I know I should not be surprised by this on CNBC, but still, I found its shamelessness staggering…
From the article:
CNBC’s Jim Cramer, a critic for months of the Federal Reserve’s path higher for interest rates, said Thursday that the central bank led by Jerome Powell is taking money out of the pockets of working Americans.
On his show Wednesday evening, Cramer said: “The only people who should be really happy about this statements are the rich: your wealth will be preserved. If you work for a living, you’re probably getting a raise after a lost decade of wage growth. Powell wants to put a stop to that.”
“Yay, the rich don’t have to worry; don’t have to worry about a slowdown. Because do you know why? You only have to get rich once. But the not-so-rich, sorry,” said Cramer. In Powell’s “dogmatic world, you’re making too much money as it is.”
Okay. Deep breaths. (in/out/innnn/ooooooout)
Cramer cannot be this dumb, he has to know that it was explicitly the policy of the Fed to create the wealth and income gaps we suffer under.
And now that the Fed has decided “enough of that” he’s trying to make the case that what the Fed is doing here is taking money away from the working class? How’s that, exactly?
Instead, if the Fed had not constructed an artificial environment of financial shenanigans whereby corporations were incentivized to buyback shares vs. investing in property, plant, equipment and people we’d be in a very different position and the workers would have been rewarded.
Certainly more than they were.
Second, Cramer has to know, better than most, that Fed punchbowls have to be taken away. The only sound argument ot be made here is that the punchbowl should have been snatched from the party credenza back in 2011 at the latest.
Yes, the workers will be hurt now, but that’s the inevitable result of a decade of really idiotic Fed interventions and policies.
Remember; any pain that comes next was specifically targeted by the Fed as a preferrred future state. They wanted it, they enabled it, and here it comes.
Finally, I am more than a little annoyed that in the US you can say such totally ungrounded stuff, lacking any appropriate context, and it flies. Bad edumacation system? Too much MSM brainwashing so we expect foolishness in our commentary? Whatever the reason, the bobble heads just nod sagely and tut-tut over the situation as they create air-cover for the elites.
How do they sleep at night?