Another Pundit Comes To His Senses?
CNBC's Jim Cramer in October:
And while any president will be an improvement over the current one, there is a growing belief on Wall Street that Barack Obama has the capacity to lead us out of this wilderness while John McCain does not. I’ll go a step further: Obama is a recession. McCain is a depression.
"I thought the prices, the screen, the action, the sense of a vortex down that cannot be stopped, of equities becoming worthless, of savings becoming tattered, of a stock market without bottom," Cramer said. "But this time in slow motion, I felt the total lack of control that we all feel right now - the ‘it's out of my hands,' the ‘where's the authority,' the, ‘Hey, it's amateur hour at our darkest moment.' It's the feeling of capitalism vanishing, businesses capsizing under their own weight - thanks to an administration that doesn't seem to know or maybe doesn't care."
The "Mad Money" host observed that the "change" mantra that Obama campaigned on was actually coming to fruition, but he said it was coming to the detriment of the American economy.
"Hey - I get it," Cramer said. "Young president, big landslide, vigorous agenda, Congress that smells Republican blood - might find changing the world simply irresistible. We all want to change the world. I know I'd like to change the world, but when you talk about wealth destruction, don't you know that you can count me out?"
And naturally, in response, Obama's press secretary attacks Cramer by name. Man, the Nixon Obama White House's enemies list is growing a lot faster than the economy itself.
Update: Welcome Insta-readers! And for video of Cramer's meltdowns du jour, click here for yesterday's and here for today's. And for some thoughts on the latter, check out this post by Jonah Goldberg.