It came and went - and some might not have even noticed it - despite the seriousness of its use. On April 2, CNBC's Jim Cramer proclaimed the Depression over.
Throughout that day, the "Mad Money" host told viewers of MSNBC's "Morning Joe," CNBC's "Street Signs" and finally on his own program that the Depression was over and that we were on the verge of a bull run for the financial markets.
"We have reached the land of a thousand bull dances - phoney maroney, why? Because the market swallowed its Prozac," Cramer said on CNBC's "Mad Money" April 2. "And right now, right here on this show - I am announcing the Depression over!"
Cramer made the pronouncement despite his long record of criticism for being a bull-market cheerleader. And he had already taken "The Great Depression II" off the table - and defended his decision to do so - back in December after the previous president and Congress passed bailout plans.
But on April 2 he credited President Barack Obama for the end of this Depression and the beginning of this forecasted bull market.
"And then today, we got the second big positive - President Obama praised, what did he praise? The stock market! This is a total 180 from his position a few months ago. You got to admire a president who can change his mind, especially after eight years of George W. Bush's laissez-faire philosophy - that almost led rapacious late-stage capitalism to devour itself."
Cramer attributed his new bullishness to a change in Obama's rhetoric from pro-redistribution to pro-stock market.
"The Depression is over and now we have a president who has gone from bear-in-chief to bull-in-chief, and that's why we now like him," Cramer said. "He's change his genus, if not his phylum. We keep ours and now Obama knows if he kills your 401(k), IRA and 529 plan, he can't make it up by taking some money from the rich and just giving everybody a G or two."
While Obama's rhetoric may have changed in Cramer's view, it's difficult not to notice that the "Mad Money" host's about-face comes after his criticism of the administration embroiled him in a controversy with Comedy Central's "The Daily Show" host Jon Stewart that climaxed with a less-than-stellar appearance on Stewart's March 12 show.
From that point on, Cramer has taken a less abrasive tack toward the Commander-in-Chief.A month ago Obama was responsible for "the greatest destruction of wealth I have ever seen by a president" and Cramer was calling him a Lenin. Today, Cramer is not only pro-Obama, he's also upbeat on Federal Reserve Chief Ben Bernanke and Treasury Secretary Timothy Geithner - both of whom he has harshly criticized in the past.
"When it comes to the stock market, like it or not, the people are all in," Cramer said. "And now, President Obama knows it. He's on our side. And Bernanke's on our side. And Geithner's on our side too - with his fabulous public-private banking plan."
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CRAMER'S TAKEN THE KOOL-AID
April 3, 2009 - 14:21 ET by SgthulkaAmazing how docile Cramerica has become since his little session with Jon Stewart.
Ever since that Daily Show appearance it's been nothing, and I mean nothing, but hugs and kisses for Obama.
A new headline might be:
April 3, 2009 - 14:25 ET byA new headline might be: Cramer chastened by leftist nutbags risks ANAL POISONING by ORALLY helping Obama with his HEMORRHOIDS!
Depression is over..., for Cramer
April 3, 2009 - 14:49 ET by CarlosSCramer got it directly from Stephanagopous who got it from Rahm Emanual, "the depression will be over for you if you say the following on your show"
Cramer got his marching orders.
April 3, 2009 - 15:47 ET by kg"DumbAssity of Dope"
Another Fish story
April 3, 2009 - 15:53 ET by boomerconHey...one day Rahm visits the fish market; next day Cramer declares "Depression Over".
Problem solved...but Rahm needs to buy a LOT more fish because there are a lot of us out here who are not yet convinced!
Hey, where's MY fish?
NUTCASE >>>>>>>>>
April 3, 2009 - 16:19 ET by DanoNow I know this idiot is a certified nutcase.
The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.
– Thomas Jefferson
Dano... LOL...I've always
April 3, 2009 - 16:27 ET by bigtimerDano...
LOL...I've always thought he was.
Btw...what is funny about this when it comes right down to it was he was the green-eyed monster when it came to the attention Santelli got with his Tea Party statement and his direct comment to O.
Cramer was left out...how dare that happen!
Doubling down on stupid is not a particularly good idea. ~Andrew Breitbart
In defense of Cramer, that little gnome has
April 4, 2009 - 10:56 ET by thebutlerdiditALWAYS been a lib suck up, and and out and out nutball. I have to say though, I think he's amusing. I laugh everytime I see him. Of course, it worries me that dumb people take his advice, but most of them would figure out some way to screw up their lives, with or without Cramer.
All a Democrat needs is the upper-story window of public attention and the chamber pot of rhetoric. How else to explain the rise of Joe Biden? P.J. O' Rourke
drinking the Hawaiian Punch
April 3, 2009 - 16:26 ET by mom_roxSince Steve Kroft asked President Obama if was "punch drunk", I think we need to change the phrase of drinking the Kool-Aid to drinking the Hawaiian Punch to specifically refer to Obama admirers. (although it is a bit wordy)
I saw this, and later on in
April 3, 2009 - 14:22 ET by marpelI saw this, and later on in the show, he repeated that the depression is over, but then he said, "We're still in a recession, but the depression is over". He's an idiot.
"...Credits Obama's
April 3, 2009 - 14:22 ET by Chris Norman"...Credits Obama's Rhetoric, not Actions"
Truly, The Obama is most powerful! He no longer must even touch to heal! A mere word is all it takes! All hail The One!
The "Mainstream" Media: By liberals. For liberals.
A mere word
April 3, 2009 - 15:11 ET by CarlosSAnd how can this be? For he is the Kwisatz Haderach!
Kenyan Dune
April 3, 2009 - 19:41 ET by stratmanMuad'dib Obama - My name is a killing word.
Awesome Dune references...
April 3, 2009 - 21:03 ET by dborschjr68Love the Dune references. Also, I have found it to be decidedly appropriate for Dune fans to be Conservatives, as the amount of intellect and imagination it takes to appreciate such fantastical prose can only be found within the folds of the Conservative brain.
In other words, we are so much smarter than the liberals give us credit for, yes?
(From a fremen in the southwestern sietch of CT, and one-time rider of shai halud- when I was younger and carried less water weight, had a more firm grip, and a much sturdier frame...)
Dune Messiah
April 4, 2009 - 02:20 ET by NorthCoasterThanks for the Dune references!
"Let the fear wash over you and turn to watch it's path"
somebody check his drink
April 3, 2009 - 14:23 ET by silent conservativesomebody check his drink,
Look hard at the included
April 3, 2009 - 14:31 ET by HeavyChevyLook hard at the included photo for signs of bruising from cattle prods and other torture...er Re-education devices.
He was so close to freedom and they broke him.
CNBC Chief: "Cramer, you
April 3, 2009 - 14:36 ET by mattmCNBC Chief: "Cramer, you want to keep your job?"
Cramer: "Yes ma'am, sir."
CNBC Chief: "Then get on the ball and start praising our leader! Got it?"
Cramer: "I hear and obey, master."
the left definately biotch
April 3, 2009 - 14:40 ET by kangaroothe left definately biotch slapped him into next week sheeesh no wonder they call them numbnuts, at least wingnuts are useful
talk it down. talk it up.
April 3, 2009 - 14:36 ET by katainkentI don't understand why the stock market is going up. The numbers aren't there. People are still losing jobs. If they are spending more money its money they don't have. How is this good?
Stocks are stabalizing because:
April 3, 2009 - 15:10 ET by Kingfish171. Mark-to-market reform. No longer does "accounting" threaten to wipe out a financial institution. If the assets they hold do not perform then they will lose money over time and will not be as profitable. But they do not have to mark performing assets down to unreazonable levels and go out of business because they don't meet an artificial level of regulatory capital.
2. Obama policies are being thwarted. It looks like Cap and Trade is having trouble. It also likes like Card Check is having trouble. And it also looks like there won't be any more massive throw the money down the rat hole bills coming immediately. I'm not saying things didn't get out of hand, as they did. I'm just saying it looks like the spending is finally getting noticed by more moderate Democrats.
3. Happpy days are here again. I always thought that the news media would tout up the Obama Administration, just as they did the Clinton Administration. The news media jumps on any semi-positive economic report and spins it as if the economy is set to come back. When we finally do get positive GDP growth, it will be hailed as the OBAMA ECONOMIC MIRACLE!
"When will Barack Obama apologize to the American people for destroying their once great nation?" - MSM 2012
interesting
April 3, 2009 - 15:21 ET by katainkentI don't know anything about mark-to-market so I will have to bow to your knowledge on that one. I am doing some reading on it to understand it better. I am sincerely happy to see that cap and trade and card check are finally having some interference. I still see three and a half years (oi!) ahead for possiblities of this getting through while riding another 'crisis'. If I were to put money into the market I suppose it would be a short term and I would still consider it more than a moderate risk.
As for point three I completely agree. Steering us back to being a nation of consumers is critical to the GDP but I am not sure I'd have the sense of it being a real achievement if its all done on debt owed to the next generation.
We need to be a nation of
April 3, 2009 - 15:31 ET by mattmWe need to be a nation of producers more than of consumers. Our biggest problem is that we are being governed by people who believe government spending stimulates economic growth better than private spending (i.e. tax cuts) because people might not spend the money, they might save it or pay down debt. (Robert Reich actually said this)
If the morons who have the power to dictate economic policy can't see the economic benefit in private citizens and businesses saving money and paying down debt, we're screwed.
The current rally will reverse itself as soon as BHO returns from his vacation.
I dunno
April 3, 2009 - 15:41 ET by katainkenthe's hardly the cat that keeps the mice from playing. Is congress in Britian as well? ;)
I think I remember that comment. The government does not like it when you keep your money. They think they know where it should be spent - and when and how much. We're all just sheep to be sheared from time to time.
I would love to production come back to America. But what can you do when states penalize businesses. Here in the state of WA there is a constant batttle between the state gov't and large businesses such as Boeing because they are so aggressive with taxation. And to make matters worse they legislators are trying to get a referendum together to tax the top earners - which is against this state's constitution.
Dictating Economic Policy
April 3, 2009 - 15:59 ET by Kingfish17The "morons" who dictate economic policy know exactly what they are doing. They know that setting people free from governement is what actually produces economic prosperity. But they also know that if they do this, they lose their power.
The Democrats were the party of slavery in the mid 1800's and they are still the party of "economic slavery" today.
"When will Barack Obama apologize to the American people for destroying their once great nation?" - MSM 2012
I heard this clip
April 4, 2009 - 02:22 ET by NorthCoasterI heard this clip and was astounded by the hubris, but not surprised considering the source.
Mark to Market - Explained.
April 4, 2009 - 11:34 ET by JWFYou and your neighbor bought identical adjoining houses for $100,000 each in 1995.
Your neighbor has to suddenly flee the country as he is under indictment in 3 states for suspected arson. He sells his house at a fire sale price of $10,000.
Your business needs a sudden cash infusion of $100,000 due to a series of unexplained arsons in several states. You try to get a loan from the bank for $100,000 using your house as collateral. The bank tells you your house is only worth $10,000 and that is all they will lend.
That my friend is mark to market.
Sincerely,
a Veteran of a 1000 psychic wars.
At this point, it would have to be called
April 4, 2009 - 10:59 ET by thebutlerdidit"A jobless recovery." Jobs will continue to decline. And though the market will improve, there's no way tthis is over for long. Come on, this market is sitting in quick sand. No credit, etc. I say we haven't seen the bad part yet. No where near.
All a Democrat needs is the upper-story window of public attention and the chamber pot of rhetoric. How else to explain the rise of Joe Biden? P.J. O' Rourke
This guy reminds me of that
April 3, 2009 - 14:36 ET by MaideneerThis guy reminds me of that friend you had in high school who was really talkative about his money and about his Ralph Kramden zany ideas about his future. It's the guy who doesn't shut up during your favorite TV show, interrupting at exactly the right time of the climactic moment or comment, and you just want to slap the taste out of his mouth. In the end, he dies penny-less and lonely, probably hooked on cocaine.
Wuss, Thy Name is Cramer
April 3, 2009 - 14:40 ET by SickofLibsNever before have I witnessed such utter, total, cowardly capitulation, and virtually overnight.
Say what you want about Tingles, but at least he wears his heart on his sleeve: this loudmouth clown gives weasels a bad name. (OK, I admit I'm a former ferret owner).
market
April 3, 2009 - 14:57 ET by Mulligan22In answer to why the market is going up at the moment, they began to suspend mark to market rules for business. This is something put in after the enron fiasco. It hampered business and finally after years of complaining about it, they are getting rid of it. Going back to the older ways of depreciating assets.
On our side??
April 3, 2009 - 15:08 ET by Billybob Redneck"When it comes to the stock market, like it or not, the people are all in," Cramer said. "And now, President Obama knows it. He's on our side. And Bernanke's on our side. And Geithner's on our side too - with his fabulous public-private banking plan."
With friends like these, who needs enemies?
As Neo reaches for the red pill Morpheus warns Neo
"Remember, all I'm offering is the truth. Nothing more."
The Inside Skinny
April 3, 2009 - 15:22 ET by Kingfish17I spent over 25 years working in the financial industry and, over time, got to understand how many of the games are played. When you think of Cramer's background, (which included a long stint at Goldman Sachs), it's easy to see where he is coming from. The major firms and other top players on Wall Streen don't care about "free markets" or a balanced playing field. They want every advantage they can get. It doesn't matter to them who the President is, as long as they have access to him and can steer the agenda so it makes them money.
After a few years, when the real story comes out, we are going to learn more and more about the bailout to AIG and who really got the money, (Goldman Sachs being one of the primary recipients.) I think most of the other TARP money, which is improperly labled a "bailout" will be returned to the government. AIG is another story and the government will take a loss on a bunch of that money.
So as long as Obama doesn't totally destroy the system he's OK with Cramer. The possibility of bank nationalization, and the destruction of bank equity and debt, was always upsetting to Cramer. Since that looks like it's off the table, Cramer can now go back to playing inside baseball.
"When will Barack Obama apologize to the American people for destroying their once great nation?" - MSM 2012
Obvious the O-Team headed
April 3, 2009 - 16:01 ET by bigtimerObvious the O-Team headed by Soros/MM handed the law down to cnbc ...and they have complied for the last two weeks like good little boys and girls.
Doubling down on stupid is not a particularly good idea. ~Andrew Breitbart
There is something to this
April 3, 2009 - 16:10 ET by Kingfish17Just within the last week or so I've noticed an unsettling number of wacked out lefties who know nothing about economics starting to appear on CNBC.
This might actually be good in the long run. I've tried to watch FOX business news, but it's just not that good. CNBC still has a lot of inteligent back and forth conversation about business and economics. But if the wacked out lefty trends continue, we might see more people defect to FOX business.
"When will Barack Obama apologize to the American people for destroying their once great nation?" - MSM 2012
KF... I, too, have switched
April 3, 2009 - 23:57 ET by bigtimerKF...
I, too, have switched back and forth...
I am so glad the majority of the time I just leave it on mute and watch the numbers.
Of course it depends on what is going on during the day and the time slot etc with each network...
Anyway...I'm in agreement with you.
Doubling down on stupid is not a particularly good idea. ~Andrew Breitbart
...
April 3, 2009 - 18:03 ET by dborschjr68What a tool. An ignorant, flaming tool.
Now that Cramer has Caved, his Credibility is Crap
April 3, 2009 - 19:53 ET by R D HelmNuff said.
-Dave
This coup has gone on long enough. The time to put it down is NOW.
Agreed.
April 3, 2009 - 21:10 ET by CKA in Red State USAIndeed, as someone else said, the Chicago thugs got to him.
And, as your signature says, it's time now to put down this coup.
Chicago thugs got to him
April 3, 2009 - 20:12 ET by slickwillie2001The Chicago gang virtually held Cramer out of a window by his ankles, and asked him if he was willing to get with the program. He won't be giving el Presidente any more problems.
So he's the newest pod person?
April 3, 2009 - 21:09 ET by CKA in Red State USAThe invasion of the body snatchers kills another.
Sad.
It's Sad to Watch
April 3, 2009 - 22:37 ET by BondPlainBondSad to watch Cramer succumb to the pressure of the left, and by the left, I mean Obama's administration.
I keep wondering what particular threat is hanging over Cramer's head each time he goes against his well-publicized and former take on the situation which had some rationality about it.
We are dealing with Chicago-style politics via the White House, strong-arming Obama's forte.
Ever since Cramer allowed himself to be dressed down by a mediocre funny man, he's lost all credibility and any shred of professional respect due him.
Just sad. And a whole lotta pathetic.
Didn't take Cramer long to Crater
April 3, 2009 - 23:22 ET by OxyConAfter Obama's thugs got to Cramer, and he was finished off by Jon Stewart, Cramer Cratered.
No back bone. You can't get much more spineless than that sorry display.
He threw in the Bush bash as a way to reach out to Stewart so he can get invited back to Comedy Central next time he has a book to sell.
Ya know... I was just hoping
April 3, 2009 - 23:44 ET by caiobabeJust hoping that Cramer would come full circle and see what he has been crying about in this Obama bailout fantasy.
But, he went back to his roots and fell in line with the rest.
Turns out I was mistaken...
Cramer just doesn't lick it around the edges...he swallows!!!
This is just
April 4, 2009 - 00:05 ET by RESTLESS 1This is just disgusting.
"This
liberal would be all about socialize -- uh, uh, would be about
basically taking over and the government running all of your companies."-Maxine Waters 2008
30 Rock called, smacked him
April 4, 2009 - 03:27 ET by Rizzo30 Rock called, smacked him down for getting beat up by a hack comic.....and for questioning the Messiah after NBC worked so hard to get him elected.
"Jim, Obama cancelled his appearance on the ER finale because of you...make nice so we can still salvage his guest spot on Chuck"
This man has no integrity...
April 4, 2009 - 02:10 ET by SgtCheeseNOLSJim Cramer lost all of his integrity, character, and respect from me when HE did a total 180' on how he was attacking the Obama administration's poor financial judgments.
At least Rick Santelli still has both of his testicals between his legs...
USCG
I must have missed it. When did Cramer EVER have
April 4, 2009 - 11:05 ET by thebutlerdiditintegrity or character? Read Kingfish's post above, it is very well put, by someone who knows the score with the Wallstreeters. They all tend to vote Democrat, mainly because they know which side will give em the most goodies. However, they don't give a rip about free market, they want whatever tools make things best for them, and their jobs, and their profits. There are no humanitarian acts going on on Wall Street, to my knowledge.
All a Democrat needs is the upper-story window of public attention and the chamber pot of rhetoric. How else to explain the rise of Joe Biden? P.J. O' Rourke
"after eight years of
April 4, 2009 - 05:03 ET by Jack BauerCan we get ONE thing straight. President Bush was NOT a "laissez-faire" guy. NO WAY.
Anyone who says that is just living in La La Land. And la la isn't short for laissez. Maybe he doesn't understand what laissez-faire means?
Here's what it doesn't mean: BIG GOVERNMENT SPENDING and CONTROL -- like "No Child Left Behind" ...
Now to be fair, Benito Obama makes Bush look like Adam Smith. But so what?
Jack, agreed. Definitely no laissez-faire for W
April 4, 2009 - 11:11 ET by thebutlerdiditIn his defense, when he came to Washington, he had a little 28 page document that was what he wanted NCLB to be. It was originally a good piece of work. I just blame him for caving and letting Teddy and the gang pile on a few pounds of crap to it, all in the name of partisanship, and then signing it. But, it has actually had some success, not that it was worth it, mind you, but it could have been a big success if he hadn't let them have ahold of it. Of course, we all know Bush never would work with the left, right? The problem was the media sold that lie, the truth was, that's all he did, was work with the left!