For anyone who hasn’t been following the diatribe of a madman, when the Dow went down after Obama’s first budget bill passed congress, Jim Cramer and most of CNBC went crazy(er) and started screaming that that was Wall Street reacting badly to the bill.
Jon Stewart gave him a lovely tribute by showing some of Cramer’s great advise, like to hold on to Bear-Sterns days before it tanked and to buy it seven weeks before it tanked.
Today Obama signed that budget bill and the Stock Market went up.
Is Jim Cramer going to use his previous logic and say that Wall Street now likes Obama’s budget?
Or is he going to admit that the Dow is just an arbitrary sampling of a few random companies and its day-to-day fluctuations don’t mean anything about the direction of the economy, it’s only a useful indicator over the long term?
I would like to see he spins this, but that would mean I’d have to watch his show.