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.