The stock market right now is a better barometer of Americans’ wealth than the president and his press secretary seem to realize,

In 401k, Cramer, Obama, wealth destruction on March 4, 2009 at 4:07 pm

White House Press Secretary Robert Gibbs on Tuesday pushed back against Cramer’s comments that President Obama has caused “the greatest wealth destruction I have seen by a president.”

“I’m not sure what he’s pointing to, to make some of the statements,” Gibbs told reporters, adding that Mad Money is geared toward a small audience while Obama has to help the entire country.

Cramer in response pointed to the Dow Jones Industrial Average, the S&P 500, Nasdaq and the Russell Index, all of which are down huge since Inauguration Day. And the only small thing about the MadMo audience, he said, is its 401(k)s, pension plans and annuities after the damage Obama’s proposed spending plans have caused the markets.

The stock market right now is a better barometer of Americans’ wealth than the president and his press secretary seem to realize, Cramer said. And while Obama said he’s focused on Main Street rather than Wall Street, he needs to realize the two are merging. Everyday people today have a tremendous amount of exposure to stocks and the declining markets.

President Obama even went so far as to say that right now was a good time to buy stocks.

  1. Q: Does The Ridgewood Blog (& its readers) agree with Rush Limbaugh when he says that he hopes Obama fails?

    imho this would be an interesting poll & an in interested thread.

  2. I for one hopes Obama fails in implementing his wealth destroying policies. His ideas didn’t work when Carter tried it. I really hope alot of Americans end up with buyers remorse.

  3. Obama = Failure

    this goverment run everything failed in the old soviet union and its going to fail even worse here

  4. the stock market doesnt like socialists.

  5. I didn’t vote for him, but I absolutely hope Obama succeeds. My retirement plans are riding on it. Having said that, I think this administration will be a massive failure. The Dems have total control, and they have the ability to pass every half-baked piece of legislation in pursuit of their socialist utopia. Obama’s enemy is not the Republicans. It’s not Rish Limbaugh. No. His enemy is Nancy Pelosi and all the other left-handed, tree-hugging, radical vegans. I’m guessing that a lot of the middle class who switched partie and voted for Obama because of the cool factor, thought they were electing Bill Clinton II. How wrong you were, and I bet you already regret it. I guess you believed all that crap about some small tax increses for the very welathy. Ha. You can already see that you are going to be fleeced so that your money can be used to supplement the dysfunctional, and pay the mortgages of the nitwits who thought they could get rich by flipping a MacMansion. This type of socilaim has never worked and every generation, we have to go through it again. Stimulous Package? Are you kidding me? That was simply the mother of all socialist spending programs dressed up as a stimulous package. Your great-grandchildren will be paying for it.

  6. What would you suggest he should do differently? easy to criticize….not so easy to come up with an idea. I don’t agree with everything he has done, but these are unprecidented times… offer alternatives to back up the words…..

  7. 945 when can I stop laughing at this pathetic comment ,OBAMA has failed already as a president ….the alternatives are vast and right in front of your nose….

  8. 10:23. I too did not vote for Obama, but 9:45 has it right. Someone needs to figure out a way forward. Anyone, such as you, who claims the fix is an easy or obvious one, has zero credibility. If you can’t lead or follow, just get the hell out of the way.

  9. 1125 never said it was easy brother I said the way out is right infront of your nose , contrary to popular belief the US Congress and lax enforcement of existing laws caused this mess. Friends of policicians were granted a free pass on morality by congress,the SEC,many other regualtors ,it wasnt the break down of Capitalism it was the absence of free market principles!
    Ask Obama where he got his mortgage and from whom and you will see my point . The evidence is staggering to prove my point and it is being supressed by the mainstream media’s marxist agenda ,sorry it is what it is …but my friend the revolution is coming and it aint over till the fat lady sings

  10. yes i am with 1136 failure of this magnitute will breed discontent

  11. yes i am with 1136 failure of this magnitute will breed discontent

  12. I would have Obama veto this budget and send it back to be trimmed. Line by line through the budget, that was the promise.

    I would have Obama limit this mortgage bailout to mortages under 200K. Why would the government subsidize mortgages near default UP TO 750,000? That’s more than my mortgage, and I live in Ridgewood.

    There’s 2 suggestions for Mr. Obama to start with.

  13. Saying that you want your President to fail is unpatriotic. Back in the day, Rush Limbaugh would've been tarred & feathered. We've become too soft when it comes to traitors like him.

  14. obama is a failure you dont have to hope it

  15. 612 yea and all you al quada loving pussys are so patriotic?
    You all get what you deserve and now obama is going to get you LOL

  16. call me anything you like OBAMA SUCKS !

  17. the only people unpatriotic are all the main stream media they made this guy as their last big power grab before they all go under

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