Sure, President Obama, with his characteristic eloquence, killed the market on Wednesday with yet another press conference about health-care reform, Cramer said, but stocks were “roaring” before that. Which is somewhat surprising given that we’re staring down everything from budget deficits and state defaults to millions of unemployed Americans and the threat of higher taxes.
So how then are the US markets holding up so well?
Because other countries “are even more pathetic parodies of finance than we are,” Cramer said. “We are the lesser of 10 evils.”
Consider the competition: Investors are just waiting for China’s asset bubbles to burst, with Jim Chanos, a legendary short seller, calling the country – and Cramer was paraphrasing here – one of the greatest shorts on earth. Japan is “a no-growth economy that will stay no growth,” the Mad Money host said. India is fraught with inflation. Brazil seems overvalued, and who knows what would happen if it adopted the socialist policies of neighbor Venezuela. And Cramer doesn’t see much opportunity in Mexico or the Middle East either.