Cramer on Geithner: He's Better Than Nothing
Cramer may not like Timothy Geithner, but the Mad Money host hopes a confirmation comes quickly.
“We are in a perilous time,” Cramer said. “We need to have a Treasury secretary.”
The Senate Finance Committee, the media – they’re all spending too much time on Geithner’s past taxes and not enough on what Obama’s pick plans to do if he’s in office. Will Geithner protect ailing banks’ preferred shares? Does he endorse the way Fannie Mae and Freddie Mac were handled? Cramer wanted to know.
Cramer’s been anti-Geithner since learning the New York Federal Reserve president played a key part, along with former Treasury Secretary Henry Paulson, in the collapse of Lehman Brothers. The market’s been struggling to regain its footing ever since. Cramer’s take: They let it happen, claiming there was nothing they could do, but days later leapt to the aid of AIG.
“He is the copilot who crashed the plane,” Cramer said of Geithner’s work with Paulson.
But still, the market desperately needs leadership. And if this is Obama’s guy, then Cramer’s willing to give Geithner a grace period. Though the FDIC’s Sheila Bair might do a better job.
Watch the video for Cramer’s calls on Northern Trust, PNC Financial, US Bancorp , the homebuilders and more.
And don’t miss Google CEO Eric Schmidt Wednesday night on Mad Money.
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