Cramer Calls WSJ the ‘Fox Street Journal’; Refers to Democratic Party as ‘Bolsheviks’

September 8th, 2008 3:08 PM

On MSNBC's "Morning Joe" September 8, Jim Cramer took a shot at owner of The Wall Street Journal, Rupert Murdoch, in the midst of talking about the Fannie Mae and Freddie Mac takeover:

I read The Wall Street Journal, sorry, The Fox Street Journal. When is Murdoch going to put his positive right wing implant on left wing journalists? ... When is Murdoch going to broom the Spartacus workers union?

As for Fannie and Freddie, Cramer told the hosts of the September 8 broadcast that "We had a laissez-faire attitude. Now we are going to have the greatest bureaucracy in history created by Republicans. I'm an agent of change," Cramer said sarcastically.

Later in the segment, Cramer joked that the Democratic Party were "Bolsheviks" quipping, "There. How's that for biased media?"

But you better watch your pocketbook because Cramer said that a federal bailout of the two mortgage giants was a "home-run plan," even though it could mean hundreds of billions of dollars in taxpayer money.

"I am telling you that your house is going to bottom in price next year in part by efforts like this. It's a home run plan," Cramer said on MSNBC's "Morning Joe." He also called the plan a "home-run" on NBC's "Today."

Treasury Secretary Henry Paulson and Federal Housing Finance Agency Director James Lockhart announced September 7 the government would take over management of the government-sponsored enterprises (GSEs).

Cramer told "Today" co-host Meredith Vieira that the takeover was a good thing even though it may end up costing taxpayers "tens of billions of dollars." "But the government, the people are getting a stake in these enterprises. That is bullish so I think it's pretty darn good," he said.

He told the "Morning Joe" team the move could cost "several hundred billion." But he said it would benefit investors who hold stock in banks. "There's a definite, definite move for the rich to make more money today," he said.