Now that the AIG bonus debacle has passed, Cramer has a bone to pick with the pitchfork-wielding insta-populists that so railed against the company: Where have you been for the last eight years?
Executives padded their paychecks for President George W. Bush’s entire term, Cramer said Friday, but these critics were silent the whole time. Plus, there were tax cuts for the rich, wholesale deregulation, unchecked short selling – how come there were no congressional hearings then?
Well, Congress is the epicenter of this class war now, Cramer said. Just look at that bonus-tax bill. Executives of TARP-participating companies who make more than $250,000 have to pay 90% of their bonuses to the government. Strange, though, that not a hearing took place prior to the financial crisis. There was little regulation during the run-up to the meltdown, and even less enforcement of what rules there were.
Cramer said he sees little point in getting mad after the fact. Now, instead of moving the country forward, we’re subjected to a Capitol Hill rant-fest, which does nothing to help banks, keep people in their homes or create jobs. Mad Money head writer Cliff Mason said a benevolent dictatorship would solve the problem. Cramer just wants a truce in the class war.
Questions for Cramer? email@example.com
Questions, comments, suggestions for the Mad Money website? firstname.lastname@example.org