GO
Loading...

Does Obama Hate the Banks?

So long as President Barack Obama remains in office, Cramer said he can't get behind bank stocks.

"The banks are hated by this president," the "Mad Money" host said Monday. "It's very easy to say a negative thing [about the banks] and get picked up by the press. It's a great way to run for office is to smash banks."

Cramer addressed financials after taking a question from Scott, a "Mad Money" viewer, who said he recently bought SunTrust Banks shares on its ability to repay the bank bailout. Since then, the stock has only traded lower and Scott wondered if he thinks that could change.

The financial institutions won't see shares go higher so long as the White House, U.S. Congress and U.S. regulators continue to hate on them, Cramer said. He can't take the bank beat down anymore and doesn't think home gamers should either.

The next question came from Michael, who asked why light sweet crude trades at a discount to Brent crude. Cramer said the reasons are two-fold. First, it's difficult for the oil in Texas to get to the market. Second, the "true price" of oil has long been deemed Brent. For that reason, the market continues to price oil based on Brent.

Speaking of oil, Michael noted that deepwater drilling seems to be the place to be. That said, he wanted Cramer's take on Oceaneering International . Cramer said he's actually trying to avoid deepwater drilling plays. Take Schlumberger , for example. Cramer thinks it's a better company than Oceaneering International, yet Schlumberger still reported a disappointing quarter.

Meanwhile, Francine told Cramer she's watched her Macy's shares only continue to fall, even though the retail giant beat the past three quarters. She wondered if she should sell the stock at a loss, but Cramer advised against it. He said Macy's shares are down because oil prices are high.

"People only know one thing—if gasoline is high, sell retail," Cramer explained. "I think you have to ride this one out."

Cramer added he doesn't think retail stocks will go higher any time soon, but does think Macy's is too well-run of a company to sell now.

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com

Contact Mad Money

  • Showtimes

    U.S.
    Monday - Friday 6p ET
    Australia
    Saturday 8a, 1p, 7p SYD
    Sunday 12a, 1a, 8a, 7p SYD
    New Zealand
    Saturday 10a, 3p, 9p NZ
    Sunday 2a, 3a, 10a, 9p NZ
  • Jim Cramer is host of CNBC's "Mad Money" and co-anchor of the 9 a.m. ET hour of CNBC's "Squawk on the Street."

Mad Money Features

  • Grab the latest CNBC gear from the NBCUniversal Store!

  • Get a behind-the-scenes look at how Cramer formulates his investment advice. "Inside the Madness" is a column, which features e-mails and more with Cramer and his researcher Nicole Urken.

  • You’ve always wanted to hit the “Hallelujah!” button. Here’s your chance.

Mad Money Moments

Cramer's New Book