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Gibbs Questions Jim Cramer's Credibility

March 04, 2009 9:05 AM

White House press secretary Robert Gibbs was invited to weigh in on yet another CNBC personality yesterday.

An NBC correspondent (natch) asked Gibbs about CNBC's Jim Cramer, who has recently assailed President Obama for pushing "a radical agenda" that "put a level of fear in this country that I have not seen ever in my life."

Mr. Gibbs' digs were less incendiary than the ones he took at Mr. Santelli on February 20, but they were there -- "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," Gibbs said, "but the President has to look out for the broader economy and for the broader population."

More vaguely, Gibbs did suggest that Cramer's track record is not one that should bring instant credibility, saying he doesn't understand "the basis for what Mr. Cramer said, I'm not entirely sure what he's pointing to to make some of the statements that he's made. I think you can go back and look at any number of statements that he's made in the past about the economy and where some of the backup for those are, too."

Past statements by Jim Cramer? What could Gibbs be talking about?

Well, his 2007 comments about subprime lending -- "if every loan in 2006 that was subprime blew up…we would still not notice."

Or his legendary proclamation "Bears Stearns is fine."

This is not my fight; but this is what Gibbs was referring to.

- jpt

March 4, 2009 | Permalink | Share | User Comments (186)

User Comments

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Cramer has lost all credibility with me. The fact that a comedian had to expose such blatant conflicts of interest, pardon the pun, isn't funny. I'm particularly disappointed because I shelled out the money for Cramer's Actions Alerts Plus. And when I tried to cancel the subscription, I found out that it is set up to auto renew automatically, and is non-refundable in whole or even pro-rated . I can't even get a customer service representative from The Street to return my call.

Unbelievable!

Is that even legal?

I should have invested my money with The Daily Show. Jon Stewart has proven to be both more credible and entertaining.

Posted by: Rich | May 8, 2009 10:10:43 AM

Cramer responded today. A Democrat and Obama voter, he made some good points. Google it up.

Posted by: Sigmonde | Mar 5, 2009 9:44:39 AM

Discredit people criticizing the government is common tactics in socialist and communist countries.

Socialists and communists know that they cannot allow these critics to spread around, and hence they discredit everyone who criticize their policies in the public.

Posted by: scotfriz | Mar 5, 2009 1:42:31 AM

Hope and Change.
When investors have hope for a good day.
White House makes announcement, to change the market direction, by making statements with "no specific".
This caused uncertainty, and change in
Stock market direction, stock prices fall.
This change is good for White House. They need a long recession to make people believe that Big Government Spending is necessary to shorten the recession.

Posted by: scotfriz | Mar 5, 2009 1:37:09 AM

moderndemocrat et al

Why did you all vote for Obama? because you believed the hype and got caught up in the moment... in the meantime a real serious politician with gravitas(Hillary Clinton) is taking the world by storm and is credible ... I cant say I told you so! Jim Cramer and santellia etc are right so the market goes up for one day... nobody cares abotu the long run... do something now! and get rid of the ridiculous earmarks!

Posted by: JG | Mar 5, 2009 1:14:52 AM

Rush, Cramer, Santelli are all useful idiots. A bunch of rich do-nothings who'll never worry about health care for their kids, if they have them. The poster boys for what went wrong with our economy.

I'm sure the Administration is glad to have them around.

Posted by: Naveen | Mar 5, 2009 12:20:48 AM

Im baffled as to why the WH press sec is so defensive, or should I say offensive. These guys are making good points about the economy, big spending, and even democrat left wing liberals like myself have to admit that Obama is not keeping campaign promises. Im starting to wonder what I voted for.

Posted by: moderndemocrat | Mar 4, 2009 10:44:07 PM


Ever notice that everyone else is wrong
and not them? Wall Street and Washington
are one in the same. Any effort to show
any difference between them, would be
hard pressed to make an arguement that
one is less of a crook than the other.

Posted by: wis134 | Mar 4, 2009 10:43:13 PM

It is unusual to see the WH elevating individual talk show hosts, and ostentatiously claiming they head the Republican Party. It's also strange that they've singled out Santelli, Cramer, Rush, anyone who challenges their policies.

You'll notice, Gibbs/Obama never actually ANSWER the question. They immediately evade and launch a personal attack. And generally, no one holds their feet to the fire, or calls them out on it. They really are charging through this term unchecked, unvetted, uncriticized, and they're not answering for their policies to the satisfaction of the people.

Cramer said the people are afraid. Gibbs responds by attacking Cramer. Why didn't Gibbs state calmly and reassuringly what Obama's banking and financial crisis solution is, how they're going to go about it, why it will work, and that people can rest assured there's a plan of action.

No. Instead of responding to a plea that the people are afraid due to this financial crisis, he turns around and attacks Cramer.

i have no love lost for Cramer, Rush, Santelli, et al. But they have the right to speak their minds without retribution, intimidation or humiliation from the highest office in the land. It is deeply troubling.

This tendency toward a "policing" approach has even been noted by liberal Democrats. No less than George McGovern has strongly condemned the card check program that is Obama's payback to the unions. Sen. Robert Byrd, D. W.VA, has registered concern that Obama's flurry of executive orders and actions constitute a dangerous executive power grab.

We're watching a headlong rush into a wholly different type of governing system than America has known since 1776. In our system, the free press is supposed to guard against that type of usurpation by the authorities, but instead they're standing aside with their hands in their pockets.

There's a concerted effort out there to collapse this economy, and every time it tries to spring back, the WH issues another desultory, bleak statement about how things are going to be bad for a long time. McCain's effort to investigate the causes of this financial crisis and ferret out the forces involved in the economic collapse should be supported and vigorously pursued.

Posted by: jordan | Mar 4, 2009 9:03:50 PM

Imagine that- a US President who so easily intimidated by a talk radio host, a private citizen. Limbaugh must have more power and influence than I thought or why would a President and his staff be so concerned and scheme against him.? This is very troubling.

Posted by: Sigmonde | Mar 4, 2009 8:12:22 PM

When was the last time we saw an administration publicly attack non-elected private citizens? Nixon?

Disgraceful.

****************************************

What a crock of bull! Private citizen? Who Rush? Rush is Private? The News Media Private? What an absurd argument

Posted by: Thinking | Mar 4, 2009 7:54:59 PM

"Limbaugh doesn't owe Steele an apology."

Steele was right.

Rush is a blowhard entertainer.

That the chairman of the RNC had to bow and scrape before a talk radio doofus shows what dire straits the party is in.

Posted by: Ryan C | Mar 4, 2009 7:21:58 PM

If you all want to know what's REALLY going on, google Santelli and Koch.

Posted by: Flash Override | Mar 4, 2009 7:15:00 PM

"Has anybody heard Rush Limbaugh's apology to Michael Steele?"

"Didn't think so."

Limbaugh doesn't owe Steele an apology.

Posted by: Sigmonde | Mar 4, 2009 7:09:37 PM

/-----
It is disgraceful and unprecedented for the Whitehouse to directly attack a media person.
-----/

I am very happy to see the Limbot clowns attacked. Lord knows the call-ins get hung up on, but they can't hang up on Gibbs!

Posted by: Common Sense | Mar 4, 2009 6:45:00 PM

Everybody knows that whatever Cramer says to do, you will make money by doing just the opposite. Limbaugh, Cramer, Santelli -- all media hogs.

Posted by: Common Sense | Mar 4, 2009 6:34:29 PM

Has anybody heard Rush Limbaugh's apology to Michael Steele?

Didn't think so.

Posted by: Common Sense | Mar 4, 2009 6:33:10 PM

Here we go again, trash anyone who isn't 100% in step with Obama.

Posted by: Ken | Mar 4, 2009 6:29:50 PM

Well Cramer and his audience lost a lot of his money at Wallstreet and they are looking now for someone to blame.

Very cheap.

Stop watching Cramer folks.

Posted by: Jim | Mar 4, 2009 5:55:25 PM

Thanks, Jake, for posting in another blog spot that there are $8 billion in earmarks in the omnibus bill and that it could be stopped by the administration but they are declining to do so.

Posted by: Peach | Mar 4, 2009 5:31:09 PM

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