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Stop Trading!: Obama Changes Tone
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Lawrence Summers’ message to the Brookings Institution on Friday had “a great tone” and was “most heartening,” Cramer said during Stop Trading!. He likened it to Summers’ swagger while working in President Bill Clinton’s administration, when Wall Street seemed to trust the government’s ability to both regulate the markets and the economy.
“Larry Summers’ speech reminds me that there’s a pro-growth part of this administration,” Cramer said, adding that today’s message was a noticeable change for President Obama’s team.
“I think they got some religion when they saw the market go down so much,” Cramer said, referring to the Dow declines that followed Obama's announcement of his spending plans.
President Obama finally realizes that everyone needs to start making money – both rich and poor, Cramer said – if we’re to get out of this trouble. Statements from Obama, Treasury Secretary Geithner and Summers, director of the National Economic Council, all seemed to be saying, “We’re not about hurting the market. We’re about making everyone more prosperous.”
“That’s a good, good message to spread,” Cramer said.
Hopefully, Geithner’s speech next week will offer a plan to solve banks’ problems with toxic assets. Cramer wants the Treasury secretary to follow Federal Reserve Chairman Ben Bernanke’s lead. Bernanke has called for less government pressure on financial institutions and a change in mark-to-market accounting, which is a big reason those assets are so toxic.
If Geithner agrees with Ben Bernanke, Cramer said, it is “game over” for the banks’ short sellers.
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