Cramer Blames Inflation on Ethanol: 'Drop the Mandate, Prices Plummet'
In the past couple of weeks, NewsBusters has reported the media's sudden negative opinion of ethanol as a result of rising food prices and rationing of rice by certain retailors.
You can now add NBC to the list, and, in particular, the host of CNBC's "Mad Money," Jim Cramer, who on Friday's "Today" show actually blamed ethanol for the current crisis while stating emphatically, "You drop the mandate, prices plummet."
With this in mind, strap your seatbelt tightly across your waist, and prepare yourself for an alternate ungreen reality (video embedded upper right, use scroll bars to properly center):
MATT LAUER, HOST: Let's start with food prices. We've got food inflation that's the highest in 17 years. What's driving these prices?
JIM CRAMER, CNBC's "MAD MONEY": Two things. One, longer term, great affluence of China and India. Those people now want protein-filled diets, beef and chicken. Short-term, though, ethanol in this country. That mandate has bid up everything. You drop the mandate, prices plummet.
I couldn't agree more, Jim. Let the plummeting begin.