Sunday, June 22, 2008

Wall St Wants Obama

Jim Cramer says that the investment community wants Obama. Appearing on The Chris Matthews Show on Sunday, Cramer said that under Bush we "have the worst of the worst" and that we "need a new broom." He also said that Obama's tax plan "will work." As for McCain's tax plan, Cramer said that the only to benefits would be to those "making over $2.8 million per year." He also tossed in that investors don't trust McCain.

That is pretty incredible. Cramer is the controversial, and possibly insane, host of CNBC's Mad Money. I don't know where he got that $2.8 Million number, but it's a pretty severe indictment of McCain's plans.

At the more serious and somber Bloomberg News, on last week's Political Capital with Al Hunt, intrepid financial reporter Alison Fitzgerald stated that under McCain's tax plan the top 1 tenth of 1% (o.oo1) of taxpayers would realize a tax cut averaging $800,000. This is in stark contrast to Obama's plan to allow many, if not most, of the Bush tax cuts expire, basically returning us to tax levels similar to Ronald Reagan's, while pledging not to increase taxes for families making less than $250,000 a year. That covers most of the folks I know. The tenor of the show seemed to be that Obama's plan was more realistic, though neither adequately addressed the looming budget deficits.

Bloomberg's Albert R. Hunt

In other news the Newsweek poll shows Obama ahead of McCain nationally ahead by 15%. Even my home state of Georgia is in play. Hey, we are the state of MLK, Jimmy Carter, and Sam Nunn. Why the big surprise?