Jim Cramer

Out of Touch Lauer Wonders if Wall St Glitch Caused by Someone Pushing Wrong 'Typewriter' Key
By Geoffrey Dickens | May 7, 2010 | 10:16 AM EDT

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:

CNBC's Cramer Predicts Goldman Sachs to Get Record-Breaking $2-3 Billion Fine, Management Possibly Let Go
By Jeff Poor | April 26, 2010 | 3:43 PM EDT

While questions swirl about the ins and outs of the Securities and Exchange Commission charges against Goldman Sachs (NYSE:GS), and the eventual result is no clearer.

According to CNBC "Mad Money" host Jim Cramer, after the release of several e-mails from Goldman traders, including Fabrice Tourre, who described the investments at the firm "like Frankenstein," the investment bank finds itself in an untenable position.

Cramer told MSNBC's April 26 "Morning Joe" that Goldman really has no defense if, as the government alleges, Goldman misled investors when it established a mortgage-backed security in 2007 for a hedge fund client looking to bet against the housing market. And that's in addition to facing heat from shareholders for not revealing that it received a Wells Notice from the SEC.

'Mad Money' Cramer: Health Care Passage 'Will Topple the Stock Market'
By Jeff Poor | March 19, 2010 | 8:28 AM EDT

While a vote on health care reform legislation appears to be imminent, should it pass it could have broader economic implications, even if the bill itself won't take effect for some time.

As CNBC "Mad Money" host Jim Cramer predicted - if it passes, get ready to see a sell-off on Wall Street. Cramer appeared on CNBC's March 18 "The Kudlow Report," with his former broadcast partner Larry Kudlow. Kudlow asked Cramer to elaborate on his theory ObamaCare could send the financial markets reeling or "topple the stock market," as Kudlow described it.

"First, it is the single biggest impediment to the stock market going higher," Cramer said. "And a lot of this has to do with what's not being talked about enough with how it's going to be paid and also about what it will do to small business formation. This bill is a disaster for both."

Biden Debunked: Cramer Declares Avoiding Taxes a 'Patriotic Duty'
By Jeff Poor | March 12, 2010 | 4:55 PM EST

Back during the 2008 presidential campaign, then-Sen. Joe Biden, the Democratic nominee for vice president said it was "patriotic" for people to pay more taxes, in an interview on ABC's "Good Morning America." But what if you don't have to pay more taxes legally?

Biden's reasoning was simplistic - that we all need to "jump in, time to be part of the deal, time to help get America out of the rut." But according to CNBC's Jim Cramer, based on legal precedence, the Internal Revenue Service encourages people to pay as little tax as possible, as long as it is within the boundaries of the seemingly endless U.S. tax code.

"The government has made it very clear in a series of tax rulings since the income tax started - and I learned this at law school - that it is actually well within your patriotic right to try and pay as little tax legally," Cramer said on CNBC's March 12 "Street Signs." "See, tax avoidance is actually part of the IRS - says listen tax avoidance, you can do it. Tax evasion is against the law. Tax avoidance, the IRS has always said listen you have every right to try and have tax avoidance. And believe me, I'm going to take advantage of it."

CNBC's Jim Cramer Challenges 'Infuriating' Pessimistic Media 'Bias'
By Jeff Poor | February 23, 2010 | 4:27 PM EST

Did you think the negative economic reporting would stop once George W. Bush was out of office and Barack Obama was in? It hasn't.

Although you could argue that the press has done its best to make Obama look good despite economic troubles, as Congress debates a jobs bill and other legislation meant to improve the economy before elections in November, could the media be painting a darler economic picture than is accurate?

Even though consumer confidence has dropped, CNBC's Jim Cramer insisted Feb. 23 the press is getting it completely wrong. He argues the media is "accentuating the negatives" and ignoring the positives.

Cramer React to SOTU: Notes Nat Gas Ignored by Obama; Defends Geithner
By Jeff Poor | January 28, 2010 | 6:09 PM EST

President Barack Obama encouraged some business interests by mentioning nuclear energy and offshore drilling during his Jan. 27 State of the Union speech. Those less popular energy solutions joined the usual alternative rhetoric of wind, solar and bio-fuels.

But on CNBC's Jan. 28 "Street Signs," Jim Cramer, host of CNBC's "Mad Money" noted something was missing - an important onshore energy source, natural gas. And as for the nuclear energy signals - he wasn't convinced Obama was serious.

"I mean, I want to point out I thought the nuke thing was just the boilerplate nuke," Cramer said. "[Energy Secretary Steven] Chu is a research director, the Energy Secretary, really is more of a professor. Offshore oil and gas, the issue is onshore. Natural gas wasn't mentioned, got to be really careful about that."

Cramer Rips Obama 'Lurch Toward Populism': 'Now on an Anti-Shareholder Rampage'
By Jeff Poor | January 26, 2010 | 9:27 AM EST

It was initially thought the election of President Barack Obama was just going to hit your pocketbook in the form of higher taxes. But if the past several days are any indication, the president has found another way to hit it - by attacking your stock portfolio.

On CNBC's Jan. 25 "Mad Money," host Jim Cramer advised his viewers to be aware of this and to strategically position their stock portfolio with an eye on Obama and Washington's expanded role in the private economy.

"In the last week the world of investing has been turned upside down by Washington," Cramer said. "We can no longer afford to look at stocks the same way we did before the GOP upset in Massachusetts. With the Obama administration now on an anti-shareholder rampage, we now have to factor in political risk when we evaluate different sectors. And the risk may be higher than anytime since Jimmy Carter, who truly hated profits, especially if they were big. In the midst of earnings season, suddenly politics has become just as important as revenue growth or market share gains or earnings' beats. So we need a new prism for valuing stocks."

CNBC's Jim Cramer: Brown Win Tuesday Causes Huge Stock Rally As Investors Celebrate 'Pelosi Politburo Emasculation'
By Noel Sheppard | January 17, 2010 | 1:25 AM EST

Former Barack Obama supporter Jim Cramer on Friday said the stock market would have a huge rally if Scott Brown defeats Martha Coakley in Tuesday's special senatorial election in Massachusetts.

"I think investors who are nervous about the dictatorship of the Pelosi proletariat will feel at ease, and we could have a gigantic rally off a Coakley loss and a Brown win," said Cramer on Friday's "Mad Money."

"It will be a signal that a more pro-business, less pro-labor government could be in front of us."

The often outspoken CNBCer marvelously declared it a "Pelosi politburo emasculation" (video embedded below the fold with partial transcript):

Greenspan, Cramer Argue Government 'Agenda' Inhibiting Economic Recovery
By Jeff Poor | December 14, 2009 | 8:34 AM EST

In his 1981 inaugural address, former President Ronald Reagan said, "Government is not the solution to our problems; government is the problem." Nearly 29 years later, that still holds true according to CNBC "Mad Money" host Jim Cramer and former Federal Reserve Chairman Alan Greenspan.

Both Cramer and Greenspan were guests on NBC's Dec. 13 "Meet the Press" and although neither was making a vain effort to be nostalgic, but instead explained that Congress' deliberations over an "agenda" was creating uncertainty for business.

"I think the priority ought to be get rid of the agenda," Cramer said. "I hear the agenda over and over again from business people. In other words, Congress is stalled on health care. I favor universal health care, everyone does in this country. But Washington is killing job growth, not - and then trying to stimulate it small scale? How much does it cost to bring a new employee in? We don't know. We don't know what the health care will be. We don't know what the tax scheme will be."

Oops -- Cramer's October 12 Unemployment Prediction: 'We Are Not Going to Reach 10 Percent'
By Jeff Poor | November 7, 2009 | 2:28 PM EST

Drinking the Kool-Aid on MSNBC wasn't enough, even for CNBC's Jim Cramer, to escape the reality that Obamanomics isn't working.

Back on October 12, Cramer, to his credit, knew there were some problems with the $787-billion stimulus passed earlier this year. However, he felt it was necessary to pledge his admiration for President Barack Obama, Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke. But, Matthews asked Cramer if there would be something tangible to back up that praise.

"OK - let me ask you the question," Matthews said on MSNBC's Oct. 12 "Hardball." "Let's talk about how we keep score in electoral politics, that's how we keep score. Between now and next summer, when people begin to decide how they're going to vote in next year's election, will the employment rate be coming down by then?"

Cramer to Wall Street Execs to Be Hit by Obama’s Draconian Pay Restrictions: Let Them Eat Muni Bonds
By Jeff Poor | October 21, 2009 | 7:14 PM EDT

Worried about a potential slippery slope with the Obama administration dictating what people are paid in the private sector - TARP bailout or no TARP bailout? Message from CNBC's Jim Cramer: Get over it.

On CNBC's Oct. 21 "Street Signs," the "Mad Money" host ripped into Wall Street executives that objected to the government dictating the rules of compensation. Opponents argue these pay restrictions inhibit Wall Street firms ability to retain the best employees possible - an argument Cramer says doesn't matter.

"Hey, there's no God-given right to work at those companies," Cramer said. "These people can go off if they want to. I know that [Citigroup Inc. Chief Executive] Vikram Pandit has kept 23 of the top 25 people with very severe pay restrictions. If you believe in your institution, you stay. See, a lot of Americans are looking at those pay cuts and thinking, ‘How do I get in on the action?' So I don't really care."

Cramer Likens Bonus Outrage to Lenin in 1917: 'It's Really about Stringing Up Guys'
By Jeff Poor | October 15, 2009 | 7:51 PM EDT

Lately there's has been an anti-Wall Street sentiment, propagated by the media that has become exacerbated as the Dow Jones Industrial Average (DJIA) hit 10,000 Oct. 14.

On CNBC's Oct. 15 "Street Signs," Jim Cramer, host of "Mad Money," was asked by fill-in host Melissa Francis what he thought about the outrage over Wall Street hitting its stride, while unemployment continues to rise.

"What did you think about [Morgan Stanley CEO] John Mack's answer to the big question of the day, which is the divergence between Main Street and Wall Street?" Francis asked. "We see Dow 10,000 - bonuses are back at the same time Main Street is in a shambles."

Cramer took a different and unexpected tact by explaining he was a Spartacist, one who believed in a Communism in his youth. But during that time in his life, he said he became very familiar with the teachings of Vladimir Lenin.