Economist Not Thrilled About Obama Economy
100 Days, obama, stimulus 6:04 AM
Jim Cramer knows something about money.
He knows about stocks, he knows about economy, and he knows we're on the wrong track. On Hardball with Chris Matthews, Cramer outlined why our government is making the wrong move on housing, stimulus spending, jobs and banking.
Asked what the Trillion Dollar Stimulus will do, Cramer answered, "Uhh... very little." He went on to add, "We're not going to put many people to work, and it's a shame. That's really been a big part of the problem."
Cramer described the Obama housing plan as "class warfare" and warned that another round of defaults is imminent because the plan does little to reduce principal balances while focusing only on interest rates on mortgages.
On banking, the economic guru blasted Treasury Secretary Tim Geithner for allowing investers to destroy common stocks and creating fear. He added that the banks needed to be taken away from the marketplace and put together with private investments for longterm health. "He. Is. The. Problem., Cramer offered of Geithner."
He knows about stocks, he knows about economy, and he knows we're on the wrong track. On Hardball with Chris Matthews, Cramer outlined why our government is making the wrong move on housing, stimulus spending, jobs and banking.
Asked what the Trillion Dollar Stimulus will do, Cramer answered, "Uhh... very little." He went on to add, "We're not going to put many people to work, and it's a shame. That's really been a big part of the problem."
Cramer described the Obama housing plan as "class warfare" and warned that another round of defaults is imminent because the plan does little to reduce principal balances while focusing only on interest rates on mortgages.
On banking, the economic guru blasted Treasury Secretary Tim Geithner for allowing investers to destroy common stocks and creating fear. He added that the banks needed to be taken away from the marketplace and put together with private investments for longterm health. "He. Is. The. Problem., Cramer offered of Geithner."
Posted by Nick Stone
on 6:04 AM.
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I did the math.
$ 3.6 trillion proposed budget-- I think that's roughly $12,000 in proposed spending for every man, woman and child in this country (300,000,000).
$ 1.75 is the projected deficit, almost $6,000 (plus interest) for every person in this country.
--johninca
Would you like to write a check, put it on your American Express, or can we just take that out of your grandchildren's college funds?
Hope the Chinese Government doesn't send us to collections!
thanks for sharing...cramer is the only talking head talking any sense these days - i honestly wish he were 'in charge' - he called all of this years ago...