Stocks discussed Jim Cramer's Stop Trading! TV Program, Friday March 13.
Obama Got Religion
Cramer felt National Economic Council director Larry Summers' comments were a needed change of direction for the Obama Administration, which up until now has seemed obsessed with punishing Wall Street. Cramer said he liked the former Treasury Secretary's style during the Clinton Administratio, when there was trust between Washington and Wall Street. Summers reminds the public that there is a pro-business component to the Obama Administration which now may finally understand that rich and poor alike need to make money to get out of this mess; "I think they got religion when they saw the market go down so much," Cramer said.
Cramer is now confident that President Obama, Larry Summers and Geithner are now on the same page, and the current Treasury Secretary will give a coherent plan in the coming week on how the banks will deal with toxic assets. He noted Fed Chairman Ben Bernanke is committed to taking a more hands-off approach to the financial sector so it can solve its own problems. If the government shows this united front and leadership, it is "game over" for financial short sellers, said Cramer.
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