OLD Media Moves

Cramer reverses course — again

December 2, 2009

“Mad Money” host Jim Cramer has reversed his opinion again, writes Kaja Whitehouse of the New York Post, upsetting his readers on TheStreet.com.

The issue this time is a proposed tax on stock trading as a way to pay down the national debt. Cramer has been criticized in the past year for changing his views on the stock market and specific investments.

Whitehouse writes, “‘I am against the trader tax,’ Cramer declared yesterday on MSNBC’s ‘Morning Joe’ show. ‘I don’t want this tax because it will discourage people from coming back into the market.’

“The comments marked an abrupt turnabout for the 54-year-old former hedge fund manager and host of CNBC’s ‘Mad Money.’ Last week Cramer triggered a firestorm from fans, traders and subscribers to his financial Web site, TheStreet.com, when he threw his support behind a Democrat-proposed plan to charge a 0.25 percent tax on the sale and purchase of stocks and other securities as a way to finance job growth and pay down the deficit.

“Proponents of the tax, which is part of a broader bill called ‘Let Wall Street Pay for the Restoration of Main Street Act,’ say it could raise between $50 billion and $150 billion.

“That led Cramer last Tuesday to tell fellow CNBC host Erin Burnett, ‘”If this can help create some jobs, then I am in favor it, and if people are against that or against me for saying that I am pro-jobs, they got a real problem because they are just dead wrong and selfish.'”

Read more here.

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