By Travis Fast
It is quite breathtaking to listen to this speech by Cramer. He canvasses everything from Greenspan’s bubbles to the great boondoggle of ethanol through to the capital gains tax structure surrounding hedge fund managers’ salaries that in effect gives them a lower tax rate than those making 30,000$ a year. His final slam on good corporate citizenship and private governance is very good. But what does Cramer know he is no economist.
In the end he calls for basically an American social democracy premised on state enforced corporate responsibility. It is a start. And from where we sit now it would require a revolution. That my social democratic friends is what makes us comrades.
“Do not be fooled by the sirens of Laissez Faire. Be wise enough to see that government regulation is a necessary evil. To curb the viciousness and callousness of the market place which sacrifices the common good on the alter of daily profits and does so on a daily basis.” –Jim Cramer