This post appeared earlier Thursday on RealMoney. Click here for a free trial, and enjoy incisive commentary all day, every day.
Nancy Pelosi. The two words that strike at the heart of every single owner of stocks. The nemesis. The standard bearer of labor over capital and poor over rich. The expropriator. The distributor. This selloff is her work. She may very well see the destruction of this tax-cut extension package to be her parting shot to the American people. She would take this president down in a second if it means not compromising on her desire to be sure that no rich person falls ahead. House Speaker Nancy Pelosi addresses media on Dec. 9 after House Democratic caucus meeting on Capitol Hill. (AP photo) Yep, she'd take down the president. I don't think she will succeed. But she can't just check off on this. She must militate against it because her hatred for the GOP is greater than her desire to do something that the stock market says is good for the country. I know the Pelosi types. I was one of them -- when I helped lead a wildcat strike against the fat cats I worked for at Veterans Stadium in 1977; when I helped the textile workers union try to destroy JP Stevens; when I urged that the union at the Los Angeles Herald Examiner strike to close the paper rather than accept the low wages because I knew the Hearst owners were rich and they didn't deserve their fortune. I fought against capital even if it meant it would be bad for many people who would lose their jobs. I did it as a statement that I would not rest until the rich had to pay for their sins. The only difference between me at that time and Pelosi is that she is rich and probably does a lot out of guilt. I was poor and eager for revenge and to distribute the profits of the rich. Oh, and she is the second most powerful person in this country until the next congressional session, and I was living in my car with some underwear, a hatchet, a pistol and a bottle of Jack Daniels to keep me warm. Don't think for a minute that this deal is done if only because this "leader" must try to be like little Jimmy Cramer, full of spite and anger and ... hair! I don't want to leave this market because of Pelosi as much as she might want you to leave it. But I am well aware of what this woman has done to set the U.S. economy back vs. pretty much everyone except Greece, Ireland, Spain and maybe Portugal. What a legacy. One to be proud of ... if you are a young buck trying to teach the fat-cat capitalists a lesson. But not if you are the Speaker of the House. House Speaker Nancy Pelosi addresses media on Dec. 9 after House Democratic caucus meeting on Capitol Hill. (AP photo) Add Comment Tweet Jim Cramer, founder and chairman of TheStreet.com, writes daily market commentary for TheStreet.com's RealMoney and runs the charitable trust portfolio, Action Alerts PLUS. He also participates in video segments on TheStreet.com TV and serves as host of CNBC's "Mad Money" television program. Mr. Cramer graduated magna cum laude from Harvard College, where he was president of The Harvard Crimson. He worked as a journalist at the Tallahassee Democrat and the Los Angeles Herald Examiner, covering everything from sports to homicide before moving to New York to help start American Lawyer magazine. After a three-year stint, Mr. Cramer entered Harvard Law School and received his J.D. in 1984. Instead of practicing law, however, he joined Goldman Sachs, where he worked in sales and trading. In 1987, he left Goldman to start his own hedge fund. While he worked at his fund, Mr. Cramer helped start Smart Money for Dow Jones and then, in 1996, he founded TheStreet.com, of which he is chairman and where he has served as a columnist and contributor since. In 2000, Mr. Cramer retired from active money management to embrace media full time, including radio and television. Mr. Cramer is the author of "Confessions of a Street Addict," "You Got Screwed," "Jim Cramer's Real Money," "Jim Cramer's Mad Money," "Jim Cramer's Stay Mad for Life" and, most recently, "Jim Cramer's Getting Back to Even." He has written for Time magazine and New York magazine and has been featured on CBS' 60 Minutes, NBC's Nightly News with Brian Williams, Meet the Press, Today, The Tonight Show, Late Night and MSNBC's Morning Joe. var OutbrainPermaLink='http://www.thestreet.com/story/10943249/pelosi-misguided-on-tax-deal-cramer.html'; var OB_Template = "thestreetcom"; var OB_demoMode = false; var OBITm = "1276003897985"; var OB_langJS ='http://widgets.outbrain.com/lang_en.js'; if ( typeof(OB_Script)!='undefined' ) OutbrainStart(); else { var OB_Script = true; var str = ''; document.write(str); } adsonar_placementId=1341527;adsonar_pid=879768;adsonar_ps=-1;adsonar_zw=600;adsonar_zh=280;adsonar_jv='ads.adsonar.com'; TheStreet Premium Services Compare All Services Jim Cramer's Action Alerts PLUS: Now any level of investor can trade right alongside a Wall Street pro — and enjoy 24/7 access to his portfolio! Learn More Login ETF Profits: Get money-making ideas from the hottest investment vehicle on the planet. Our experts show you how to play various ETF sectors to help pump-up your portfolio. Learn More Login OptionsProfits: Get 50+ trade ideas a week from the industry's top options experts. Plus — exclusive commentary on market trends and essential trading tools. Learn More Login RealMoney Silver: Get Doug Kass's exclusive trading diary + 5 of TheStreet's top premium services including Action Alerts PLUS and RealMoney — all on one streamlined page. Learn More Login Stocks Under $10: Break into the market with small- and mid-cap stocks... all $10 or less! David Peltier tells you exactly which low-priced stocks he's buying and selling. Learn More Login RealMoney Breakout Stocks Portfolio PLUS ETF Action Daily Swing Trade Market Movers ETF Shark Alerts TheStreet Ratings Top Gun Trader Top Stocks try { function DM_onSegsAvailable(segs, cust_id) { for(var i=0;i //* Global Functions *// function metadataRegisterNS(ns){ var nsParts = ns.split("."); var root = window; for(var i=0; i Dow Jones S&P 500 NASDAQ 10-Year Note 11,340.84 1,229.30 2,612.98 31.98 Oil * 90.88 DOWN 31.64 UP 1.02 UP 3.82 DOWN 0.38 10 Yr 3.20% SPDR Gold 135.28 -0.28% +0.08% +0.15% -1.17% Data delayed 20 minutes More From TheStreet function utmx_section(){}function utmx(){} (function(){var k='0550367437',d=document,l=d.location,c=d.cookie;function f(n){ if(c){var i=c.indexOf(n+'=');if(i>-1){var j=c.indexOf(';',i);return c.substring(i+n. length+1,j if(typeof(_gat)!='object')document.write('') try { var gwoTracker=_gat._getTracker("UA-6534317-3"); gwoTracker._trackPageview("/0550367437/test"); }catch(err){} utmx_section("Headline") if(typeof(_gat)!='object')document.write('') try { var gwoTracker=_gat._getTracker("UA-6534317-3"); gwoTracker._trackPageview("/0550367437/goal"); }catch(err){} adsonar_placementId=1341369;adsonar_pid=879768;adsonar_ps=-1;adsonar_zw=320;adsonar_zh=280;adsonar_jv='ads.adsonar.com'; Brokerage Partners YAHOO.util.Event.on(window,"load",function(){ setTimeout(function(){ TSCM.util.attachScript('scr_intellitxt','http://thestreet.us.intellitxt.com/intellitxt/front.asp?ipid=10685'); },1200); }); document.write(unescape("%3Cscript src='" + (document.location.protocol == "https:" ? "https://sb" : "http://b") + ".scorecardresearch.com/beacon.js' %3E%3C/script%3E")); var beaconurl=""; if(TSC.util.isDefined(document)){ beaconurl=document.URL; try{ if (top.location != self.location){ beaconurl=document.referrer; } }catch(e){} } COMSCORE.beacon({ c1:2, c2:"6036014", c3:"", c4:beaconurl, c5:"", c6:"", c15:"" }); (function () { var d = new Image(1, 1); d.onerror = d.onload = function () { d.onerror = d.onload = null; }; d.src = ["//secure-us.imrworldwide.com/cgi-bin/m?ci=us-thestreet&cg=tsc&cc=1&si=", escape(window.location.href), "&rp=", escape(document.referrer), "&ts=compact&rnd=", (new Date()).getTime()].join(''); })(); Free Newsletters from TheStreetAfter the Bell
Before the Bell
Booyah! Newsletter
ETF Daily
Midday Bell
TSC Top Ten Stories Newsletter
Winners & Losers
We respect your privacy. Manage Newsletters Podcasts [Select Podcast] The Real Story Wall Street Confidential Podcast Daily RSS UpdatesTheStreet Mobile Edition
Connect with TheStreet
YAHOO.util.Event.on(window,"load",function() { try { var loginlink = YAHOO.util.Dom.get("logonoff"); var cookie = new UserStatus().streetCookie; if(cookie.indexOf('|')== -1){ loginlink.setAttribute("href",""); loginlink.innerHTML = "Log In"; } } catch(e) {} }); TheStreet Mobile | MainStreet | StockPickr | BankingMyWay | Jim Cramer | Doug Kass | RealMoney | Try Action Alerts PLUS - FREE TheStreet Corporate | Home | About Us | Advertise | Customer Service | Employment | Privacy Policy | Sitemap | Topic Archive | Video Archive | Terms of Use document.write('© 1996-2010 TheStreet.com, Inc. All rights reserved.TheStreet's enterprise databases running Oracle are professionally monitored and managed by Pythian Remote DBA.
Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions.
TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.
IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.
*Oil Data in Market Overview is Brent Crude Pricing
'); TSCM.ads.AdPlacerx.sz = "728x90"; TSCM.ads.AdPlacerx.resetTargets(); TSCM.ads.AdPlacerx.calltype = "adj"; TSCM.ads.AdPlacerx.includeDcopt = true; TSCM.ads.AdPlacerx.additionalTargeting = ";;storytype=investingOpinion;kval=investingOpinion"; TSCM.ads.AdPlacerx.writeTag(); TSCM.ads.AdPlacerx.sz = "233x224"; TSCM.ads.AdPlacerx.resetTargets(); TSCM.ads.AdPlacerx.calltype = "adj"; TSCM.ads.AdPlacerx.adtype = "cau"; TSCM.ads.AdPlacerx.additionalTargeting = ";;storytype=investingOpinion;kval=investingOpinion"; TSCM.ads.AdPlacerx.writeTag(); TSCM.ads.AdPlacerx.sz = "336x280,336x850,300x250,468x648"; TSCM.ads.AdPlacerx.resetTargets(); TSCM.ads.AdPlacerx.calltype = "adj"; TSCM.ads.AdPlacerx.additionalTargeting = ";;storytype=investingOpinion;kval=investingOpinion;;storytype=investingOpinion;kval=investingOpinion"; TSCM.ads.AdPlacerx.writeTag(); TSCM.ads.AdPlacerx.sz="336x280,300x250"; TSCM.ads.AdPlacerx.resetTargets(); TSCM.ads.AdPlacerx.setSite("remnant.thestreet.com"); TSCM.ads.AdPlacerx.additionalTargeting=";box=second"; TSCM.ads.AdPlacerx.calltype="adj"; TSCM.ads.AdPlacerx.writeTag(); /** * function wrapper that places all DART ads using TSCM.ads.positionToPlaceholder * if positionToPlaceholder can't find the elements specified, it just returns and is ready for the next call */ TSCM.ads.placeLazyLoadingAds = function() { // DART 1 (banner) TSCM.ads.positionToPlaceholder({ ad: 'ad728x90', placeholder: 'bannerContainer', flexibleHeight: false }); //DART 2 TSCM.ads.positionToPlaceholder({ ad: 'customUnit', placeholder: 'cauContainer', flexibleHeight: true }); //DART 3 TSCM.ads.positionToPlaceholder({ ad: 'boxAd', placeholder: 'boxAdContainer', flexibleHeight: true }); //DART 4 TSCM.ads.positionToPlaceholder({ ad: 'secondBoxAd', placeholder: 'secondBoxAdContainer', flexibleHeight: false }); }; TSCM.ads.placeLazyLoadingAds() window.setTimeout(function() { TSCM.ads.placeLazyLoadingAds() }, 2000); window.onresize = function() { setTimeout(function() { TSCM.ads.placeLazyLoadingAds(); }, 1000); }; YAHOO.util.event.onDOMReady( YAHOO.util.Dom.setStyle("lazyLoadedObjects", "visibility", "visible") ); var gwoTracker =_gat._getTracker("UA-6534317-1"); getcombo_ga("7-0-0"); var _gaq = _gaq || []; _gaq.push(['_setAccount', 'UA-6534317-1']); _gaq.push(['_trackPageview']); _gaq.push(['_setCustomVar', 1, // This custom var is set to slot #1. Required parameter. 'gwo2', // The name acts as a kind of category for the user activity. Required parameter. 'gw-' + getcombo_ga2("7-0-0"), // This value of the custom variable. Required parameter. 2 // Sets the scope to session-level. Optional parameter. ]); _gaq.push(['_trackEvent', 'recommended', 'LOADED']); (function() { var ga = document.createElement('script'); ga.type = 'text/javascript'; ga.async = true; ga.src = ('https:' == document.location.protocol ? 'https://ssl' : 'http://www') + '.google-analytics.com/ga.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(ga, s); })(); /* */ NM_SmartSite_ID = '1001'; var disqus_shortname = 'thestreet'; (function () { var s = document.createElement('script'); s.async = true; s.src = 'http://disqus.com/forums/thestreet/count.js'; (document.getElementsByTagName('HEAD')[0] || document.getElementsByTagName('BODY')[0]).appendChild(s); }()); BF_BB_DATA = null; (function( ){ document.write(''); var sid="76IOF7"; var c=""; var b=""; BF_BB_SCRIPT=document.createElement('script'); BF_BB_SCRIPT.type="text/javascript"; BF_BB_SRC="http://buzzbox.buzzfeed.com/wd/BuzzBox?sid=" + sid + c + b + '&it=1&cb=' + (new Date()).getTime(); setTimeout(function() { document.getElementById('BF_BUZZBOX').appendChild(BF_BB_SCRIPT); BF_BB_SCRIPT.src=BF_BB_SRC; },1); })();Before the Bell
Booyah! Newsletter
ETF Daily
Midday Bell
TSC Top Ten Stories Newsletter
Winners & Losers
TheStreet Mobile Edition
Connect with TheStreet
Read Full Article »