Wednesday, March 11, 2009

Bush v. Obama

Jim Cramer, of CNBC's Mad Money with Jim Cramer, has recently found himself caught in a food fight with the White House. After criticizing Obama's stimulus package as untargeted and the President's doom-saying counterproductive, White House Press Secretary Robert Gibbs demeaned the reach of Cramer's show, to which Cramer posted a lengthy rejoinder defending his claim that Obama has introduced policies that will effect the "greatest wealth destruction by a President." The onslaught of criticism from liberal figures in the public sphere led to this insightful comparison from Mr. Cramer on how the Bush and Obama Administrations handle criticism:

The Bush administration, I believed, simply chose to ignore my warnings, perhaps because of a brutal combination of ideology, fecklessness and complacency. Publicly, it was easy to ignore a carping Democrat, even as most of my insight came from apolitical people who ran many of the major trading desks and were simply worried about the sure-to-come tsunami spawned by subprime mortgages...

[...]

President Obama's team, unlike Bush's team, demonstrates a thinness of skin that shocks me. When I somewhat obviously and empirically judged that the populist Obama administration is exacerbating the crisis with its budget and policies, as evidenced by the incredible decline in the averages since his inauguration, I was met immediately with condescension and ridicule rather than constructive debate or even just benign dismissal...
A fairly accurate, albeit solipsistic, assessment, in my opinion.

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