Cramer's 'Mad Money' Recap: Obama Needs to Act (Final)

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NEW YORK (TheStreet) -- "The president needs to be the point man on unemployment," Jim Cramer told the viewers of his "Mad Money" TV show after another dismal day on Wall Street.

Cramer said Obama has the power to turn the markets and the economy around, he just doesn't know it.

Cramer said President Obama has the ability to change the psychology of the markets, if only he'd take a more active role, and show investors that he actually cares about equities and people's IRAs and 401Ks.

Consider today's disappointing housing numbers. Cramer asked what if Obama came on TV today and reminded investors that with interest rates and home prices at historic lows, it's a great time to consider buying a home. What a difference a statement like that would make, he said.

Cramer asked what if Obama told Wall Street that he understands that keeping taxes low on capital gains and dividend is important. He said it would make a big difference if he pledged to work with business to create jobs, if he endorsed natural gas as a way to create jobs and head toward energy independence and if he announced a fix for the stock market's "flash crash" from earlier this year.

Cramer said Obama not only needs some new rhetoric, he needs new people with new ideas. He said the president needs to sit down with corporate America and find out what they need to begin hiring again. "Private industry is not the enemy," he reminded the president, all we need is a little imagination.

"Mr. President, we need to hear from you," said Cramer, "sit down with some business leaders, compromise and create some jobs."