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"We need a new broom": Wall Street will embrace Obama.

Wed Jun 25, 2008 at 07:18:07 AM PDT

On The Chris Matthews Show transcript for June 22, you will find some of the most concentrated hope of the entire cycle.  I was especially emboldened by the opinions on the Economy issues.  Jim Cramer (yes, THAT Jim Cramer) of the "Mad Money" show said that Wall Street will embrace Barack Obama.

Jim Cramer: I think it's going to work. I think people recognize that the whole Bush plan turned out to be a facade, a charade, because most Americans don't own stock. It's not an ownership society. We don't care how our stocks do because they don't do well. So I think--I think Obama's making a lot of sense.

It's not class warfare anymore. We don't feel like that if we get rich, we're going to pay. We feel like, you know what, the rich have had such a great ride and what has it done for us. It's time for other people to do well.

That's what Wall Street thinks too.  (With Bush) Everybody got screwed except for a couple people who make more than $2.8 million a year.

The whole show was a slam dunk for Obama, and the transcript does a decent job of capturing it. Peruse it at your leisure, but remember one thing.  The crazy guy from Mad Money says Wall Street will embrace Obama.

MATTHEWS: Speak for the investor class, Jim. I know you don't like to be...

Mr. CRAMER: Investor class is sick of it.

MATTHEWS: You like to be more of a...

Mr. CRAMER: Investor class is sick of Republicans.

MATTHEWS: Who...(unintelligible).

Mr. CRAMER: They're sick of them.

MATTHEWS: So Wall Street...

Mr. CRAMER: We have stagflation. It's the worst. It's the worst for rich,
it's the worst for poor, it's worst for the middle class. We need a new broom.

MATTHEWS: So the Election Day is over, the morning after election, if Obama wins, does the stock market go up?

Mr. CRAMER: Yes.

MATTHEWS: Even though capital gains go up?

Mr. CRAMER: Absolutely. We're sick of it.

MATTHEWS: Whoa, what a -- this is news we've made here. Jim Cramer says the market will resound positively to an election of Barack Obama.

Tags: Jim Cramer, Wall Street, Economy, Barack Obama, Chris Matthews, 2008 (all tags) :: Previous Tag Versions

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