I don’t know what got into Jim Cramer. Apparently, he must have thought the GOP Clown Car debate CNBC inflicted on its viewers involved a group of grown ups discussing serious economic and financial issue in a serious way.
Did he not know, before last night, that this group of GOP specimens includes some of the silliest, most clueless, confused, misinformed and/or intellectually challenged/dishonest bunch of charlatans ever assembled by a national political party? Was he really surprised to learn these clowns perfectly reflect what the Republican Party has become, that they have nothing useful or even coherent to say about any of the nation’s real problems?
Europe is teetering on the edge of a financial collapse so serious it’s likely to cause a recession or worse there and drag the US back into it here. Sounds like a serous topic, right? And part of the reason is Europe’s leaders became enthralled with the same dishonest deficit/debt hysteria that afflicts the GOP and most of the Congressional Democrats, not to mention the President and his not-the-Chief of Staff corporate bagman.
Much like the US, Europe is burdened with incompetent political and economic leadership, epitomized there by a depressingly (literally) irresponsible European Central Bank. Collectively, they’re strangling their own economies in the absurd belief that if you punish and impoverish the debtors that buy your stuff, creditor nations that sell them that stuff will be just fine.
Sensible people understand the ECB’s abdication of its core responsibilities — e.g., lender of last resort in a financial crisis — will hasten collapse in Europe. So naturally, half of the GOP’s clowns want to abolish the central bank here or “hurt” the Fed Chairman if he does something sensible to help the recovery, and the ones who know this is wrong are too cowardly to explain why that’s nuts.
It’s possible that Huntsman understands part of this — but he will never let on and it doesn’t matter for Mr. 1% anyway — and that Romney, in wandering between positions, misunderstands the rest but will take whatever position his audience needs to hear. But it’s not credible that anyone else on that stage, including half of CNBC’s questioners — Rick Santelli! – grasps what’s happening in Europe or here.
The GOP’s proposals are a mindless collection of talking points and pointless initiatives that at best would do nothing except give money to friends but collectively would make things worse. In the meantime, their colleagues in Congress doggedly refuse to even debate even modest proposals that might actually help the unemployed and rescue homeowners and drowning states.
But this is not news. We’ve known for some time that the GOP has become hopelessly corrupt, confused, corporatized, criminal and captured by teh stupid. The one thing it’s definitely not is conservative. It’s destructive of everything, and that means they’re dangerous. Even George Will knows this.
The Republican party should be abolished for the good of the country, and it’s astonishing that Jim Cramer is just discovering this. Will Maria now admit it too?



70 Comments

Don’t discriminate. Get rid of the Democrats too!
Heh. It’s not government that’s bad, it’s our current bunch of corporate-owned sockpuppets of the plutocrats who refuse to govern.
fuckin a man…when one hears these words from cnbc’s kramer, it provides evidence that the pendulum has reversed direction……..woohoo……99%
these words have been in my mind too…..i think…..who do the “us government is bad crowd” think saved their bacon 1941-1945, oh fuck ,,,,,i was going to make a list as long as possible of things like the previous, but what a waste of time..they have their heads buried in their asses so deep they couldnt hear it anyway
Is Jim Cramer doing penance for the sins of his past? He was ridiculously greedy then and now wants to say some reasonable things?
Or is he just playing to his audience, people who watch his show in the hopes of getting rich while the 1% screws them over?
Btw, smooth-talking Barack Obama is no better than any of those GOP clowns. In fact, he’s probably more harmful to average Americans than Romney would be as president.
Did he not know, before last night, that this group of GOP specimens includes some of the silliest, most clueless, confused, misinformed and/or intellectually challenged/dishonest bunch of charlatans ever assembled by a national political party?
I’m still on strike researching the GOPers until they get serious candidates or we get a frontrunner with 50% of the vote. They all suck that bad I can’t take them serious.
Welcome back and thanks for this review and your work in DC at the WH!
Blessings
Even a broken clock …
Cramer makes me want to scrub myself with a bristle brush. He is slimier than anyone.
” … smooth-talking Barack Obama is no better than any of those GOP clowns.”
x2
Cramer made his money as a hedge fund manager at Goldman Sachs in the 1990′s when insider trading and market manipulation were at their peak. It is not coincidental he left the business when the hammer started coming down after the NASDAQ collapse of 2000, Worldcom, Enron, etc. The guy is an absolute slimebag.
yes, Jim where IS the Manhattan Project? heh.
so glad he brought it up as an example of a great repub idea!!!
A bristle brush and Lava. And then jump in a vat of Clorox.
I approve of the additional measures.
A purple headed yogurt slinger.
“Europe’s leaders became enthralled with the same dishonest deficit/debt hysteria that afflicts the GOP and most of the Congressional Democrats, not to mention the President and his not-the-Chief of Staff corporate bagman.”
Great line.
Like Goldman and with Goldman, Cramer made his money shorting the market.
Now he tells people to buy, buy, buy, while he shorts the stocks he recommends.
Cramer never tells his viewers to sell short. They don’t even know what it is.
If Cramer recommends it at night, watch it pump up til 3pm the next day. When it’s high – short it. On Monday buy to cover.
The problem is that his show is on Thursday nights and you might need to hold your short position over the weekend when a surprise could happen.
“Did he not know, before last night, that this group of GOP specimens includes some of the silliest, most clueless, confused, misinformed and/or intellectually challenged/dishonest bunch of charlatans ever assembled by a national political party?”
‘Some of?’ Oh, right, Palin wasn’t there.
Have either Santelli or Cramer ever provided an accurate picture of what’s been going on, either on Wall Street or more in the economy generally? The only thing I find surprising, aside from that anyone still watches CNBC, is that Cramer is saying something like this even now.
Your answer is “when you find yourself in a hole, just keep digging”. These economies have found themselves running huge deficits and with terrible debt loads NOT because of a single global economic downturn but because structurally they continue to outspend their revenue streams.
While austerity programs may be painful and timed poorly, there is certainly something to be said for finally taking a stand against the huge social drivers of their poor economies. They simply cannot keep the levels of deficit spending and as poor as the medicine will taste, they have no other solutions.
Lender of last resort? The EC has finally come to their senses that a dozen+ economies, political structures, and demographic differences won’t allow the rich brother to indefitnely support the poor brother if the poor brother wont change his or her behavior.
Don’t tell me that all they need to do is print money. You are seeing that fallacy shot down in the performance of the Italian debt markets this week. Can anyone say “death spiral”?
“Look, Martha, we caught another one.”
This is one of the least well informed statements I have read on FDL in quite a while.
The GOP is the final product of poll-test politics. The Democrats are well on the way, but got a late start. The thing about poll-testing is that you get an adman (or woman) to bring a bunch of ordinary uninformed people (no professional degrees or even in some cases BA, because that would be unrepresentative), and ask them some questions about which they have absolutely no informed opinion. The results are then communicated to the candidate, who spouts the uninformed opinion.
It’s a perfect loop of stupidity.
Maybe stilltheone should be running for president.
They can’t print money, because they don’t have their own currency. That’s the reason there’s an ECB. Do you enjoy embarrassing yourself, or is it just an unfortunate side effect of having strong opinions about things you don’t know anything about?
Cramer is at least rational, which is more than can be said of the GOP Primary candidates. On CNBC, save your special hatred for Kudlow and Santelli.
That’s to be expected from the “just keep printing and they’ll keep lending us money” crowd.
Oh but the ECB does, Cujo, and they are saying they are ont going to keep putting good euros after bad.
My previous was in reply to stilltheone.
Note to tech folks here – if the Reply button isn’t going to work without Javascript, how about surrounding it with NOSCRIPT tags?
Earth to STO: The Italians can’t print money.
The same people who send out the Factless Dogmatic Lies talking points each day are responsible for maintaining this website.
“Cramer is at least rational.”
When he’s on his meds.
Earth to Econobuzz, the ECB can. And won’t.
Sure the GOP candidates are all dickheads. But do GOP voters really care? I mean the worse that can happen to them is Obama gets re-elected. And for them that’s a pretty good deal.
Actually, I think there is a firewall between the tech folks and the liars.
Is Jim Cramer doing penance for the sins of his past?
Cramer is not a stupid man, though he sounds like one. He’s an actor with a business degree. He knows the stuff. It just usually doesn’t come into his act. His poll guys must be telling him that OWS is affecting public opinion, and he is bending with the wind. The guy’s a survivor.
Nonsense. They keep floating loans to countries that are already up to their eyeballs in debt. Until they’re willing to “loan” at what is essentially interest-free rates (what the Fed has been doing for some time) then they aren’t serious. Anyone who remembers what happened to those Latin American countries a few years ago knew how that one was going to end.
The problem here is that with one currency, but separate economies, there is no safety valve for export imbalances. No one can expect countries to balance trade via investment, which is the trap Spain got into. When their real estate bubble went bust, so did they.
You know, nobody’s forcing you to read this stuff. In fact, you could make a lot of people happy by buzzing off.
Heads, they win; tails, we lose.
If there were ever a more clear misunderstanding of an organizational relationship, I don’t want to have to witness it.
I’ve never seen him in that state, apparently. Does it occur in a particular time slot?
Some people like to see houses burning and slow down at traffic accidents. I just find it funny to read the illusions that the Left puts up in order to justify its socialist, Marxist tripe.
I just see it as my duty to try to pull away the shovel so that the hole you are digging for yourselves doesn’t engulf me as well.
Look, there’s some water down here. We must be getting close to the bottom.
The problems in Italy and Greece are NOT because of trade imbalances. Are you serious? Do you like embarassing yourself like that?
They are due fiscal issues driven by an entitlement society that resists any restructuring at all.
Oh and here’s the best part. Italy has not run an annual budget deficit greater than 5.5% of its GDP in any of the last 13 years, even during boomtimes. And it’s averaged closer to 3% of GDP. And look at the mess they are in.
Meanwhile, closer to home, you and I are running deficits that exceed 10% of our GDP. And you don’t think that those same issues are going to impact us very soon?
Oh yeah – print money, print money, print money.
Dig. Dig. Dig.
Greece has been running trade deficits for a long time. They also have a corruption problem, which is that it’s generally cheaper and just as safe to pay off the tax man as to actually pay taxes. This benefits the rich more than most there. Greece doesn’t collect enough taxes, and thanks to austerity, their equivalent of the IRS is even weaker than it was.
Who would have guessed? Only anyone who isn’t inclined to babble about stuff like “entitlement states”.
Italy has a wide assortment of problems, but imbalances are sometimes among them.
And yes, the basic problem is that the only real option these economies have is to borrow money, at real interest rates, from the ECB, or sell their own bonds at incredibly high prices.
Well, ya’ll, it’s been fun. I have to go now – gotta see what other tripe is being spat out on this board.
Drip. Drip. Drip.
Dig. Dig. Dig.
Yes, because their only options are to sell bonds at high rates or borrow from the ECB. We in America can run deficits in lean times and pay them back in good.
There are problems with printing money, but they don’t apply now. We’re in a depression, and the central bank is loaning money at essentially zero interest. There’s little penalty beyond our government owing itself a lot of money.
When times are good, that’s not true. We’re not there yet, though, and if people who think like you do remain in charge, we never will be.
@ stilltheone: Your posts are very well put. The problem with most FDL participants is that they are part of the something for nothing crowd. This is particularly ironic since many of them are public employees whose pension funds are in the process of being crushed by the Fed’s ZIRP regime.
Why don’t you take your tripe elsewhere. A lot of us here have PH.d’s in economics, some of us have worked at World Bank and IMF. We actually know what we are talking about. You don’t.
No…the government is bad. What you seem to think is a bug, is in actuality a feature purposely designed into it.
You know what the really funny thing is, Knut? I’m not one of those folks with a PhD, or IMF or WB experience, for that matter. I just paid attention when people were discussing this stuff, and looked things up occasionally.
Course steel wool.
The problem with both posts above is that they are very OK with the rule of law not applying to them or those above them. Yep..as far as they are concerned, cheating, lying, stealing, killing and torturing is just fine as long as you don’t get caught doing it.
You can kiss my furry butt. I’ve worked all my life, and if there were anything but a completely flat job market, would be doing it now. I didn’t even ask for unemployment when I was off work. I was in the top tax bracket, and I was happy to pay my share as long as I thought my government wasn’t just using it to blow up other peoples’ countries.
I know how lousy this world can be when you don’t have a safety net. I know how quickly it can go sideways and leave you in the gutter.
If you ever learn those things, maybe you’ll be part of the “something for nothing” crowd, too.
“@ stilltheone: Your posts are very well put.”
Ron, is that you?
Cujo, don’t you understand? The denizens of this rag believe that when you were in the top tax bracket, if you had anything left after paying Uncle Sam, you were NOT paying your share. These idiots would rather you pay more so that they don’t have to, and so they can continue to outspend the country’s means. They would rather confiscate what you make, then confiscate the rest when you accumulate wealth, and then confiscate the rest when you die. And the sad thing is, they fully admit this.
No, I voted against Obama.
From Nuriel Roubini, in the Financial Times:
Until recently the argument was being made that Italy and Spain, unlike the clearly insolvent Greece, were illiquid but solvent given austerity and reforms. But once a country that is illiquid loses its market credibility, it takes time – usually a year or so – to restore such credibility with appropriate policy actions. Therefore unless there is a lender of last resort that can buy the sovereign debt while credibility is not yet restored, an illiquid but solvent sovereign may turn out insolvent. In this scenario sceptical investors will push the sovereign spreads to a level where it either loses access to the markets or where the debt dynamic becomes unsustainable.
So Italy and other illiquid, but solvent, sovereigns need a “big bazooka” to prevent the self-fulfilling bad equilibrium of a run on the public debt. The trouble is, however, that there is no credible lender of last resort in the eurozone.
You understand precisely nothing. Quite a few of the commenters here are, or were, in that tax bracket.
When I die, incidentally, I don’t care what happens to my stuff. What I care about is that there’s a world that’s worth living in that I’ve left behind. And frankly, what you’re referring to isn’t how things used to be before morons started nattering about the “death tax”. Anyone who paid inheritance taxes, with extremely rare exceptions, was inheriting a bundle.
People whose avarice extends beyond the grave have nothing in common with me.
“The trouble is, however, that there is no credible lender of last resort in the eurozone.”
A lender of last resort would merely kick the can down the road a bit.
If you don’t care what happens to your stuff when you die, then give it away. But don’t make that decision for me.
Depends on the problem you’re discussing. He means, I think, that when your faced with a run, it helps to have an entity that can back you up and stop the run by telling everyone there’s no reason for the run. You don’t want the system to collapse while you’re trying to sort it out. But of course, this doesn’t solve other problems, it just buys time to solve them. There’s obviously much more to be done, as he (and others) have written. This part is triage.
But but but can’t they just print euros?
Of course not. Why? Because someone has to BUY those euros and without credibility no one will do so.
Hmmmmmmm, I wonder if that could happen here.
Nah.
Drip. Drip. Drip.
Dig. Dig. Dig.
I agree. But many commentators see this as the answer — if then accompanied by austerity measures. This is a formula for further disaster — as I think you may agree.
Will someone buy Euros? Of course, they’ve been doing it for months. Without much fanfare, the ECB has been buying Italian debt to stop mild panics, while saying it didn’t want to or couldn’t. It could do more, which is what people like Roubini, Krugman and many others have urged. Same for Greek, Spanish debt, in order to stop panic. It has also been selling same. It could hold the debt if it chose, just as Ben Bernanke’s Fed was buying US bonds and holding them. The interest paid was turned back to the Treasury, thus reducing debt costs. This isn’t unusual.
Sorry. Was reply to mjocal and his fiend…er friend.
Oh I don’t know Scarecrow, I’m kind of in the mode for a panic about now.
Would be a lot more entertaining that the Gen beck of Wall Street – Jim Cramit.
Click his list of comments. This is a wannabe 1%er.
Keep sucking up, they will trash you as soon as they notice you climbing anywhere near them. That’s what they do.
@stilltheone
Try reading outside your normal loop. Maybe you’d like Oligarchy by Jeffrey Winters.
…..but it seems to me that voting for someone that should be on trial for War Crimes is not an option in 2012, as it was in 2004.