Cramer during Tuesday’s Stop Trading! took issue with comments from a key House Republican, who called on President Obama to fire his economic team.
Minority Leader John Boehner of Ohio said during a speech in Cleveland that the president should get rid of Treasury Secretary Timothy Geithner and White House economic adviser Larry Summers for starters. But Cramer stepped in to defend Geithner.
Boehner’s comments were “outrageous,” the "Mad Money" host said. “Geithner’s done a remarkable job.”
Cramer praised the Treasury secretary for restoring the US banking system and creating “a system that, frankly, would withstand 1930s-like depression.” Cramer also called Geithner a “great spokesman” for the US’s economic agenda.
“I’m not happy with Obama’s policies,” Cramer said, “but I don’t sense at all that it’s Geithner’s fault. And I sure hope that whatever happens he stays.”
Cramer said he doesn’t care for the rest of the economic team because, “Where are they?”
As for Federal Reserve Chairman Ben Bernanke, who is not a part of Obama’s economic team, Cramer endorsed his work throughout the credit crisis as well. Bernanke is “unbelievably good,” a student of history who understands deflation “better than anyone.”
In fact, both Bernanke and Geithner see the parallels between the 1930s and now, whether they be in terms of the dollar, gold or the relationship between bonds and stocks. It would have been easy for the US to slip into a “very serious depression,” Cramer said, but the country did not. The US suffered a “garden-variety depression,” is in a “re-recession moment” right now, but he’s confident the economy will rebound as long as these two men are steering the ship.
“These guys are very, very acutely aware of what can go wrong,” Cramer said. “We’re lucky to have them.”
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