When a Liberal Democrat, who supported Obama before the election, is saying this in week 6 of his presidency, you know things are bad, really bad, out there.
TheStreet.com | Jim Cramer | Mar. 5, 2009
Jim Cramer: Look at the incredible decline in the stock market, in all indices, since the inauguration of the president, with the drop accelerating when the budget plan came to light because of the massive fear and indecision the document sowed: Raising taxes on the eve of what could be a second Great Depression, destroying the profits in healthcare companies (one of the few areas still robust in the economy), tinkering with the mortgage deduction at a time when U.S. house price depreciation is behind much of the world’s morass and certainly the devastation affecting our banks, and pushing an aggressive cap and trade program that could raise the price of energy for millions of people. [Read more…]