Paul Ryan makes no difference to markets
While Romney's VP pick may be a good talking point this week, investors are still watching Europe.
Here's what I don't get about the choice of Paul Ryan. What rich person who wants his taxes lower thinks Ryan will make that much of a difference? For people voting on their tax rates, haven't they already settled on the idea of voting for Romney? Other than rich people, are any Americans willing to sacrifice Medicare when the program pays for endless best-in-the-world health care? Is there anyone other than the rich -- who can afford it anyway -- who would change his mind?
What Ryan gives Romney is something for people to talk about, because nobody was talking much about Romney at all lately.
So he's good for that.
But as far as the stock market is concerned, what does Paul Ryan have to do with the price-to-earnings multiple of Bristol-Myers (BMY)?
This week, like the past 10 weeks, will be about whether European stock markets can continue their amazing rally -- one that I believe is starting to drag U.S. markets with them. We all want to focus on bonds, because we think they are the only securities that accurately depict these economies.
But what I saw Monday was a Greece economic growth number that, while down, was not down as much as people had thought. What happens if that's the first surprise of many? Or do we really think that 10 straight weeks of climbing stock markets in Europe means nothing -- that it's just an aberration?
One thing is for certain: We haven't seen many numbers out of Europe, other than German employment, that have been better since the crisis began.
Jim Cramer is a co-founder of TheStreet and contributes daily market commentary to the financial news network's sites. Follow his trades for Action Alerts PLUS, which Cramer co-manages as a charitable trust and is long JPM.
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When I read some of the ignorant tripe that is posted here, I want to break down and cry. Many get their facts from some fool propaganda news station, some get it from their left leaning local newspaper and some just have no touch with reality. I think every student in America should be forced to pass a civics class, an economics course and a reading course before being allowed to vote. I'm not sure that some of these posters ever showed up a day in the classroom!
"Those who fail to remember history are doomed to relive it."
'It should probably come as no surprise to anyone that someone like Paul Ryan would trade on inside information gained through his position as a congressman to line his pockets, but this particular instance is especially egregious. Ryan attended a closed meeting with congressional leaders, Bush's Treasury Secretary Henry Paulson, and Federal Reserve Chairman Ben Bernanke on September 18, 2008. The purpose of the meeting was to disclose the coming economic meltdown and beg Congress to pass legislation to help collapsing banks.'
'Instead of doing anything to help, Ryan left the meeting and on that very same day Paul Ryan sold shares of stock he owned in several troubled banks and reinvested the proceeds in Goldman Sachs, a bank that the meeting had disclosed was not in trouble. This is the guy Republicans want one heartbeat away from the presidency? He seems more than a little shady to me.'
'Have a look at Ryan's financial disclosure form for 2008--you can click on each page to enlarge them. The "Transactions" section begins on page 12--scroll through and look at all the trades Paul Ryan made on "9-18-08":
At least Ryan will have started the debate over having a federal balanced budget, and the consequences of excessive government spending.
The American people are idiots if they don't understand that spending without limit will result in a day of reckoning, that will be far more painful than if we reign in spending now.
"Ryan makes no difference to markets"........And why should he at this early stage ? Cramer, did you expect the markets to shoot up to record highs and beyond just because of Romney's VP pick ? Sounds to me like your choosing Political sides and airing them for all to see. This country is so far into the crapper, there is not one single thing, man, woman or story that will make a dramatic long term positive change to the markets or anything else. No one should expect a miracle of any kind, especially you.
If you want to do something POSITIVE for MSN cramer, tell them to block these stupid friggin "date" ad posters.
the title should be,"who pays attention to cramer anymore"?haven't watched him for the last two years.
jim used to be a pretty good stock man and was entertaining to watch and listen to.since he became a morning guy he has gone political and stinks.jim doesn't have it right now and probably won't as long as he's selling msnbc crapola.
What does this article have anything to do with the markets? Or with politics? Nothing. What a stupid and utterly senseless article.
Here's a deficit reduction/debt reduction plan, that really works.
fix-fiscal-america . us
You should stick to picking stocks. Medicare is broke. There is no Social Security trust fund as it gets robbed by the Congress. It is about time we have a debate in this country (adult one, not the you are a right wing nut job, or lefty socialist name calling) about the role of government and the truth about entitlements.
You are entertaining and know about business, stick to that.
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All hail the bull market, which ended the week with a big rally. But it also is starting to look a little like 1987, which suffered an epic blow-out.
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