Jim Cramer, a Democrat and Wall Street insider, made a statement on CNBC's "Squawk Box" Friday morning that most definitely turned heads in the White House.
Speaking about the disappointing data released by the Conference Board, Cramer said that traders hate President Obama "like Jimmy Carter was hated" because they believe he's "destroying this country" (video follows with transcript and commentary):
JIM CRAMER, CNBC: Let's take the Conference Board at face value. Let's say that's right. That means that the American people would be joining business leaders who have so turned on Obama. I mean, look, you don't understand. When you are off camera, I mean -- the disdain for this guy. I often find myself saying like Trump did, “Hey, come on, it’s America. He's our president. Support him.” But the disdain is off the charts.
I mean, this guy is just hated. Okay? He is hated like Jimmy Carter was hated. I think we have to tell our viewers that because when these mikes are off, these guys are saying, “Listen, it’s Obama that's destroying this country.”
I always say, “Come on, come on. The Democrats and the Republicans are destroying the country.” But we all know that a lot of this rally I think is a subtext. The subtext is, “You know, maybe we won't have been Obama to kick around anymore,” a la Governor Nixon.
For those not understanding the Conference Board reference, Reuters reported early Friday:
Consumer sentiment inched up in early September, but Americans remained gloomy about the future with a gauge of expectations falling to the lowest level since 1980, a survey released on Friday showed.
That survey came from the Conference Board which in Cramer's view means Americans have turned on Obama. I'm not sure I'd go that far as August was a horrible month for stocks which always reduces confidence.
As for what Wall Streeters are saying about the President, since Cramer is possibly one of the biggest media insiders to such folks given his prior career as a hedge fund manager, he likely knows what he's talking about.
His point concerning this rally's political connection is on shaky ground, though. Did stocks rally this week because traders believe Obama's days in the White House are numbered?
I find that a little dubious because we're still almost fourteen months away from Election Day, and investors are far shorter term in their thinking than that. Even the folks at Intrade are currently 50/50 on Obama's relection. I don't see a lot of money coming in yet strongly betting on his defeat.
Even so, if Cramer is right how traders are looking at the current White House resident, this doesn't only mean Obama will lose the votes of Wall Streeters - he'll also lose their financial backing which was so crucial to his election in 2008.
(H/T Breitbart TV)