CNBC's Jim Cramer on Obama: greatest wealth destruction ever

By Jimmy Orr / March 4, 2009

A new feud has broken out between the White House and CNBC. This time Mad Money's Jim Cramer is criticizing Obama's policies. On the Today Show yesterday, Cramer said the president's budget has, "put a level of fear in this country that I have not seen ever in my life."

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So are we. Thankfully we only talked about him here, here, here, here, and here.

It's time to move on to something meaningful. Like real news.

Substance

How about the new feud between CNBC wildman Jim Cramer and White House Press Secretary Robert Gibbs?

Now it's not nearly as incendiary as the Limbaugh-Steele fight, but it's yet another media personality that Gibbs has gone after.

Obama fan

Cramer, a former supporter of Obama, criticized the president yesterday on the Today Show, saying that his budget has "basically put a level of fear in this country that I have not seen ever in my life."

"This is the most, greatest wealth destruction I've seen by a president," he added.

Conserva-fever

Of course these comments have stoked the conservative blogging fires all across the Web.

"Chris Buckley, David Brooks and now Jim Cramer," Commentary's Jennifer Rubin writes of now-former Obama supporters. "Soon they’ll need support groups for 'Duped By Obama' victims."

Who?

When asked about Cramer's comments yesterday, Gibbs questioned Cramer's credibility.

"I'm not entirely sure what he's pointing to to make some of the statements. I think you can go back and look at any number of statements that he's made in the past about the economy and where some of the backup for those are, too," he said.

As for Cramer's influence, Gibbs said his program is "geared to a very small audience."

"No offense to my good friends, or friend at CNBC," he said. "But the President has to look out for the broader economy and the broader population."

Not Obama's fault

The left side of the Web is certainly talking about this too. ThinkProgress, for example. They cite a new NBC/WSJ poll that says most Americans don't seem to buy Cramer's argument.

"The vast majority of respondents said that Obama shouldn’t be blamed for the economy’s problems," writes Matt Corley. "In fact, 66 percent said it would be at least a year until Obama’s policies 'are mostly responsible for the country’s economic conditions.'"