CNBC's Cramer: Wall Street Hates Obama Like He's Carter -- He's 'Destroying This Country'
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)
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Comments
I Hate to Feel Hate, But...
Submitted by Motormouth KOS on Fri, 09/16/2011 - 6:22pm.
I don't hate Comrade Zero.
But I hate the fact that he is the President.
I hate the fact that the media is corrupt.
I hate having to wait another 14 months.
The Obamination... A crisis leading to a catastrophe..(please donate to MRC)
Let's impeach.
Submitted by Red Jeep on Fri, 09/16/2011 - 10:02pm.
Convince the Dems it's their only hope for re-election
I'm not sure if I want to listen to Wall Street.
Submitted by E.S.Blofeld on Fri, 09/16/2011 - 6:23pm.
If Wall Street hates Obama for destoying their profits...hmmmmm. Which America is Obama destroying? I thought it was all of America as a whole nation not just their slice of America.
Ernst
"Isn't it pretty to think that way?"-EH
Wall Street In New York Pulls Up The Bridge Expects No Help
Submitted by Avitar on Fri, 09/16/2011 - 7:54pm.
It has been well over a hundred years since the business community on Wall Street could expect any aid from the New York City or New York State.
But their America supplies
Submitted by dscott on Sat, 09/17/2011 - 10:42am.
But their America supplies the money to create the jobs for my America. I want them to be profitable, for in their success my success is increased.
An ancient Biblical principal: Jeremiah 29:7 - "Also, seek the peace and prosperity of the city to which I have carried you into exile. Pray to the LORD for it, because if it prospers, you too will prosper."
Let them make lots of profits, they have to do something with the money. If they spend it on themselves my fellow blue collar workers will be employed making their cars, their houses, their yards, etc. If they save it, it must be invested somewhere like a bank which makes loans so I can buy a car or house OR in a new enterprises which employs me OR expands an existing business which means again I get a job. It's a win/win scenario. This is not like the old days of mercantilism when rich people accumulated piles of gold hoarding wealth which did no one any good. Their slice is my slice, thus there is only one America.
I hate how Obama hates our
Submitted by rbosque on Fri, 09/16/2011 - 6:54pm.
I hate how Obama hates our country.
Obama is hated because he has
Submitted by Ken James on Fri, 09/16/2011 - 7:25pm.
Obama is hated because he has actively promoted division in this country. Everyone hates everyone else. It's the Obama way and it started with Joe the Plumber. Not once has Obama stood up and told his party or his media to tone it down. He thrives on this garbage and thinks it's cute talking about "bring a gun", or run his middle finger alongside his nose. What is to like about this man? He is disgusting and I have not, and will not call him my president.
Ken James---
Submitted by matthewdean on Fri, 09/16/2011 - 7:37pm.
And there it is, in a nutshell.
You are on a wave length with many concerned citizens, though many will not voice said concerns for fear of appearing either racist or not being desirous of "somehow" working things out with the opposition.
A fool's errand, that.
The liberal Dems currently in office want to bury our collective conservative arses; and to deny that is the height of being inattentive to the real world happenings since Obama took office.
And who is at the apex of the many headed Hydra doing such severe damage to our economy, foreign relations, and ability to live a carefree life without onerous government oversight?
I rest your, and my, case.
MD
Obama is hated
Submitted by bradkarr on Fri, 09/16/2011 - 11:25pm.
I totally agree with Ken. Sarah Palin told up what would happen 3 years ago. I surmised what would happen due to my experience stationed in the Chicago area while in the Navy. It's called the Chicago way.
Obama is a Chicago thug.
Submitted by Newsbubba on Fri, 09/16/2011 - 7:40pm.
What's not to hate?
He is a Fascist. What's not to hate about Him?
He hates American freedom. What's not to hate about Him?
He hates capitalism. What's not to hate about Him?
He hates our military. What's not to hate about Him?
At first I hated His policies, but then I got to know Him, so yeah, I hate His RBFSOB ass now.
PS - I already forwarded this to the White House Communist Revolutionary Council website, so I'll save any of you trolls the trouble.
Newsbubba---
Submitted by matthewdean on Fri, 09/16/2011 - 7:56pm.
What's not to like about your list?
ABSOLUTELY NOTHING. :o)
MD
Bubba's an uptight,
Submitted by killa37 on Sat, 09/17/2011 - 2:21am.
Bubba's an uptight, intolerant racist who is pissed off because he won't qualify for one of Boy Barry's new $235 K 'jobs'!!!!!
"He's 'Destroying This Country'"
Submitted by Dave. on Fri, 09/16/2011 - 8:08pm.
Well, no sh*t, Sherlock.
What was your first friggin' clue?
Obama is doing exactly what he said he was going to do all through the campaign leading up to the '08 election.
The problem is, those who should have been paying attention (people like you) weren't.
If me, Dave Nobody, a lowly project manager and engineering CAD technician for a land surveying/engineering outfit with about 30 employees could spend a few hours on the Internet and noodle Obama out completely, why couldn't you, Cramer?
I'll tell you why: You and your ilk had your star-struck heads crammed so far up Obama's orifice you could neither see, nor breathe.
Thanks to you ignoranuses and 100 years of government "education," we're stuck with the Dear Ruler for fourteen more months.
This fraud has now pushed our national debt to over 101% of GDP, and our overall debt is now in excess of $132 Trillion.
At this point, I just hope we can make it for the next fourteen months so we can maybe right the ship before it rolls over.
BTW: I wouldn't take investment advice from you if I had a million dollars to just piss away.
-Dave
Vote for the American in November
Ya think that anybody was
Submitted by killa37 on Sat, 09/17/2011 - 2:25am.
Ya think that anybody was going to do any 'homework' on Boy BlahBlah, Dave??
The good news is I know quite a few people here on an outer island of Hawaii who have admitted to me that they've been 'punk'd' by the biggest punk in our nation's history!!1
The bad news is that the c**ksucker is STILL President, and the MSM is STILL trying to 'get his back'!!! Hell, I figured that he 'got his back' everytime he went to one of his gay clubs in Chicago!!!
Kramer??? Methedrine-addled psuedo-economic idiot..............and his politics are even worse!!!
Dave
Submitted by Radical1979 on Sat, 09/17/2011 - 10:06am.
Cramer is on CNBC as a commentator because his funds suck and he couldn't make a living at it. When they put him in as a commentator I knew CNBC had fallen from investment news to garbage.
stock move this week
Submitted by OffTheLows on Fri, 09/16/2011 - 9:43pm.
was mostly about the perception that Europe will bail out Greece. We've traded in this 10% band as sentiment about a Greek default heightens and eases. But yeah, the closer we get to the elections, the more the markets will factor an electoral result. And I suspect the range will be 25% based on whether Romney or Obama wins, a slightly narrower band for Perry, maybe 17%, absent other factors like GDP and earnings growth would otherwise have. That also assumes Republicans retaining the house and probably in either an Obama or Republican presidential win getting the senate back in the republican hands since so many more incumbent Dems are up for election in the senate in '12.
Coming out of a coma, Cramer?
Submitted by drsamherman on Fri, 09/16/2011 - 10:51pm.
Where in the devil have you or your head been in the last three years? Either you were drugged, in a coma or your head became rectally impacted. It took you this long to realize Oblamebush was incompetent?
Considering that you and your Democrat-donating cronies on Wall Street were at least accessories during-the-act or at best co-conspirators, your sudden return to reality would not play well in a competency hearing.
At the rate Obama has this country going off the cliff
Submitted by djwolf12 on Fri, 09/16/2011 - 11:00pm.
Jimmy Carter looks like he could actually challenge and win the Democrat Primary to beat Obama next year.
Cramer?
Submitted by retrocon on Sat, 09/17/2011 - 10:06am.
Isn't he the genius from Seinfeld?
But seriously, what he's not telling you is that Wall Street is divided.
Some, those with vested interest in Obamas fascist state, love him. They want more regulation, because it keeps smaller competitors down or out. They want more tax code, because they are the beneficiaries of socially engineered "loopholes" that the left will never tire. Just ask ExxonMobile and GE. Obama repeatedy targets EM as consuming tax loopholes, when they pay 4 billion a year. He never mentions GE, they pay zip in US taxes.
Cramer should be so lucky to have the intelligence of Kramer.b
I have noticed that when
Submitted by jessieH on Sat, 09/17/2011 - 10:52am.
I have noticed that when Democrats say negative things about Obama, none of them are called racists by the lame stream media. But a Republican and the American Citizens get hammered from all sides, when we say the same thing.
"..when Democrats say negative things ... "
Submitted by Rackie on Sat, 09/17/2011 - 12:38pm.
Let's give it a try "I'm a Democrat (wink wink) and I think Obama is a "way in over his head, empty suit, racist incompetent" who is doing great harm to this country.
I'll be in my bunker, just in case....
Hinterland Understanding
Submitted by Gazinya on Sat, 09/17/2011 - 6:02pm.
What those in the 'money game' are missing is the millions of people who have lost their money to these charlatans. I'm not speaking of 'only' the Benankees' or the Giethners or the Summers or the Greenspans but those sitting on their piles of 'bonus' graft. It is also the incomprehensable denial of the politicans. When their legislation increases 'fair and shared' taxes on the corps, it's WE THE PEOPLE who pay the increase. These 'hats' don't even know if the gas bill or the electric bill or the water bill or the grocery bill or the insurance bill or the medical bill goes up. They just have their 'accountants' pay them while they 'drink margaritas poolside'.
What could change to get The Lucifarian Socialist Obama re-elected again? Nothing comes to mind that isn't illegal or violent.