Jim Cramer is the probably the most crazy and rational man on CNBC, and Ron Paul holds a similar position in politics.
Last night on CNBC's Mad Money, the two spent seven minutes trashing the Federal Reserve. Regardless of whether you think they're right, they're certainly bringing up a topic that hasn't gotten the attention it deserves.
I recently wrote about the popularity of the YouTube videos featuring Congressman Paul trashing the Fed, and the Cramer/Paul rant is likely to become an instant classic in that category.
CNBC recently posted a transcript of the discussion (not really an interview so much), and here are a couple of Cramer's best points:
"Now, you have been, I think, spot on in saying that the Federal Reserve created the stock bubble with low margin rates and it created the housing bubble with low mortgage rates, yet I never hear about anyone talking about investigating the Fed in Congress. It's a creature of Congress. Why don't we do it?"
"I think you are changing the debate .... I always feel like I'm out there by myself criticizing this institution that everybody thinks is like a holy temple, when the reality is these are just men and women like you and me except for they're making policy with no checks and balances. I wish you the best of luck, sir, with your campaign. You are changing things with what you're saying."
Is Cramer, who professes to be a Democrat, going to endorse Congressman Paul? It sure sounded like he was during the interview.











Reader Comments (Page 1 of 2)
12-15-2007 @ 7:42PM
joshie said...
I am a lifelong liberal who now supports Ron Paul. He has actually gotten me interested in learning money and the economy. I always liked Paul positions on the war but now I find many of his conservative positions to be quite rational and appealing. A lot of Democrats will be able to feel comfortable voting for Paul in a general election.
12-15-2007 @ 8:03PM
Brad said...
Ron Paul is the only presidential candidate that uses rational, reason, and historical fact to arrive at his positions on the issues.
He does not "Sway In The Breeze" as all the rest do.
He acts on principle with the constitution as his guide.
Core Character Counts.
Country Before Party !!!
I Vote For Virtue; I Vote For Ron Paul !!!
12-15-2007 @ 8:04PM
Joe said...
To all the people...banks, mortgage companies and greedy individuals...it is time for a correction and you may take a big spanking and pain as ther market corrects itself.
12-15-2007 @ 8:19PM
Glen said...
I think its time to vote them all out of Washington and start over. At least Mr Paul has a few (New/Old) good ideas on reclaiming our country from the current bunch of ****** that are now running (ruining) it. IMO
12-15-2007 @ 8:55PM
richard said...
I'm a life long democrat who just switched parties to vote for Dr. Paul. He's the only candidate running for president that makes sense.
If you'd like to get a better understanding of why so many Americans are now supporting Ron Paul, take a moment and read this article. It truly captures the essence of Dr. Paul's campaign.
http://www.newsli.com/2007/12/06/presidential-candidate-ron-paul-bears-an-empty-pot-for-americans/
12-15-2007 @ 9:01PM
R. Richard Fusilier said...
what chance does he have? The USA has prmitgtewsd and evredn finsanvced and paid forf SXocialist non Amedricn nd evedn unassimilative people to here. "We', in the mrelting potg of tradionsal thinking Americans are nows outnumbered. Elections are more or less bought these soviet oriented tribesmen over here.
12-15-2007 @ 9:03PM
Paul Weber said...
The more I learn about how screwed up our monetary system is, the more I appreciate people like Ron Paul and Jim Cramer who speak the truth, even if it's ugly.
12-15-2007 @ 9:56PM
keith said...
If the Fed cut rates, he wouldn't be calling for Paul to be the President...he would go along with the status quo. Cramer is a lackey for his hedge fund buddies.
Paul would be a good choice for America though. Freedom and fairness...can't beat that.
12-15-2007 @ 10:58PM
Tyler said...
The Federal Reserve is a private Corporation. It answers to no one in Congress. Our founding Fathers gave Congress the power to coin money not a bunch of International Bankers that do not have America's best interest at heart.
Congress should step foward and eliminate this monster that has the American people in debt up their eyeballs. We should go back to the gold standard. Then you would see things change dramatically. No more phoney money.
12-15-2007 @ 11:49PM
mnjrupp said...
The dollar is getting weaker everyday.
The New York Times today posted an article about how Europeans are enjoying the weaker dollar.
Good for them, bad for us!
http://www.nytimes.com/2007/12/15/business/worldbusiness/15euro.html?em&ex=1197867600&en=49ffa70061fc528b&ei=5087%0A
12-16-2007 @ 12:44AM
Josh said...
wouldn't lowering interest rates hurt the dollar even more?
12-16-2007 @ 3:29AM
1-1-1 said...
- "Jim Cramer is the probably the most crazy and rational man on CNBC, and Ron Paul holds a similar position in politics."
..................................
I never thought of Ron Paul as quote "crazy" I am in agreement the Federal Reserve has lost touch with reality.
I have yet to see anyone explain to me how it is these so called LENDERS are using the LIBOR index when in fact the LIBOR index is London Based this is United States not LONDON.
So why were lenders allowed to charge borrowers in United States based on LIBOR index? How is this even legal?
I want the interrest rates to drop as low low as possible helps borrowers and levels the playing field. To me its perprosterous the high rates help the share holders profit and the wealthy profit not the borrowers. Its a big con job for the working class citizens.
And maybe someone can explain to me how it was that in San Jose California the Vietnamese were given 2% business loans, 2% homeloans while UNITED STATES citizens were charged the highest rates possible.
12-16-2007 @ 6:59AM
Smoothie said...
Ron PAul is nothing more than a george soros "plant" to get hellary elected. He is equal to Ross Perot who was the ony reason a jerk like impeached komrad klinton could get into the whitehouse.
12-16-2007 @ 6:59AM
ADDAM BONGG said...
JIM AND RON ARE WHINERS PURE AND SIMPLE. THEY DON'T KNOW THE ROPES OF SOPHISTICATED GREED. THEY HAVE NO GRIP ON REALITIES. THEY'RE BOTH JOHNNY-COME-TOO-LATE TYPES. THEY HAVE NO SENSE OF INNOVATION. CRAMER'S BUSY REHASHING THE SAME OLD STOCKS THAT NOBODY IN THEIR RIGHT MIND WANTS AND RON IS BUSY TRYING TO ANALYZE AN IMBEDDED FED. THEY WHINE, WHINE, WHINE ABOUT WHAT THEY DON'T UNDERSTAND. THEY'RE BOTH LUCKY TO HAVE AN AGENT AND BE WORKING OR THEY WOULD BOTH BE BROKE FINANCIALLY. SPIRITUALLY THEY'RE BOTH ALREADY BANKRUPT.
12-16-2007 @ 3:14PM
Republicae said...
I am interested in hearing, in detail, the information on which you base your opinions concerning Ron Paul's lack of understanding on the subject of economics and monetary policy.
I found it very interesting that when Ron Paul was speaking on Bloomberg that the entire floor of the exchange was cheering him as he spoke about monetary policy and free markets. Are you saying that those who are in the market don't understand the market or monetary policy too?
I have read numerous books written on the subject by Ron Paul and honestly he has a far better grasp on the situation this country and its economy is facing then those, like Bernanke, within the FED and Congress do.
12-16-2007 @ 8:33AM
Bones said...
I think a lot of people who won't publicly say they are going to vote for Ron Paul (and Cramer might be one of these people) may actually cast their secret ballot for him. It's going to surprise people how well he does, even if he doesn't win. He could get second place in every state. Second won't do any good but it's going to make the rest of the candidates look foolish. I want him to win, but if he doesn't I hope he takes the rest down with him.
12-16-2007 @ 10:31AM
Dave said...
Kudos to Cramer for having the cajones to bring this up with the man himself. Great job!!
12-16-2007 @ 10:50AM
Kevin said...
Low dollar = high exports (good yes) Low dollar = low imports (good yes) Low dollar = cheaper American goods overseas ( good yes) Low dollar = more foreigners spending money in the USA (good yes)
Kramer wants the rates to go up like Warren Buffet does so they can move money into banks and notes while the poor pay them their money through higher interest rates on everything! During Carter administration they were getting 10% or more on bank notes, better and safer then stocks perform.
Low dollar does not hurt the sale of American goods in the USA, decreases spending on imported goods, increases American production causing more foreign trade bringing our money we spend on energy back into the country.
You want the Carter years back, elect Ron Paul or Hillary Clinton and stand back, get your money out of stocks, put it in your mattress, yes real estate will come back some but so will 30% on credit cards, 17% mortgages, exports will drop to record lows and our money for energy will flow out of this country with very little flowing back in. Japan got rich during that time by exporting their high quality cars to the USA while companies in the USA had to build junk to compete in price. Japan bought real estate in the USA like it was going out of business, then they out grew themselves being a small country having to depend on all imported goods to build their economy of export goods and ended up selling their USA real estate goods at a loss. This time it will make the Middle East richer than they could ever dream but if they hold our money they will slowly drain the USA of its monetary funds. We need to drill for oil NOW and get away from oil while we do it!
12-16-2007 @ 12:02PM
bob said...
Does anyone believe that ron paul will be the next president? Or what kramer says or believes will affect america in a significant way? It's all liberal rhetoric, just like wars, oil , or anything else. It isn't based in fact, before you trash what you have, you had better have something better in mind, you burn the bridge behind you, not the one you are crossing.
12-17-2007 @ 6:11AM
mickrussom said...
The reason Ron Paul is so popular, is that he is popular with a Majority of people.
The other reason he is so popular with the Majority, is he is 'unpopular' with the minority that is polled.
He is also a threat to the military industrial complex and its propaganda wing, the main stream media, and the people are standing up to say, we are ready for Ron Paul, the constitution and real change.