“They Pretend To Work, We Pretend To Pay”
By Rabble Rouser Reverend Amy on February 4, 2009 at 4:45 PM in Barack Obama, China, Economic Stimulus, Economy, Morning Joe, Tax stimulus package
So says Jim Cramer. Love him or hate him, the guy comes out with some real doozies. In this article, “Cramer on Obama’s Anti-Wall Street Comments: “We Heard Lenin,” Cramer lets fly:
With all the populist sentiment generated from the economic slowdown by politicians, CNBC “Mad Money” host Jim Cramer is seeing eerie similarities with the comments of President Barack Obama and the words of a communist revolutionary.Cramer, appearing on MSNBC’s Feb. 2 “Morning Joe,” drew comparisons between remarks between the first head of the Soviet Union, Vladimir Lenin, and Obama. Obama criticized Wall Street’s moneymaking on Jan. 30, when he said there would be a time “for them to make profits, and there will be time for them to get bonuses. Now’s not that time. And that’s a message that I intend to send directly to them.”
Whoa - he sure doesn’t mince words, does he?
Cramer said that was similar to Lenin’s writings. “Let me tell you something, we heard Lenin,” Cramer said. “There was a little snippet last week that was, ‘Now is not the time for profits.’ Look - in Lenin’s book, ‘What Is to Be Done?’ is simple text of what I always though was for the communists, it was remarkable to hear very similar language from ‘What Is to Be Done?’ which is we have no place for profits.”According to Cramer, China, which is the United States’ largest debt holder – about $682 billion – is currently faring better with capitalism, even though that government has operated communism for the last half century.
Oh, but it gets better:
“Thank heavens for the Chinese communists, deeply rooted in a profit government,” Cramer said. “Because we have decided that profits have no place in the system.”Cramer wasn’t sure what phase of the teaching of Lenin the United States was heading, but he narrowed it down to two.
“It’s the time for nationalization, and I’ll say this,” Cramer said. “Either the new economic policy Lenin, or it’s the initial storm-the-winter palace Lenin. I’m not quite sure yet. It’s a mid-’20s situation. It could go either way.”
Gee, Jim - why don’t you tell us how you really feel??
His interview with Scarborough continued:
“Morning Joe” host Joe Scarborough asked Cramer about the $100 billion in tax cuts given to people who don’t pay taxes and how close that was to socialism. “This is as close to unprecedented of a total all-out socialist bill as I’ve ever seen in my life,” Scarborough said.“They pretend to work, we pretend to pay,” Cramer replied. “I think that the real issue here is that socialism was always pretty good for creating jobs. I felt there were other forms of economy that actually confiscated jobs and socialism would be a real step-up from what we’re [at] here.”
I am getting the distinct impression that Cramer is none too fond of Obama’s economic solutions! But in all fairness, I need to include the final paragraph of the story:
Cramer hasn’t been afraid to play the socialism/communism card when attacking politicians. In November 2007, he called New York State Attorney General Andrew Cuomo a “communist” for being in his attacks on now-failed mortgage lender Washington Mutual.
But Mr. Cramer is not the only economist who has problems with to Obama’s plan. Approximately 100 signed onto an ad published in the New York Times concur that Obama’s plan is not the right one. Here’s the ad (and you can click HERE to access the text under, “Mr. President, We Disagree”):
I’m glad at least some folks are looking at these plans with a critical eye, and not just jumping on the bandwagon (or being pressured to do so). This is our money, and we have already thrown away way too much of it with the first bailout plan, which had NO oversight. Whatever plan we institute, it must have clear oversight and accountability. No more throwing money at problems and hoping something will stick.
As for Cramer’s comparisons, what do you think? Justified critique or hyperbole?
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Maybe he said that “now is not the time for prophets?” Just a thought
I think actually he meant excessive profit-taking, but that isn’t what he said…
LOL, beebop - good one!
Team Obama is now leakign to the press that the Stimulus wa snto authored by the White House people. They are tryign to blame Nancy Pelosi for all the pork in it.
Uh oh…where’s the bus?
Speaking of which, can we ask Nancy to forego her new jet? I read recently that she’s ordered a $5million jet to replace one that has to stop to refuel on the way to her SF digs. Initially, wasn’t she supposed to fly commercially? Then they gave her a government plane and now she’s trading up.
Sounds to me as if this in not the time for a new plane, Nancy.
Ha,ha, throw grandma under the bus!
This is our money
With all due respect, RRRA, this is really our children’s, our grand-children, and our great-grand-children’s money. We are so far in debt that this generation will not be able to pay this debt off.
I think there is more than a grain of truth in what Cramer says. There is a lot of pork in this bill. But there is some socialism as well. Obama, Pelosi, and Reid are leading the nation down a very slippery and dangerous slope.
Obama doesn’t know what he is doing. And Pelosi just wants her pork wet dreams. She has waited eight years to do this and by God, she will take the country down with her as she spends us into oblivion. She did not want Hillary becasue she can be the only queen bee and she thinks history will rate her as great. But insted, she will preside over the fall of a once great and proud nation.
And she proclaimed that “500 million Americans per month will lose their jobs” if Porkulus doesn’t pass.
Wow this really is worse than the Great Depression.
It’s on Drudge today.
Watching her say that is just painful to watch as a once proud and long voting Democrat(sic). And she thinks that Cindy Sheehan is a light weight? Really? All of those years in office and the number didn’t sound unblievable to her as it was coming out of her mouth? Unbelievable.
I agree with everything you said, bert.
Good points, Bert! Thanks!!
I heard Obama make this statement, Rev. Amy, and immediately I wondered: No profits? Then how does a business call itself a business? How does a business stay in business? And no business, where are the jobs coming from? Or is the Government planning to step in and take the place of small businesses, which have been the major job base across the country for decades?
I wish I trusted this man and his proclamations more. But I simply don’t.
As for Cramer? I think his schtick is often hyperbole, that over-the-top style. But this time when he rolled his eyes, I was rolling my eyes with him.
Thanks for the essay and links!
Since I still believe, sincerely, that PITO’s goals is ‘complete chaos,’ followed by an invitation for a summit in Washington with the leaders of his favorite countries, Chavez, Lula, Putin, Kim, Aminijad, Hu, Assado, Raul, Ortega, Cristina and Evo.
A scary thought, Lark. And Che Guevara is considered a revolutionary hero in many quarters.
Remember those banners during the primaries?
http://www.youtube.com/watch?v=OrA9zj94NuU
WATER’S ON SOCIALISM
Yep, Maxine lost all credibility with me when she said that Fannie and Freddy were doin’ just fine, thank you very much. She should be retired.
Know the danger here? The government is capping executive pay for these companies… and they have positioned us in the issue so that we are all high-fiving them for doing it. The main problem is not with executive pay so much… it’s the whole idea of bailouts to begin with. Let the bad companies fail, and guess what? Companies will take their places… hopefully, a little smarter for the experience of their predecessor.
But McCain had to capitulate when his time for leadership came up. Same as Hillary, with her acclamation vote.
Yes, had McCain opposed the bailout… I wonder how that would have affected the election? In retrospect, I think that was his calling… his place in would be history. He missed his opportunity. We all missed the one real chance at real change.
And, wouldn’t Sarah be busy throwing out the crooks? I doubt that neither Timmy nor Tommy would have been offered a job in their administration…
Cramer can be a blowhard but he’s making a distinction here between socialism and communism and accusing the POTUS of being sympatico with the latter.
My initial and instinctive fears about Obama have been revived. I’m worried that he feels it’s an opportune time to finish off our economy in order to pave the way for a Marxist form of government. His father was a Marxist economist. His mother and grandparents were fellow travelers. The populist pandering is getting a bit scary because there are few checks and balances right now and a lot of the voting public is very worried if not desperate.
I hope Minority Leaders McConnell and Boehner are up to the task they’re faced with. I just read that Boehner is in agreement about the executive pay cap issue. It’ll be interesting to read the fine print — it could all just be a bunch of blather.
Yesterday Mark Levin talked directly to government employees in his radio show and told them that if they think their pensions were safe, to think again. I thought that was genius. He told them that with socialism their pensions are less safe.
This is in my opinion what talk show host need to do right now, imitate the Great One. They need to talk to government employees directly on the questions about the stimulus package and bring them aboard to oppose the stimulus package.
Justified critique. I have respect for Mr. Cramer–he is a showman but he always has sound principles behind his opinions–but would like to ask him just one question: WHAT TOOK YOU SO LONG?!?!? Really, Obama’s background and speeches ALL pointed to precisely this type of stance. No one should be surprised.
Thank goodness some are putting up publicity against it. That ad from the Cato Institute appeared in several papers (I think WSJ was another one). Back during the campaign, there had been a website (’Economists for Mccain’, gone now), listing 537 economists from academia with tons of great articles. My point–many real experts have never been comfortable with Obama’s stance on the economy. The O-team response is always to trot out one guy, Krugman, who won the Nobel once–whopee–if you check you’ll see it was for a paper that examined national protectionism in emerging markets, NOT on larger scale macroeconomic theory–and get him to blather on with no supporting facts to his rants.
Socialism does not work. Ask East Germans, Russians and Chinese over the age of 30. They lived it. Why are we going down that road????????
Because, a group of “old hippies” never grew up and went on to become the reigning democrats in Washington. Because, not enough seem to care anymore. Because, the younger kids have had all negative references to “communism” stricken from the educational system. Because, of misplaced “idealism”. I could go on for quite a while actually.
I heard about this clip on another blog and was astonished by it, as I have been more and more since just before the election. Who would have expected Marxism to be so boldly proclaimed in the US like this, especially after so many Communist governments have failed?
It seems only the people who actually lived under a Communist system, ie. the immigrants from those countries, aren’t wrapped up in some romantic notions about it. The whole thing about the 60s radicals coming into their own now was really a shock for me.
Back when I was studying Russian, at the time of the fall of the Berlin Wall, I never dreamed anyone in America was so interested in Communism. (I only studied Russian because I thought the alphabet was pretty and was good at languages.) I was born in 1970, and nobody in the program I was in, even the Stalinist history classes, ever hinted at how fashionable and even desirable it was here in America to be Communist.
Sure, I heard about McCarthy, but there was no real Communism in America, according to the silence surrounding the issue I heard just about everywhere. Now going back to read the history books just to figure out what was going on in this election has revealed quite the opposite situation.
I am sure he though he would ride the wave high. I am sure he’s been busy getting rich with the downturn. But what’s happening is that there is a probability of a truly bong kind of Phelps depression where everything goes kaput simultaneously.
where’s the socialism? giving money to the already rich and powerful seems more like a corporatist aristocracy than socialism. as far as the people who don’t pay *federal* income tax, some of us do work, we just don’t get paid worth a shit, as is evidenced by the tax bracket we’re in. something needs to be done to increase the income of WORKERS in this country, but a lot of people are still taking the “let them eat cake” attitude.
And also because the “commissars” are getting very very rich. Only the stupid people work for private industry in today’s world. The way to make money is to manipulate the taxpayers’ money so you get a big share. Look at Dashle. Millionaire. Look at Panetta. Made $700,000 last year. All while pretending to be good little Democrats, “for the people” as opposed to those nasty Republicans. Hypocrisy, pure and simple.
For these people, who control all the power, of course socialism/communism is a good deal. Nothing like paying yourself w/ taxpayers’ money. And risk-free at that.
I am just sickened by the state of my country right now. I literally feel queesy.
Doesn’t it seem he’s already been in office forever?
Yes!
Oh my GOD … YES! I wish my vacations felt like they landed this long ….
LOL
It’s EXACTLY what I thought this morning when I read LD’s post titled, “be careful what you wish for…” regarding capping the salaries of CEOs:
Lenin’s New Economic Program [NEP].
I rarely agree with Jim Cramer, but on this occasion, he’s got it precisely right.
Good for Cramer. He’s right.
He was always a Hillary supporter.
This is the procedure, that is what we do with insolvent banks. That is what the FDIC is for.
We don’t prop up the bad banks. The regulators help them become solvent through a resolution and restructuring of their bad debt, and then either sell them, sell their assets independently, or allow them to re-emerge as good banks once they are solvent
This is precisely what Le Café Américain has had on the menu for the banks over the past seven months, with some detail behind it, including systemic reforms.
We do not burden an entire national economy, we do not cripple an entire banking industry including many regional banks who have done no wrong, in propping up a few insolvent institutions who arrived at that state through outrageous bad management.
There is widespread suspicion that this exercise is designed to protect a handful of large money center banks from realizing their losses - JPM, C, Morgan Stanley, B of A, and Goldman Sachs.
Let the system work. Do not continue to privatize the gains and subsidize the losses.
And then let the criminal and civil investigations of the major actors in this modern tragedy begin, if we ever wish to ‘restore confidence’ in Wall Street in the public and the rest of the world.
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AMEN, JESSE. AMEN.
“I never give them hell. I just tell the truth and they think it’s hell.” Harry S Truman quotes (American 33rd President of the United States, 1884-1972) …