The market has a feline problem, Cramer told viewers Thursday. There are too many fat cats running the show, and they’re the cause of America’s problems. At least that’s what President Obama seems to think. So he’s meting out punishment accordingly. Too bad it’s coming at the cost of our economy.
Almost no industry is safe. Drug and medical stocks like Eli Lilly and Medtronic. Oils like Halliburton and Exxon Mobile. HMOs like Aetna and WellPoint. Even the agriculture companies are being targeted. And those in housing, gaming, resort and travel, defense – especially the banks. The list is endless.
Now, Cramer’s not saying there are no villains in the market, least of all among the financials. Of course Merrill Lynch’s John Thain and Lehman Brothers’ Dick Fuld come to mind. But when the problems we have are so systemic and reach to virtually every bank and brokerage in the U.S., should the whole industry be blamed? As Cramer said, they aren’t all Citigroups, Bank of Americas and Wells Fargos. They are the Fifth Thirds and Zions and Marshall & Ilsleys.
The problem with this strategy is that so many companies are being punished that there are few left to create the jobs we so desperately need. And business people everywhere seem to fear being the next target. Sure, Obama’s gaze hasn’t yet reached retail or the rails or even tech, but that doesn’t mean they’re untouchable. Investors then need to stay away from any stock with connection to these fat cats. It’s one of the few ways to make money right now.
And it will continue to be, at least until Obama decides to stop the punishing and save the economy.
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