculation. That speculation was fueled by loans that no one really underwrote properly because why should the banks care whether the borrower can repay so long as the market keeps going up? A foreclosure is riskless to the bank in that kind of an environment. In addition to that, you had a credit derivatives market that was largely unregulated and was extremely speculative. We built, in this country, a great big bubble of unrealistic speculation in a number of areas. Well, guess what? Bubbles pop. Duh.

Yes, the stock market is taking a beating, and yes lots of people are losing lots of money, either on paper or for real. But everybody chose to gamble. If you want your money to be as close to riskless as possible, you shouldn't EVER be in the stock market. It's like the tech bubble - everybody thought they could be the next big winner until the bubble went pop. And that was only a little bubble. This is an enormous one.

[jsteele]

Anonymous wrote:You can count Jim Cramer of "Mad Money" as being disappointed. He was an outspoken supporter during the election, but did an about face today and described Obama in these words "This is the most, greatest wealth destruction I've seen by a president."

I wonder how much wealth Cramer has destroyed with his crappy advice. Here he is recommending Countrywide:

"Cramer: Countrywide Still Looks Like a Buy"
http://www.thestreet.com/markets/activetraderupdate/10337257.html

Countrywide closed that day at $44.74. When it was acquired by BoA, it closed at $7.16. As Robert Gibbs said today when he was asked about Cramer, Cramer doesn't really have a very good track record.

[Anonymous]

jsteele wrote:

Anonymous wrote:You can count Jim Cramer of "Mad Money" as being disappointed. He was an outspoken supporter during the election, but did an about face today and described Obama in these words "This is the most, greatest wealth destruction I've seen by a president."

I wonder how much wealth Cramer has destroyed with his crappy advice. Here he is recommending Countrywide:

"Cramer: Countrywide Still Looks Like a Buy"
http://www.thestreet.com/markets/activetraderupdate/10337257.html

Countrywide closed that day at $44.74. When it was acquired by BoA, it closed at $7.16. As Robert Gibbs said today when he was asked about Cramer, Cramer doesn't really have a very good track record.

I never followed his buy advice either.

I guess he is often wrong as you point out, since he WAS such a staunch Obama supporter.

[Anonymous]

I am sorry not to join the bandwagon, but didn't Cramer say Sell Sell Sell to anyone in the market in September 2008? I didn't - and wish I had listened.

[Anonymous]

Disappointed is not the word. Calling a fiscal responsibility summit, in the midst of rewarding fiscal irresponsibility? Spending trillions of dollars we don't have for government programs that are going to be inefficient and not sustainable? And since this is a DC-focused site, I'd think many of may fall into what's considered the "rich" category. $250K to support a family of four, with childcare, education, retirement saving, paying for mortgages that are completely underwater and having your taxes go up because you should have to pay for everyone else? We may not be at the $250K mark yet, but I'm losing the incentive to succeed if I'm going to be penalized for it. Yes, I'm disappointed.

[Anonymous]

With both husband and wife working in high tech it is easy to reach $250 K in DC. Plus, the housing in DC is so still expensive.

Normally a social welfare country like those in Europe is supported by high tax for everyone, which is basically the price people has to pay for a safety net. However, Obama seems to have find a magic formula: that is, high-tax the "riches" to support his social welfare society. Will that work? It would be interesting to watch.

[Anonymous]

Anonymous wrote:You can count Jim Cramer of "Mad Money" as being disappointed. He was an outspoken supporter during the election, but did an about face today and described Obama in these words "This is the most, greatest wealth destruction I've seen by a president."

See here for the full interview: http://newsbusters.org/blogs/noel-sheppard/2009/03/03/cramer-greatest-wealth-destruction-president

Ridiculous. Cramer is a guy who thinks wealth creation is generating a nice, big bubble in the stock market. He doesn't care if the economy is healthy or weak, just whether stocks go up.

[Anonymous]

Yeah, Cramer is an idiot. Why anyone would listen to him is beyond me. Didn't he also tell people that Bear Sterns was going to be fine?

[Anonymous]

Anonymous wrote:Yeah, Cramer is an idiot. Why anyone would listen to him is beyond me. Didn't he also tell people that Bear Sterns was going to be fine?

We received a mass mailer from AIG this week --- anyone wnt to use their investment services? I guess our tax money is keeping the holding company and it's sleezy stuff going. I do not understand why the feds are NOT requiring the insurance companies under the umbrella of AIG to become separate entities. What about the international domiciled AIG companies? What about the insurance regualtory authorities for each state?

[Anonymous]

Anonymous wrote:Yeah, Cramer is an idiot. Why anyone would listen to him is beyond me. Didn't he also tell people that Bear Sterns was going to be fine?

I bet you weren't saying that when Cramer was cheering on our Dear Leader.


You know who else is an idiot? That idiot Robert Rubin who fell from disgrace from Citigroup. Obama listens to him and has filled the halls of 1600 Penn up with Rubin's spawn.

It was RUBIN and his ilk who were fierce opponents of ANY regulation of derivatives and it was them to profited from the illegal merger and subsequent repeal of the Glass-Stegall Act. You don't need to look too far to see that Obama has surrounded himself with much of the same old same old. Rubin represents EVERYTHING that is wrong with our economy right now.

You all have been hoodwinked into thinking this is a Dem/Repub thing, when all we do is recycle the same tired ass criminals. This economy is not headed for a recovery, but a deeper disaster.

The only difference between the right and the left? The right will tell you what they are going to do and even if it pisses you off still do it, but the democrats will whisper sweet nothings in your ear, talk about chickens in pots, and then do exactly the opposite. Will it take the Dow to reach 3,000 or unemployment at 30% before you see your Dear Leader for what he is?


Just google Rubinomics and then connect the dots to Obama.

[Anonymous]

jsteele wrote:

Anonymous wrote:You can count Jim Cramer of "Mad Money" as being disappointed. He was an outspoken supporter during the election, but did an about face today and described Obama in these words "This is the most, greatest wealth destruction I've seen by a president."

I wonder how much wealth Cramer has destroyed with his crappy advice. Here he is recommending Countrywide:

"Cramer: Countrywide Still Looks Like a Buy"
http://www.thestreet.com/markets/activetraderupdate/10337257.html

Countrywide closed that day at $44.74. When it was acquired by BoA, it closed at $7.16. As Robert Gibbs said today when he was asked about Cramer, Cramer doesn't really have a very good track record.

Is Cramer one of the guys mentioned in this piece from the Daily Show about the excellent prognostication skills of the CNBC analysts?
http://www.thedailyshow.com/video/index.jhtml?videoId=220252&title=cnbc-gives-financial-advice

Smart bunch!

[jsteele]

Anonymous wrote:
Is Cramer one of the guys mentioned in this piece from the Daily Show about the excellent prognostication skills of the CNBC analysts?
http://www.thedailyshow.com/video/index.jhtml?videoId=220252&title=cnbc-gives-financial-advice

Smart bunch!

Yes. He is in there a few times. That video is hilarious.

[Anonymous]

Obama finished off the big banks. Now he will do the same on the big health-cares.

[Anonymous]

Anonymous wrote:Obama finished off the big banks. Now he will do the same on the big health-cares.

As a fiscal conservative, I have to disagree with you on the banks part (I can’t comment on HC, but do know that this once healthy sector is now falling). The banks finished themselves off by combining risky investment banks with commercial banks who were SUPPOSED to be focused on deposits and lending, but instead got into the equities game. This is a result of the demise of Glass-Stegall and democrats and republicans ALIKE promoting policy against the regulation of derivatives. We just have the unfortunate circumstance of having Mr Hope himself and his team of Rubinomics inciting massive market panic and blubbering around like fools arguing publically entertainers such Cramer and Rush. I wonder when Gibbs will comment on Brangelina’s twins? The market is driven by emotions and right now investors are running scared.
Folks, buckle your belts, it is going to be a bumpy ride!

[Anonymous]

Anonymous wrote: Folks, buckle your belts, it is going to be a bumpy ride!

It is not just a bumpy ride. It's a crash landing.