Jim Cramer knows something about money.
He knows about stocks, he knows about economy, and he knows we’re on the wrong track. On Hardball with Chris Matthews, Cramer outlined why our government is making the wrong move on housing, stimulus spending, jobs and banking.
Asked what the Trillion Dollar Stimulus will do, Cramer answered, “Uhh… very little.” He went on to add, “We’re not going to put many people to work, and it’s a shame. That’s really been a big part of the problem.”
Cramer described the Obama housing plan as “class warfare” and warned that another round of defaults is imminent because the plan does little to reduce principal balances while focusing only on interest rates on mortgages.
On banking, the economic guru blasted Treasury Secretary Tim Geithner for allowing investers to destroy common stocks and creating fear. He added that the banks needed to be taken away from the marketplace and put together with private investments for longterm health. “He. Is. The. Problem., Cramer offered of Geithner.”