Video: Cramer melts down when asked about taxing energy producers
posted at 12:30 pm on June 16, 2008 by Ed Morrissey
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Only partly in jest, Jim Cramer has an entertaining meltdown when asked about windfall-profits taxes on energy producers on MS-NBC’s Morning Joe. Cramer calls domestic production “our last hope” and exhibits his obvious frustration with politicians who demonize producers, specifically Hillary Clinton. The cast elaborately assists him from the set as they go to commercial break:
It’s funny, but it also crystallizes how Americans feel about this subject. They can’t understand why politicians keep attempting to throw even more roadblocks to domestic production at a time when prices have begun to spiral out of control. It shows how powerful a pro-production platform could be in this electoral cycle — and makes us wonder why neither party seems anxious to adopt it.
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Cramer is expressing the frustration of millions of Americans. Maybe we should all be on medication.
malan89 on June 16, 2008 at 12:33 PM
As long as he’s not telling me to invest in Bear Stearns…
warrenmr on June 16, 2008 at 12:36 PM
Cramer-ica!
Isn’t his whole show a running, 3 ring meltdown?
I am not complaining, I like his show. but he’s nuts.
BillLalor on June 16, 2008 at 12:36 PM
Cramer is one of the few things that can make me watch more than 10 seconds of MSNBC.
MadisonConservative on June 16, 2008 at 12:37 PM
Isn’t Mad Money on CNBC, though?
malan89 on June 16, 2008 at 12:38 PM
Great example of how the MSM dimsisses common sense, and the anger a lot of us feel…
If you express it, they walk you offstage… can’t have that on TV.
Romeo13 on June 16, 2008 at 12:38 PM
The politician who steps out and takes the energy production fiasco to the American public will win any election they enter.
Keep pounding away at how the liberals (and rhinos) want to inhibit our growth, destroy our economy, is a sure path to victory.
right2bright on June 16, 2008 at 12:38 PM
As he’s being lead away, I’m reminded of James Brown being lead off stage with that lavender cape.
Just Drill
Kini on June 16, 2008 at 12:38 PM
Because of five decades of brainwashing the public that pre-Columbian America was a utopia and Pan was her guardian.
We murdered paradise and must pay the price.
Limerick on June 16, 2008 at 12:38 PM
This is the same guy who said a week before the Bear Stearns to hold the stock and that there were no problems with the company. Yeah right, like I care about his opinion any more.
JeffinSac on June 16, 2008 at 12:40 PM
No. He said there was no reason to take your money out of a Bear Stearns account. That was the question. It had nothing to do with Bear Stearns stock.
malan89 on June 16, 2008 at 12:42 PM
has any republican considered the obvious counterattack, namely, to introduce a serious piece of legislation to tax the crap out of the entertainment industry?
I can easily envision stunning charts showing the obscene profits of blockbuster movies.
how about a windfall profit tax on residuals that actors make on hugely successful DVDs?
you know the left would squirm, and you know why, but the logic of the tax is identical: tax them because that’s where the money is.
jeff_from_mpls on June 16, 2008 at 12:45 PM
How does one tell when Cramer has melted down? He always seems to be in some kind of melt down.
MB4 on June 16, 2008 at 12:46 PM
We don’t want to do that. It would hurt the economy everywhere. We don’t need to fight the left like that.
malan89 on June 16, 2008 at 12:47 PM
And in normal MSNBC fashion when someone disagrees with the host they treat them like they are a retarded puppy, wtf is with that woman acting like Kramer is going nuts? He’s showing the frustration all of us not hanging from Obama’s Udder feel.
Rbastid on June 16, 2008 at 12:49 PM
Yeah, but he was right on the money with Stark Industries.
wise_man on June 16, 2008 at 12:50 PM
malan89, I’m not seriously suggesting the legislation be passed; I was thinking more along the lines of the great victory our side achieved when republicans simply wrote a bill putting Jack Murtha’s foul surrender-in-Iraq rhetoric on paper, to separate the men from the boys; it was one of the few republican victories in the last four or so years.
I’m talking symbolism here.
jeff_from_mpls on June 16, 2008 at 12:51 PM
Now that is creative thinking.
I see much more positives, and fewer negatives.
wise_man on June 16, 2008 at 12:52 PM
Ed, it irritates me how you choose to phrase things sometimes. You wrote, “It’s funny, but it also crystallizes how Americans feel about this subject.” Fact is, most Americans eat up the populist “stick-it-to-the-man” nonsense that Liberals like Obama spew daily. It feeds the notion that people with less money are entitled to more, and it’s someone else’s fault that they don’t already have it.
So you are describing what you wish to be true, rather than current reality.
Splashman on June 16, 2008 at 12:53 PM
The reaction of the talking heads to something sensible being said reminded me of Fox News Sunday yesterday. Mona Charon said, “And Barack Obama is going to . . . ” I don’t remember exactly what, but it was some campaign promise of the Magic Negro’s and she was acting as if it is nearly reality, forgetting the necessary trip through congress, etc. All of those people in Washington and New York spend too much time around people in Washington and New York to get near any truth. And they all seem to believe their own and each other’s b$.
snaggletoothie on June 16, 2008 at 12:56 PM
From Newt Gingrich’s American Solutions “Drill Here, Drill Now” website:
That’s a lot of people. It’s only been up for a week or so. I’d imagine that anyone in favor of drilling in the US would also be against silly taxes (windfall profits, etc) on energy. There are more sensible people out there then you would think.
malan89 on June 16, 2008 at 12:59 PM
Have you read what’s in our drinking water lately? We are all on medication. Mostly antidepressants and Lipitor iirc…
TheBigOldDog on June 16, 2008 at 12:59 PM
Support the No More Excuses Energy Act, H.R. 3089.
Introduced by Tim Walberg (Rep) Michigan’s 7th District.
Aggie85 on June 16, 2008 at 1:00 PM
I think you’re misconstruing Cramer’s take on Bear Stearns before its near-collapse in March. The caller in question was asking whether he should move his account from Bear Stearns, not that he held stock directly in Bear Stearns. It was a totally different issue. Obviously, that investor (had he followed Cramer’s suggestion) would not have experienced any difficulty whatsoever.
As someone who has worked in the financial services industry for my entire professional career, I am somewhat a pariah in that I actually like Cramer - although his picks may not be all golden, he goes to great lengths to de-mystify and simplify a lot about investing. He also has the courage to admit publicly when he’s wrong.
A lot of people on the Street want the public to believe that they are infalliable and that investing is some high arcane art.
furytrader on June 16, 2008 at 1:00 PM
Maybe because both parties realize that the idea won’t sell outside the sultry swamps of the kill everything now anti-enviros. Of course, it doesn’t have to be that way. Deals could be made: drill here in exchange for much stronger environmental protections over there. But to use the common smear against environmentalists, the anti-enviros are much too religious about their desire for ecological destruction to even attempt a reasonable compromise.
thuja on June 16, 2008 at 1:06 PM
Here’s another solution. Cramer must be taking hints from this guy.
Indiana Man Operates Oil Well in Backyard, Producing Three Barrels of Crude a Day
Dr.Cwac.Cwac on June 16, 2008 at 1:10 PM
He will be sent to a re-education camp in New Jersey for making too much sense.
RobCon on June 16, 2008 at 1:13 PM
Cramer is just stating the obvious. I can’t blame him, except that he is a little over dramatic for my tastes.
That man is lucky. In many States you do not own the mineral rights on your property. BUT if you own enough land, you can get a lease from the State and drill ON your own land.
If I remember right that guy did a seismic on his land (VERY expensive but you don’t have to drill), found a pocket and since it was in conjunction with neighbors asked if they wanted in on it and bought the pump jack outright. Very smart move and at this price, oil at 3-4 barrels a day isn’t bad!
upinak on June 16, 2008 at 1:15 PM
Drill Here.
Drill Now.
Pay Less.
Repeat until they get it.
Drill Here. Drill Now. Pay Less.
The Monster on June 16, 2008 at 1:16 PM
Cramer’s a bit of a loon but he’s got a point here.
Enjoyed the Iron Man cameo too. That crazy playboy’s going to lose that company one of these days, mark my words.
DrSteve on June 16, 2008 at 1:17 PM
Neither party wants to adopt it because both parties have swallowed the red pill of AGCC. It’s like immigration. They both want the goodies (massive regulatory control over wide swaths of the private sector), but they want them for different reasons (Dems: to get a handle on the free market to bring it in line with international socialism, Reps: to paint themselves as “responsible” on the environment and to secure bailouts for the energy companies stupid enough to buy into boondoggle “renewable” tech).
I don’t even want to vote in this stupid election.
spmat on June 16, 2008 at 1:23 PM
I like the idea of soaking the Entertainment industry. It’s not like they produce anything vital, after all. Let me talk to them, I have some pull…:
SR: You want WHAT?
Mojo: Half. Of the gross.
SR: Yeah? And why should I give it to you?
Mojo: Because I asked nicely?
SR: …
Mojo: Ok, bad joke. Because I have the Gubmint behind me, and if you don’t pay, they’ll throw you in a deep, dark prison.
SR: Half, huh?…
mojo on June 16, 2008 at 1:32 PM
That was hilarious!
rockmom on June 16, 2008 at 1:49 PM
Cramer has a melt down. In other news, the sun rose this morning in the east, and scientists predict it will set in the west.
rightwingprof on June 16, 2008 at 2:03 PM
Earth to thuja…
We already have the much, MUCH stronger environmental protections. Can we drill already? Oh, you mean even more economy crippling regulations. Sorry, we’ve already played the severe environmental protection game for a few decades… I just don’t believe liberals anymore.
Oh, and thanks for the nice smear. And just what ecological destruction are you talking about? We’ve been drilling oil for what… over a hundred years? And I don’t even know of one “ecological disaster” that we are still recovering from. Please come back to reality and stop trying to smear us with some imagined, horrific disaster that hasn’t occurred.
dominigan on June 16, 2008 at 2:09 PM
Only the truly self-destructive brain-dead don’t get it:
If you’re hungry, harvest the food and EAT it.
If you’re cold, drill the fuel out of the ground and BURN it.
landlines on June 16, 2008 at 2:49 PM
It is a tyranny of a minority over the majority. (Minority = environmentalist whackos. Majority = clear-minded, clear-thinking people.)
Wildcatter1980 on June 16, 2008 at 3:06 PM
It is unbelievable that we are looking at this oil crisis and we dont have a republican running for president who understands high school level economics and the need to increase supply.
We should throw McCain the loser off the bridge and start over again. He is friggin awful. The country has no chance with the guys that are left that wont even drill in Alaska….unfrickinbelievable. It makes me want to not even support the war anymore…just drill at home, build some nuclear plants and tell the people living in the sand to bite me.
Roger Waters on June 16, 2008 at 3:12 PM
What’s the difference between ’some’ and ‘most’?
We’re gonna find out in November.
rockhauler on June 16, 2008 at 3:20 PM
Cramer’s right…off shore rigs ought to dot the horizon.
Wyznowski on June 16, 2008 at 3:24 PM
Grrrr ! ! Go get-em Jim. This time I have to
agree with Cramer. Funny clip, serious subject.
Drill here
Drill now
Drill often
Texyank on June 16, 2008 at 3:30 PM
May a well, China has started drilling south of Florida.
Johan Klaus on June 16, 2008 at 3:38 PM
Jim knows. Watch the blood pressure though.
Mojave Mark on June 16, 2008 at 5:10 PM
I’m Sorry! I must have watched this thing like 6 times in a row repeatedly with the hugest grin on my face. Boy, did they want him off that stage fast! They were all obviously uncomfortable with that rant.
Egfrow on June 16, 2008 at 7:41 PM
The reason any sane politician would be a little shy of suggesting we produce our own oil from our own reserves is shown in this video. Did you notice the patronizing view the other people had with regards to his saying something sensible? He became an instant mental case and leper.
{^_^}
herself on June 17, 2008 at 1:16 AM
This election season has provided so much gold for republican candidates to use, both for the presidency and the legislative branch, if we don’t take hold of what has been provided and lose elections, it is our own fault.
Trtle2001 on June 17, 2008 at 1:24 AM
Ahhhhh, the real reason Dems are calling for socialized medicine is finally revealed: to keep us all drugged and complacent.
scottm on June 17, 2008 at 8:55 AM