Mad Money host scoffs at idea 'Obama panic' is causing financial crisis David Edwards

Published: Monday October 13, 2008





Print This Email This According to CNBC Mad Money host Jim Cramer, there is no "Obama fear" hurting the markets, and his plans to tax those making over $250,000 won't hurt the economy.



NBC's Matt Lauer referred to an op-ed published in Monday's New York Post by Cramer's colleage at CNBC, Charles Gasparino, which argued that an "Obama panic" was gripping investors who feared his potential policies if elected president. Gasparino wrote that "the markets are casting a vote of 'no confidence.'"



Cramer was asked by Lauer if Barack Obama's tax policy would damage the economy.



"What we need is someone with sophistication," Cramer said. "Whoever has the best economic team will do well. I think Charlie's wrong there. I don't think it's tax. I think we're trying to keep a great depression off the table. Either guy is stuck with that. I don't think any tax program is going to change it."



"I don't think anything had to do with Obama," Cramer said.



In a column in New York Magazine, Cramer has effectively endorsed Obama. Cramer wrote, "And while any president will be an improvement over the current one, there is a growing belief on Wall Street that Barack Obama has the capacity to lead us out of this wilderness while John McCain does not. I'll go a step further: Obama is a recession. McCain is a depression."





This video is from NBC's Today Show, broadcast October 13, 2008.









Download video via RawReplay.com









