Posted on 03/03/2009 5:01:48 AM PST by governsleastgovernsbest
Jim Cramer is a man of the markets. But he’s also a self-confessed Democrat. So when he pulverizes the president’s plans, there’s no partisan impulse in play.
On this morning’s Today, Cramer described President Obama as having a “radical agenda” that is “the greatest wealth destruction I’ve seen by a president.”
A bit later, Cramer foresaw the possibility of a depression, and called on the president to mend his ways.
View video here.
(Excerpt) Read more at finkelblog.com ...
Like a lot of other democrats, he was originally pushing hillary. When that didn't pan out they jumped on zero's bankwagon.
Thanks for the ping.
The RTC didn't buy up bad mortgages, because there were no bad mortgages. There weren't even bad S&L's, until the Congress made the S&L's business model untenable.
The RTC mortgages had been made based on reasonable house evaluations and made to folks with reasonable credit ratings. Neither is true for todays troubled mortgages.
The S&L's held mortagages at 4%, while paying depositors 3%. But Volker needed to kill inflation, and in the process the interest rate the S&L's needed to pay went well above 4%.
Then the S&L's went into junk bonds to try and get something paying high interests to cover the problem. That worked until the government forced them to sell the junk bonds, which of course meant a fire sale, and fire sale prices.
Nothing the S&L's held were bad, not the mortgages, nor the junk bonds. They all paid off. The only thing bad was the business model or giving long term loans based on short term deposits. This business model was always at risk if the interest they had to pay on short-term deposits went up.
The S&L's business model was a creation of the the government, to help folks buy homes. The higher interest rates was a product of the government, a successful attempt to kill inflation. The necessity to sell off the junk bonds was an idiotic Congressional jab at Wall Street, that backfired at the usual grand Federal level of collateral damage.
Maybe the Obamas can have a party in the White House and distract the MSM from seeing the coming disaster.
Or they could use something shiny...
Jim Cramer does look a lot like Lenin.
It is total destruction of the U.S. economic system, by design.
To force us to accept a Global Government.
Wow, people are actually beginning to see it and say it out loud. I am heartened. Just connect the dots. No president can be that stupid or inept when it comes to economic policy. Obama is just a willing puppet for those pulling his strings to do this.
In my opinion, those in both parties that want this are TRAITORS......
http://www.youtube.com/watch?v=_nkZ3eHeXlc&feature=related
He does a 180 on his position, and denies he even did it. Unbelievable stuff.
BINGO ! ! ! !
We have a winner..
Somebody get this man a medal.
Go to this Obama loving website and read the comments. The sugar is rapidly flaking off the turd.
The US Presidency is not his final goal... The US is so last century.. The World community is where it’s at.
I’m King of the World!
yep.
i love it when liberals realize they’re getting screwed.
there was last week the ned johnson, ceo of fidelity, realization that fdr-lbj2 won’t work.
I wonder just how bad it will have to get before the majority of those who voted for Zero actually realize what they’ve done.
I have a theory. That theory goes that Cramer and other democrats disgusted with Bush believed Obama’s Reagan-like rhetoric and did not realize what a Marxist he really is. Remember that in 1993 many republicans called Clinton a Marxist. But Clinton working with a Newt congress had a pretty successful presidency economically. But a Marxist like Obama with Marxist Pelosi congress should have been a predictable disaster. They thought Obama was Clinton. Obama only flim flammed like Clinton, but Clinton really wanted to fix the economy and was a capitalist.
We need to get Wall Street out of Washington and Washington (ie Democrats) out of Wall Street. To Cramer: It’s too late to apologize. Kindly fire yourself.
Wow. I never thought I’d see this.
One of the problems is our country is in uncharted territory, and many including your stepfather and my relatives too, do not believe these people are intentionally interested in leveling everyone into same pidgeon hole financially.
That’s one of the few cogent analyses I’ve seen on the S&L crisis. You could expand it to include a broad range of ancillary problems and attempted cures, but that’s the nut.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.