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.