Daley as Chief of Staff Is Good for Everyone
Web Editor, "Mad Money"
The announcement of William Daley as President Obama’s new chief of staff is “too good to be true,” Cramer said during Thursday’s “Stop Trading.”
The “Mad Money” host praised Daley for being both pro-business and pro-consumer, pro-management and pro-shareholder.
“He lives to serve,” Cramer said. “He wants to make everybody money: the consumers, the workers, the stock holders.”
By picking Daley, a JPMorgan Chase executive and former commerce secretary under President Bill Clinton, Obama is bringing in someone who was not part of his original inner circle and someone who has deep business experience at a time when fixing the U.S. economy is Obama's greatest challenge ahead of his 2012 re-election bid. And Daley’s connections within the business community could give CEOs an ear to bend in the White House that wasn’t there before.
“He’s a guy that business likes,” Cramer said, “and that’s because he understands the need for businesses to make money. But he also understands the need for the consumer to not be hurt.”
Cramer called Obama’s inclusion of someone with such a long history in business a “major shift” for the president. Because while Cramer likes Treasury Secretary Geithner, he has spent most of his life in public service. Daley, however, will offer direct ties to and experience with the business community.
“This is a true sign that Obama has moved big,” Cramer said.
In stock news, Cramer told viewers to buy Limited Brands because the company had reported a “really great quarter” but was down regardless with the Retail HOLDRs ETF. He also said he likes Microsoft’s new Kinect technology.
–Reuters contributed to this report.
When this story published, Cramer's charitable trust owned JPMorgan Chase.
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