Ok, this is funny, and on target too, delivered in Cramer’s classic hypermanic style.
[JPM CEO Jamie Dimon] didn’t win. He’s a loser. How? You lose when you go in front of Congress and you lose when you go out. Anyone that declares him a winner is wrong”¦He walked in a loser. Testified. Walked out a loser. And by the way, he agrees with me. He knows he’s a loser with no control and doesn’t even know what happened in his own bank”¦A loser. Crisis PR is psychiatry. You go in there as a guy who is stupid, you don’t come out being smarter. You don’t. You come out just as stupid”¦He’s a loser”¦This is not Michael Corleone with Frank Pentangeli in the back of the room. This is not Nevada gaming licenses”¦He’s a loser. It’s okay, man. He’s a loser. Maybe next year he’ll be a winner but he is a loser. Okay.
Jim Cramer says the loophole that permits hedge fund and private equity managers to pay 15% capital gains tax while the of us pay higher “regular” rates is grossly unfair. Such a slimy loophole clearly shows the corruption in Congress and how they are in thrall to Wall Street 1% bankster parasites.
He says when he was living in his car, he thought the income disparity was unfair and studied communism seriously. But that the Russian revolution failed and the peasants basically just wanted to kill rich people. So let’s tax them now instead.
But that doesn’t get at root causes, does it? Or really solve anything. It’s illuminating that the elites are definitely feeling the heat from the populist upsurge. He’s right in that mob violence solves nothing.
Presumably on the theory that if he makes enough calls, sooner or later one of them might be right, Jim Cramer just said we are at the real housing bottom now. Honest. Forget all the other bottoms I called.