Um, no. Let's turn this around and how about we talk about Wall Street's anti-average-American investor agenda? If anything, Wall Street should be kissing the feet of the Obama administration who was much too kind to the financial industry. Despite massive profits by the leading bailed out financial organizations, normal investors haven't really seen the same kind of rewards. They're recovered from their lows but it's nothing like profits that Wall Street has experienced. For the health care industry, they too have been handsomely rewarded in the new legislation which is why they are able to give their CEOs over $100 million during the worst economic crisis in decades.
Be angry with the pampered lot in those industries who have barely been scratched in terms of financial reward but let's not get carried away and blame Obama for being anti-investments. Why aren't those companies trimming their costs? If they can afford to pump up these outrageous lifestyle salaries, maybe that's where blowhards like Cramer ought to be looking for answers. The stock prices are still overvalued and until there are some serious changes in the way those companies operate, blaming Obama is complete BS.
With multiples lower across the board, stocks might seem cheaper, Cramer said Monday, but they're actually just worth less for fear that future earnings will be "crimped" by the government.If anyone has been threatened here it's the average American. Asking for accountability by the corporate world is hardly threatening. Until they can give something back to the rest of the country besides the bill for gambles and environmental disasters, it's crazy to have such a discussion. But hey, we're talking about CNBC and Cramer, after all.
The fear is widespread, Cramer said, as "it's impossible to find a company that isn't threatened by the dominant agenda in Washington."
Financial regulatory reform gave banks an earnings "haircut," Cramer said. The debate over health-care reform gave those stocks a similar cut a few months earlier. He thinks the ban on offshore drilling will crush oil-service companies along with the oil companies that need to find oil to keep their reserves up. Elsewhere in the energy space, natural-gas names are expected to get slammed by the Environmental Protection Agency investigations into hydraulic fracturing – a reason multiples are shrinking for Exxon Mobil, Chevron, Chesapeake Energy and Schlumberger.
Cramer said more damage will be done with forthcoming items on the Congressional agenda, including cap-and-trade on carbon emissions and “card check” unionization. Making it easier for workers to unionize would hurt Walmart, as well as big banks like Bank of America, Wells Fargo and JPMorgan Chase if their tellers were to join the union. Cap-and-trade will come down on "any industry that pollutes," as well as the utility companies, he said.
