Jim Cramer: Make Me The Next SEC Chairman

On CNBC this evening, "Mad Money" host Jim Cramer offered Obama a novel option for turning around the US economy: making Jim Cramer his next SEC Chairman. Cramer, insisting it wasn't his "usual megalomania talking," said that Obama would be smart to give him the job.

Read a partial transcript below.

DO YOU WANT THE MARKET TO BECOME A SAFE PLACE TO INVEST AGAIN? A PLACE WHERE THE PLAYING FIELD BETWEEN THE LONGS, REGULAR INVESTORS LIKE YOURSELF, AND THE SHORTS OFTEN HEDGE FUNDS, WILLING TO DESTROY GOOD COMPANIES IN ORDER TO TURN A PROFIT?

DO YOU WANT THAT? DO YOU WANT A LEVEL PLAYING FIELD? THEN I KNOW WHAT YOU WANT. I KNOW WHO YOU WANT. YOU WANT JAMES J. CRAMER TO BE YOUR NEXT SEC CHAIRMAN. [holds up sign Cramer for SEC chairman with head shot] THAT'S RIGHT.THROWING THE HAT IN THE RING. AS OF NOW, I'M FORMALLY PUTTING MYSELF FORWARD FOR THE JOB OF SEC CHAIR AND I WANT IT. AND FRANKLY, OBAMA WILL BE SMART TO GIVE IT TO ME. THIS ISN'T JUST MY USUAL MEGALAMANIA TALKING. I DON'T MEAN TO BRAG, BUT LOOK, LET'S TAKE A LOOK AT MY RESUME [shows giant prop resume]

I'M A LAWYER BY TRAINING -- I SOUND LIKE AN AD RIGHT -- A STOCK JOCK, A FORMER HEDGE FUND MANAGER, A GUY WHO KNOWS THE TRICKS AND HAS SEEN OTHERS DO THEM. ALTHOUGH TO BE VERY CLEAR, I NEVER DID ANYTHING ILLEGAL OR EVEN CLOSE TO UNETHICAL, BECAUSE IN THE END, I AM A GOODY TWO SHOES AND I ACTUALLY HAVE A NEW PAIR OF GOOODY TWO SHOES.

BUT I HAVE SEEN OTHER MONEY MANAGERS DO THINGS THAT WE ONCE STOPPED AND I KNOW HOW TO DETECT THEM. WOW, HEY LISTEN, HE WENT TO HARVARD, HE MUST BE REALLY SMART.

AS FDR SAID WHEN HE APPOINTED JOE KENNEDY TO RUN THE SEC, IT TAKES A FOX TO GUARD THE HEN HOUSE. THE MARKET NEEDS OBAMA TO DECLARE WHO HE WANTS TO RUN FOR THE SEC.

HE HAS GOT TO PICK HIM SOON. HE BETTER START VETTING ME AND MY COMPETITION. BECAUSE WE NEED CHRIS COX OUT OF THERE ASAP! ON A RAIL! WE'VE GOT TO UNDO COX'S LEGACY QUICKLY.A LEGACY OF SUBVERTING EVERYTHING THAT WAS PUT IN PLACE TO MAKE THE MARKET SAFE FOR INDIVIDUAL INVESTORS, AND EMPOWERING -- THIS IS WHAT HE DID -- EMPOWERING SHORT SELLERS TO CREATE FEAR AND DESTRUCTION.

Comments

[pashn8npa]

Please put the sign down. Drink green tea in the mornings from now on, k.

[kepary]

when asked why he appointed Joseph Kennedy as the 1st SEC chairman he responded with " it takes a thief to catch one" so in that light Cramer would be pretty good, maybe even better than Kennedy

[Clare53]

This Cramer guy is kind of creepy.

[deeppeace]

Love the all-caps presentation. How appropriate.

Speaking of appropriate, how about making me Secretary of the Interior? I have trees in my yard.

[tripper69z]

He's been right on this financial crisis since day one. I've seen him for years do something Bush and Paulson could never do- anticipate a crisis!

He's only acts crazy and theatrical to keep viewers interested. Underneath the shtick, the ideas are sound. He wants to prosecute the people who are ruining the economy. AIG for example. He ain't scared and would be a great choice.

[Sparty1]

I've already lost enough money.

[ellezeebub]

This is the guy that told people it would be silly, just silly, to sell Bear Sterns stock a week before it tanked.

Right. We want this genius in charge of anything. Not.

[karinova]

I literally have no idea what I'm talking about re: economics/­WallStreet­, but...
If people had listened-- that is, if they hadn't sold-- wouldn't Bear Stearns still be around?

[hollybork]

Got to check and see if you have the qualifications, Cramer, to join the new financial team Obama has put together:

Graduate of Harvard. Check
Former Goldman Sachs connection. Check
Jewish. Check
Multi millionare. Check
Ambitious self made and slightly mad. Check

Okay. You win. You've got all the qualifications.

[repugnicansfearme]

The current trend in media is for the talking heads to believe themselves experts, Fathead is no exception. Call it Hubris, call it madness, hey- Mad Money, now there is an idea. This guy is a goofball who no one pays much attention to.

[VSamuels]

The financial market is basically legalized gambling, much like horse racing; one can invest money when he thinks the right jockey is running, or the right trainer/manager is on board. It feeds upon fear and speculation in situations where the only 'known' is that the horses can come up lame. Guys like Cramer are perhaps needed and do serve some purpose like the betting sheets we find in grocery stores and at news stands, but they really aren't very trustworthy; as even some of them engage in unethical practices to gain an edge on the market.

But, the real evil is when the jockeys, owners and trainers are cheating and are conspiring to create winners when they otherwise would not win. Cramer may know where the bodies are buried, but who wishes to spend time sifting through the records to see how many of those bodies he helped into that pile.

In a time when the marketplace needs rational calm voices, we get Cramer and Ratigan shouting to all high heaven now that the problem is out in the light, where were these geniuses when the bad stuff was being done in the dark?

[Brillig]

I am drawing a line in the sand and daring you to step OVER!

__________­__________­__________­__________­_______

Leave RATIGAN out of this!!

[sloreader]

Jim is probably not a good choice but he is right about one thing, Cox has got to go and Obama needs to announce an SEC Chairman with smarts and integrity asap.

[alvdh1]

Cox was a lousy congressman from California before he became a lousy SEC chairman. He is on par with Brownie the former FEMA flunkie. Other than Gates, I can't think of a single Bush appointee who was qualified to hold a job in his administration. Hopefully, the simpletons who twice appointed Bush are the ones suffering the most through this economic collapse. Just hang on to your guns and religion and vote against your own self interest. You could, however, read a few books instead of going on that next hunting trip.

[VivaZapata]

loud mouthed, know nothing, no nothing wants job currently occupied by know nothing screw up. is this a gag or should i gag?

[northstar11]

how refreshing -a watch dog at the SEC --- the usual fare has been guard dogs --lackeys protecting the interests of them wall street gang.

the prior flunkies in the post said they were guard dogs because the legislation gave them no teeth.-a perfect excuse for complicity,

[Bombalot]

Cramer, ironically considering he calls himself a "D"emocrat, believes the markets are amoral. Though tobacco is responsible for hundreds of thousands of deaths each year, he'd have no problem profiting from the dying souls addicted to them. While that may be okay in a talk show host, or broker, it is counter intuitive for a Democratic "change" based future. The markets will remain healthy once the veils are lifted, not when more illusionists are placed in power.

[quantumspin]

Cramer is not a choice. Too mercurial, too 'inside baseball,' and biased toward those the SEC would be regulating.

His TV show tells the tale: pro corporate, anti regulation and anti American workers. Very pro 'elite' and people with money to play with, not to live with.