Topic: Media Research Center
An Oct. 13 MRC Business & Media Institute post (and NewsBusters item) by Jeff Poor highlights narrowly focused on comments by CNBC host Jim Cramer, in an Oct. 12 appearance on MSNBC's "Hardball," that the stiumulus plan has apparently not resulted in much tangible, visible construction projects. Poor added that "many on the left think Obama's not getting enough credit for the economy, as a stock market rebound seems to be a good sign. However, as Cramer explained, the president isn't going to be able to take any credit for the economy until there's a clear rebound in the job market," then quoting Cramer saying that "Obama can’t take credit for what’s happening."
But Poor ignored what Cramer said earlier in the segment -- that, just like the folks on "the left," he thinks Obama deserves credit for, in Matthews' words, "avoiding a second Great Depression":
CRAMER: I think it's a team effort, Chris. First of all, Ben Bernanke was late, but really went into high gear, and the transition from Bush to Obama was really saved by Bernanke's actions. Second, Bernanke did a good thing, but also Tim Geithner did a good thing. And you can argue, well, Geithner is totally Obama's man. Geithner made everybody feel that the banking system was safe. Once we had the banking system safe, we began to have the recovery. So Obama should get a lot of credit for that.
MATTHEWS: Well, youknow, when the politicians wag and the right-wing goes after him as they do -- that's the way politics works -- they say bailouts bailouts bailouts as if there's something wrong with the guy. They say deficits deficits deficits, as if there's something wrong with the guy. But everything I studied in college in grad school was you've gotta do those things, both in terms of the sectors of the economy which were in trouble -- the financial sectors, the auto industry -- and you had to do something with regard to the overall economy in terms of printing the money, monetary policy, fiscal policy. The very things he did are the things you're taught you have to do. Am I wrong?
CRAMER: No, you're totally right. I hear those people criticize, and I think, did they ever read any history about what this country did wrong between 1929 and 1932? This was exactly -- what these pundits are calling for is exactly what created a multi-year depression. No, I mean -- Bernanke, Obama, Geithner, they got it right.
MATTHEWS: Well, all you hear from on the right is like -- Terry Jeffrey is my pal, he sits here like from Human Events from the far right, they come on here as if all you had to do is lassiez-faire. Set back, let the invisible hand solve the problem. Say's law is still in effect, every -- all the markets are going to work, everything's gonna clear. They actually say this crapola so loudly, they must beleive it or else they're just desperate. But they do believe that doing nothing was the right -- just balance the budget, let business solve the problem.
CRAMER: Well, they're dreamers. Look, here's the hand. It wasn't invisible. It was choking America. We are very lucky that these guys understood history. Now, the reason why it's easy to criticize Obama and why he doesn't take any credit is we haven't created any jobs yet, Chris, and that is bad.
Poor also didn't mention, as Cramer did, that Obama himself is not taking any credit for the recovery.