Politics | 03/04/2009 8:40 am
Robert Gibbs Fires Back at Jim Cramer's Stock Statement

Move over, Rush Limbaugh, for the White House has a new nemesis in the media.
Calling President Obama’s economic plan "amateur" and "destructive," CNBC money man Jim Cramer insisted that the President must focus more on the stock market, or face the consequences, "Until the Obama administration starts listening, until they start paying attention to what you’re watching — to the stock market, until they realize that their agenda is destroying the life savings of millions of Americans — then all I can give you is caution." Well, that certainly doesn’t sit well with the White House.
Press Secretary Robert Gibbs took a few swipes at Cramer during a press briefing last night, saying, "I’m not entirely sure what he’s pointing to to make some of the statements."
Gibbs went on to suggest Cramer’s simply preaching to a small, potentially insignificant choir:
If you turn on a certain program, it’s geared to a very small audience. No offense to my good friends, or friend at CNBC. But the President has to look out for the broader economy and the broader population.
We’re not going to take sides in this debate, but we do think the current climate may be a bit more complicated than simply watching the stock ticker. But that’s just us…























45 Reader Comments (so far…) Sign In or Register to comment
If the guys who make finances their very lives cannot agree on one solution or another, it seems ludicrous to offer one myself. All I can do in good conscience is my best to survive the storm and to help any within reach do the same.
I have decided to trust in the intelligence and intentions of my President. I’ll support his decisions in this.
Gibbs: But that’s just us…
You’re correct, Gibbs. It is just you.
caj,
Did you seriously see anywhere in my posting that stated Mr. Cramer was the only voice out there that has all the answers to this crisis?
"we do think the current climate may be a bit more complicated than simply watching the stock ticker"
That it most certainly is. The stock market as it exists today reflects nothing relative to the real economy of this country. All the numbers game on Wall Street is telling us is the mood of Wall Street.
I sympathize with the current and former working middle class people who still have 401Ks that they’re losing due to this, but those people are the minority on Wall Street. I sympathize with the middle class workers in the financial institutions who are losing their jobs now due to the unethical practices of their company execs, but no more so than I do with the 4.2 manufacturing workers who lost their jobs between 2000 and 2004 while their former corporate employers paid themselves billions, paid no taxes and made the stock market reflect a false economy while putting Americans out of work.
Wall Street is run by and for the corporate barons and they are pretty much irrelevant to the real American economy since they moved all of the American jobs to Asia. They’re not providing jobs here. They’re not saving jobs here. They don’t invest their billions back into their own companies to keep them solvent. They don’t even keep their money in the banks here.
President Obama is rebuilding a sound economic infrastructure with jobs rebuilding America’s infrastructure. He’s providing for our long term economic future by making health care and education available to and affordable for our future generations.
He’s bringing down the deficit by making those who took so much from America in jobs and corporate tax cuts put some of it back into America by paying the taxes they should have always been paying.
Wall Street is their neighborhood. They’re not going to turn it into a slum. Once they see that their threats and temper tantrums aren’t going to make this President dance to their tune they’ll change it to one a lot more harmonious.
Until then let them dance to their own music eat cake.
Sherrie…where do i start?
"irrelevant to the real American economy "….." reflects nothing relative to the real economy of this country"…what planet are you from?
50% of the people in this country are either investing or have money in 401k’s for current or future retirement. They are NOT the minority.
You are truly delusional to think that middle class people are losing jobs due to the unethical practices of their company execs or that all the lost jobs are in financial institutions….. my firms losses are a dirett result of subprime mortgage abuses….no negligence on our part. My customers need money to develop and I cannot keep people on the payroll sitting all day on the internet .
Obama’s plan long range succes is dependant on the economy recovering and so far his actions and words are not helping confidence at all to even allow that to happen!
He is "attempting" bringing down the deficit onthe backs of the people that not only create jobs but are already are paying 90% of the tax revenue on expenses with our current budget BEFORE his new dream world budget that has yet to pass!
Even some Dems are seeing the handwritiing on the wall and are having second thoughts about it!
What took jobs from manufacturing is damnd from the consumers for low prices ..how can you do that with cadallac retirement plans like the UAW and top wages????
Obama will waltz us right into a depression to satisfy his campaign promises to his followers at the xpense of the rest of the country.
He may cut off his nose to spite his face though!
So glad you have no real sympathy for those who are hurting…as you sit comfortably in your own home!
Jim Cramer is not a reliable source, and the only reason he’s so popular is that he knows how to scream and show his dramatics.
How nice it would be if the Masthead would have a true economist as a consultant instead of these windbags.