People may worry about new-home sales or durable-goods orders, but they’re missing an even bigger potential threat to profits: President Obama.

The uncertainty he has injected into the market (more on that after) could be the true driver of stocks going forward, unfortunately, though, in the wrong direction. Data points aside, and Cramer surely wasn’t brushing those off, it’s the president’s policies, or the lack thereof, that are causing the problem. Sadly, Obama doesn’t seem to even know the damage he’s doing, as Cramer called this an “undeclared oblivious war against equities.”

So what are these Obama-fueled fears pervading the market?

1. No one knows what their taxes will be next year. And when you don’t know, Cramer said, you sell. This allows investors to capture the lower rates while they have them. Even if taxes do go up some, investors would be far more reluctant to sell if they simply knew what was coming.

2. No one knows what health care will cost, either. Everyone from the states to HMOs to employers are trying to figure it out, but it’s still a black box.

3. So is financial regulation. Let’s face it, 2,000 pages of financial regulation can’t be easily digested, so the banks just don’t know what the new law means to them.

4. No one knows what their house is worth. If homeowners can’t put their finger on it, they certainly aren’t about to become stockholders. Right now they just don’t feel wealthy enough, especially in this high-unemployment environment.

5. No one knows if President Obama’s seemingly anti-business agenda will resurface, even if during a lame-duck session. Will cap-and-trade become a priority again? Will there be taxes on overseas earnings? Again, nobody knows.

Now, this all being said, Cramer doesn’t think investors should take profits and cash out of the market, though he does see a potential low of 9,300 on the Dow and 900 on the S&P 500 if Obama doesn’t correct his course. And the Mad Money host still endorses buying high-yielding dividend plays like Con Ed and Exelon.

What he does take issue with, though, is that obliviousness on Obama’s part, especially in these precarious times. The market just can’t afford it right now. As Cramer noted yesterday, the president needs to step up and instill some confidence in these markets.

“That’s what leadership is about,” Cramer said.

Call Cramer: 1-800-743-CNBC

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