CNBC’s Jim Cramer made a statement on NBC’s Meet the Press Sunday that likely shocked the host as well as the other liberal media members involved in the discussion.
After David Gregory mentioned Friday’s lousy unemployment report, Cramer said, “This is stunning. Stunning. And I think a lot of it had to do with fearmongering” (video follows with transcribed highlights and commentary):
That was not the cry of a dyed-in-the-wool conservative politician. Rather it was Jim Cramer, CNBC’s own host of “Mad Money,” speaking to the upcoming fight in Washington over the debt ceiling. [See video after the jump]
During the panel discussion on Sunday's NBC Meet the Press, CNBC Mad Money host Jim Cramer launched an assault against Americans for Tax Reform president Grover Norquist for holding Republicans to a pledge not to raise taxes: "What this is about is avoiding a recession which is going to happen....You're going to sacrifice that on the cross of two percent. Is that what you want?" [Listen to the audio or watch the video after the jump]
Norquist, a fellow panelist, shot back: "I'm supportive of the Republican position, which is we need to have economic growth, not higher taxes. If we grew at four percent a year instead of two percent a year, Reagan levels instead of Obama levels, for one decade we'd net five trillion in additional revenue. That would pay down the debt that Obama has run up with the Solyndra stimulus stuff."
Cash for Clunkers, the failed Obama scheme to try to save the auto industry, is still wreaking havoc. This time on a an American pastime: demolition derby. Many in the news media applauded the clunker of a program, including The Washington Post which repeatedlypraised this program in 2009, trumpeting and increase in consumer spending. But many of those stories also ignored the problems of the program.
Surprisingly, in the Nov. 21 edition of The Washington Post magazine, reporter David Montgomery wrote an article about the possible demise of demolition derby, a popular pastime in rural areas where competitors rebuild old cars in order to see which lasts the longest after they smash into one another. A number of problems are facing derby participants, including a shortage of old cars strong enough to be able to compete.
CNBC’s Jim Cramer predicted a possible recession by Christmas if lawmakers didn’t step up and make some sort of deal in regards to the looming fiscal cliff. His prediction came during an Nov. 11 appearance on NBC’s “Meet the Press.”
“We can gift wrap a recession by Christmas. We can set it right into place without some agreement,” Cramer told “Meet the Press” host David Gregory. He attributed that week’s stock market drop to that same lack of certainty.
On Friday's NBC Today, less than two hours before another poor jobs report, co-host Matt Lauer touted a bold economic prediction: "Some of the analysts I've been reading have said that no matter who is president over the next four years, the economy will add about 12 million jobs just because of the cycle it's in." CNBC Mad Money host Jim Cramer agreed with the rosy scenario: "...a lot of pent-up demand in autos and pent-up demand in exports. It's not such a bad moment."
Earlier in the discussion, Cramer predicted that the upcoming jobs numbers would be "a little better than expected" from the projection of 135,000 jobs created in August, with "Maybe 10,000 jobs more than that." At the top of the 9 a.m. hour, fill-in news anchor Tamron Hall delivered the much more disappointing reality: "[The unemployment rate] now stands at 8.1% for the month of August, down .2% from July, but only because more people gave up looking for work. The economy added 96,000 jobs last month."
On Tuesday's NBC Today, co-host Matt Lauer invited CNBC Mad Money host Jim Cramer to elaborate on calling Mitt Romney a "job destroyer" as the head of Bain Capital on Sunday's Meet the Press: "You speaking as a pundit, or do you have some experience here?" Cramer declared: "He was talking about rationalizing the workforce, making it so that the companies were more efficient. Matt, these were code words back then. Code words for firing people."
On Sunday's NBC Meet the Press, CNBC Mad Money host Jim Cramer followed Obama campaign talking points perfectly as he decried Mitt Romney's business record at Bain Capital: "Romney's known as a job destroyer, not a creator....I think Bain sticks. I think the idea that you bring in Bain...they fire a lot of people and that's how they get prosperity for the rich." [Listen to the audio or watch the video after the jump]
At the same time, Cramer dismissed a positive forward-looking Romney ad outlining specific policy proposals: "I just don't think that this will stick." He concluded the Bain attacks against Romney were "a more resonant theme" and better "than anything that Romney's come up with."
But, looking back, some journalists predicted the opposite: that the Greek economy would survive because of government bailouts. Huge fan of government-deficit spending, Paul Krugman, has been writing about Greece a lot, arguing that its trouble is proof that austerity doesn’t work.
Filling in for co-host Matt Lauer on Friday's NBC Today, CNBC's Carl Quintanilla seemed to suggest the media was helping the Obama administration shape public perception of the economy: "...we're in a situation where we're sort of managing expectations, especially for the White House."
Quintanilla followed that admission by asking CNBC Mad Money host Jim Cramer about the upcoming jobs report: "Data's been pretty good. If it's not so good today, does that mean we're suddenly once again going in the wrong direction?" Cramer replied: "I don't want to think that. I think that there are many good forces at work."
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):
During 2009 and 2010, liberal commentators and even politicians made a point of bashing conservative commentators such as Glenn Beck and Laura Ingraham for allowing gold companies to advertise on their shows, arguing that conservatives and gold companies cynically colluded to deceive viewers into buying bad investments. The recent spike in gold prices seems to prove that the conservative commentators were right after all.
Gold prices topped $1,900 an ounce on August 22. The price of gold rose over 400 dollars since the beginning of this year, up from $1,421.40 per ounce since January 1st, 2011, and has rapidly risen over the past two months. The price of gold was $854.60 per ounce at the start of the Obama administration. In other words, gold prices have more than doubled since the beginning of the Obama administration.
The solution to our raging unemployment rate is so simple, I'm kicking myself for not thinking of it before. Luckily, Chris Matthews did. The government simply needs to spend more money! Because, as "everyone knows, as we studied in school," government spending creates jobs!
Matthews, just as wacky on the weekend Hardball as he is in his Mon.-Fri. version, went on a two-segment rant this morning, pleading for higher government spending on the theory that government can put people back to work across the country.
First Jim Cramer and then Bob Shrum were only too happy to agree. The supposedly capitalist Cramer went so far as to suggest that government, and not small business, is the engine that drives the economy.
Matthews closed by claiming that the private sector isn't working to create jobs, and thus government must do so, darkly warning that otherwise "you're going to have an unstable society."
Appearing on Wednesday's NBC Today, CNBC Mad Money host Jim Cramer blamed the debt ceiling standoff for stocks falling on Wall Street: "All people can talk about is the whole slow down that Washington triggered, the 'manufactured crisis,' as the President mentioned..." Co-host Ann Curry wondered: "To what degree did the spending cuts called for in this bill have an influence in this perception?"
Cramer argued: "We've seen a trillion dollars lost in the stock market. Much of it is associated with companies that were doing well because of government – some people call it hand outs, I would say spending – and I think that, that is a huge part of the decline." Curry touted an over-the-top prediction: "One advocacy group, the liberal-leaning Economic Policy Institute, says the economy could lose 1.8 million jobs in the next year due to the cuts in this deal."
On Tuesday's NBC Today, co-host Ann Curry touted President Obama trying to scare the American people into supporting his debt ceiling plan: "He called for public activism, so much so that we hear that Capitol Hill web sites were crashing last night because so many people were trying to e-mail their representatives. It looks like he spooked main street...will he also spook Wall Street?"
Curry directed that question to CNBC Mad Money host Jim Cramer, who promptly rejected such doom and gloom: "No, not at all. Frankly, Wall Street's very calm. The markets are looking pretty good today....No one's buying the panic, no one's buying the skyrocketing interest rates economic crisis scenario."
CNBC's Jim Cramer appeared with Matt Lauer, on Tuesday's Today show to pronounce that big business is warming to President Obama as he cheered: "This is a new president. The market is up 12 percent since he changed his ways. He doesn't say he's changed his ways, but boy business sure feels he has." Cramer even went on to predict the economy would be recovered by the 2012 election as Obama was: "Making people feel more comfortable spending, he's making companies feel more comfortable spending." However, at no point did Cramer or Lauer suggest a GOP controlled House, that will be a block against business-stifling legislation like cap and trade and Obamacare, as a reason businesses may be feeling more "comfortable."
Lauer began the segment saying America initially hailed Obama's anti-business stance as he offered: "A year ago the President was bashing Wall Street, talking about the fat cats and their bonuses. And you know what? People all across this country agreed with him," but then questioned the host of Mad Money, "now we're hearing a very different tone. Is this all about the fact that jobs have not come back as quickly as people want?"
One day before what many say will be an historic election; CNBC appears to finally be embracing one of the most famous moments in the network’s history: A Feb. 19, 2009 “rant heard around the world” by CME Group floor reporter Rick Santelli, which is credited by many for igniting the Tea Party movement.
Throughout the day on Nov. 1, CNBC aired a 30-second spot encouraging viewers to tune into its network for election night coverage. The promo said to tune to CNBC “when the economy is topic A” and concluded with part of Santelli’s famous rant, “President Obama, are you listening?”
So we’re back to this again? We’re 21 days out of the midterm elections and the media are back looking to capitalize on anti-Wall Street sentiments.
On the Oct. 13 broadcast of NBC’s “Today,” host Matt Lauer referenced an Oct. 12 Wall Street Journal report to his guest, CNBC’s Jim Cramer, about Wall Street pay hitting a record $144 billion. Lauer, of course, just looked at the headline without examining exactly why pay on Wall Street reached that level. (The Journal cites “firms, benefiting from low interest rates and strong international markets” as a reason.) Instead Lauer argued that executives were somehow solely responsible for the financial collapse – not the irresponsible borrowers and asleep-at-the-wheel regulators – and therefore not entitled to such pay.
“Well you see, bubble’s a complicated term because a bubble to me implies that you’re never going to get your money back,” Cramer said. “People say that there's bubble in bonds – you will get money back just you may not do that well. Bubble in Chinese real estate – entirely possible. The Chinese economy is a growth economy and can sustain a bubble in one area and not others. The gold bubble is what people talk about. They talk about it when gold’s down for a given day but -- I think as our resident gold expert, I mean you could tell us – finding costs have gone up. There’s just not a lot around.”
An organization once headed by former Obama administration official Van Jones tried it. Other so-called grassroots organizations have given it a shot. Now Rep. Anthony Weiner, D-N.Y., with the power of Congress in tow, has taken his best shot to shut Glenn Beck down. But so far it isn’t really working.
With congressional hearings, you'd expect the media to be all over this, right? Not exactly, at least thus far. The most attention Weiner’s charade could muster was a segment at the end of MSNBC’s bomb-thrower show, “Countdown with Keith Olbermann.” Olbermann asked Weiner on his Sept. 23 broadcast if Goldline was in cahoots with “willing partners like Glenn Beck,” since anyone who suggests gold be a part of someone’s portfolio is up to no good.
Someone's a little full of the power of his network apparently.
On Sept. 20, CNBC hosted a so-called "town hall" meeting on its network about President Barack Obama and how his administration is dealing with business issues. Obama took some criticism from participants and observers said the president was playing defense. However, CNBC's "Mad Money" host Jim Cramer had a different take on the made-for-television event. According to Cramer, Obama's appearance was a net-positive for the stock market.
"Do you know why this market went up and stayed up today, with the Dow voting 146 points, S&P rising one-and-a-half percent?" Cramer said on his Sept. 20 broadcast. "Because today during the fantastic CNBC-hosted town hall with El Presidente, we got the ultimate confirmation that we are seeing a new and improved more pro-business President Obama! And that's change the market can believe in."
It is a curious phenomenon - the way the media have handled the economy since President Barack Obama has taken office. Generally the coverage has been on the optimistic side over the last 18 months. But could this blind optimism come back to haunt people that trade on economic metrics?
According to CNBC "Mad Money" host Jim Cramer, it will and in a big way on Aug. 27, when the new gross domestic product numbers are released. On CNBC's Aug. 26 broadcast of "Street Signs," Cramer predicted dismal numbers during his "Stop Trading" segment, which has been contrary to the way the market reacted.
"Look, I'm going to give you my forecast right now - I think we're going to get 0.5 percent GDP, OK?" Cramer said. "But, let's say we get 0.5 percent GDP. Everyone's going to say it's horrible. We're going to go track down economists, Nobel winners who think it's a double dip. And it'll be like shocker - 0.5 percent. And I'm telling you it's going to be 0.5 percent. It's like the housing number. On my show I said it's going to be declined 50 percent. We get 30 percent. It was like shocker. Whoever is making these estimates is just so wrong because you know, you piece these pieces together on a daily basis like I do and come up with something between zero and 1 percent growth."
OK - it's not really much of a surprise. However, Federal Reserve Chairman Ben Bernanke has responded to the slowing economic recovery with restraint, not tinkering with interest rates and showing a continued willingness to buy mortgage-backed securities and long-term Treasury bonds. And that was roundly applauded by the markets, and CNBC "Mad Money" host Jim Cramer.
"Here's what you need to know about the Fed," Cramer said. "They're not in the way. I'm a Fed-is-friend, Fed-is-foe guy."
On CNBC's Aug. 10 "Street Signs," during his "Stop Trading" segment, Cramer explained that the Fed is acting appropriately and noted it wasn't the Bernanke that was holding the economy back. Who is to blame? It's Congress, according to Cramer, with its complicated health care bill and even more indecipherable financial regulation bill.
Gold has been a highly valued commodity going at least as far back as the ancient Egyptian culture in 2600 BC. But now, with economic instability and uncertainty over the health of major global currencies, the demand for gold has risen as a store of value and a hedge against inflation.
Over the past 12 months, the price of gold has gone up dramatically - up 25 percent from July 2009 (from $929 per ounce to $1,163 per ounce, after reaching a high of $1,250 per ounce). That has outperformed the Dow Jones Industrial Average (DJIA) on a percentage basis.
CNBC's Jim Cramer appeared on Wednesday's Today show and pretty much admitted the obvious to Meredith Vieira, that all of Barack Obama's policies geared to help hiring are "not working." On to talk about the Dow dropping on Tuesday, Cramer pointed out "there's too much fear" about what the Obama administration will do about taxes, which led to Today co-anchor Vieira to question "Do you believe the President's policies are creating the conditions necessary for businesses to hire?" To which Cramer bluntly stated "they're not working."
The following segment was aired on the June 30 Today show:
On CNBC's June 29 broadcast "Power Lunch," Rep. Paul Kajorski, D-Pa. made a pretty prediction about the Dow Jones Industrial Average (DJIA) should Congress be unable to pass financial regulation legislation. [Video Available Here]
"You know, I wish every one of them would ask the question and also the industry and media, what happens in this country if this bill fails?" Kanjorski said. "Do you think 236 points down on the Dow is surprising? Check 1,000 or 2,000 points if we fail to change the ways that caused this problem."
That caught the attention of CNBC's Erin Burnett, who played the clip for "Mad Money" host Jim Cramer. Cramer blasted Kanjorski and the entire institution of the federal government for being a drag on the markets for a myriad of reasons on his June 29 "Stop Trading" segment of CNBC's "Street Signs."
Reports are surfacing that BP is finally considering a suspension of its shareholder's dividend, but what could have been done differently to avert the public relations nightmare BP is facing? Two CNBC hosts had some ideas about that, and about what could have happened if BP chose not to play ball.
Jim Cramer and Erin Burnett shared their thoughts on the "Stop Trading" segment of "Street Signs" June 11. According to the "Mad Money" host, Obama could have set a foul precedent for multi-national businesses if BP (NYSE:BP) didn't agree to make some concessions on how it is handling its day-to-day operations in the wake of this ecological crisis.
"I think that this is a, a stock that represents great value but you're dealing with the government," Cramer said. "I saw that Nancy Pelosi, she's the second most powerful person in our country, saying that they shouldn't be paying a dividend. I mean, this is one of those situations where I know, the president's approval ratings are down and what you got to do is you got to go after BP if you're the president. I'm not saying I would do it but I'm saying if I were the president of the United States, BP is public enemy number one and you're not even going to listen to what the British say. You just gotta say, ‘Guys, here's the deal, we're not, we're not going to have any dividends here. And just you know, take it or leave it, partner, because this is a company that needs U.S. ball play."
Talking with CNBC's Jim Cramer on the May 6 "Hardball" about the Greek fiscal crisis, everyone's favorite MSNBCer blamed "right-wing" dictators from the Cold War era for financial troubles in Greece, Portugal, and Spain [MP3 audio available here]:
I'm a political guy, you're a money guy. Let's crosswalk this thing. It seems to me that you and I grew up with the fact there were dictatorships in Europe. They were in the Iberian peninsula and in Greece. You had Franco, who overstayed the Second World War a bit, by about two generations. You had Salazar in Portugal, and of course you had the Greek colonels.
The right-wing governments in Europe seem to be the ones that are most precarious right now: Greece, Portugal, Spain.
What's the connection? Is this a complete coincidence, or is it old-line right-wing politics that never quite stabilized into serious social democratic countries? What happened?
When was the last time any one used a typewriter? Well on Friday's Today show, in talking with CNBC's Jim Cramer and Maria Bartiromo, in what has to be a classic out of touch moment, Lauer flashed back to the '70s when he asked if yesterday's market drop was caused by someone hitting the "wrong key on a typewriter." Later on, after perhaps being informed by his producer that no one is using an IBM Selectric any more, Lauer used the more updated terminology of "keyboard." [video below the fold] [audio available here]
The following exchange was aired on the May 7 Today show: