Cramer's 'Mad Money' Recap: Going Over the Cliff
NEW YORK ( TheStreet) -- The fiscal battle in Washington is playing out like the James Dean film "Rebel Without a Cause," with all of us caught in a high-speed game of chicken and about to go over the cliff, Cramer told "Mad Money" viewers Thursday.
CEOs, including many who didn't vote for President Obama, have been going to the White House lately and saying that they, the 2%, would accept a tax hike if it would lead to a compromise, Cramer said.But they've been had. President Obama was re-elected and Cramer noted the feedback he's been getting indicates the CEOs' offer meant nothing. The CEOs figured the president wrong, and we're not much closer to compromise than before.
Cramer said the President's position seems to be "my way or the highway" but it's actually "my way or the cliff's way."
"What worries me most about the declines is that the market is realizing the President might get his way," Cramer said. That would mean higher taxes and little in the way of spending cuts.
"We have to hope that history isn't repeating itself to go down the path of the pre-debt ceiling debacle or the TARP debacle before we get crushed and then get the deal," Cramer said.
He explained, "If you're a member of the business community who thought compromise was in the air, the only thing that turned out to be in the air was you. In your car. Going over the cliff, without wings. Without a parachute and with a full tank of soon-to-explode octane," a la "Rebel Without a Cause."