This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cramer: Who Can Blame Occupy Wall Street?

Please enjoy this free sample of our premium content featuring Jim Cramer. To get all of Cramer's premium content free for a limited time, please register here.

NEW YORK ( RealMoney) -- Occupy Wall Street has, in a few short weeks, gone from a sideshow to the fulcrum of a national debate about wealth and jobs and a sense of despair that's palpable among many. You can't be on the sidelines on this one; you are pro or con.

Which, frankly, is the problem, because I am not sure what being pro or con actually means in this case. Am I pro justice for those who got us into this mess, chiefly the lenders who lent recklessly and should have known better, and the investment bankers who pooled their miserable loans into unfathomable tranches that have done much to impair the American economy?

You bet.
Cramer: I can't blame Occupy Wall Street protesters, but I can't join them either until I know exactly what they stand for.

From the lenders to the processors to the robo-signers to those who took huge bonuses after being saved by TARP and yet were integral to this corrupt process, to the ratings agencies that checked off on it all, I've seen little or no justice at all. You mean to tell me that no one did anything wrong at Lehman? Can you honestly believe that no one at Countrywide has gotten in trouble with the authorities? How about the outrageous acts of the executives who ran Fannie and Freddie into the ground and made fortunes doing so?

Where are the indictments?

But that doesn't seem to be the focus of the protests. The focus seems to be against the rich. Who can blame them? I think the rich have gotten a great deal in this country. I believe that they should have to pay more than they are doing. Is that a radical position? Lest anyone forget, that was Abe Lincoln's position during the Civil War, and he remains the greatest force of honesty in the history of American political debate.

Yet, the rich have gotten away with this outrage because of Congress. Is it "Wall Street's fault"? Congressional Republicans seem addicted to the dollars of the rich and let them get off scot-free.

So I don't get the geographic focus.

All that said, the alienation in this country is palpable, and it is caused by everything from a dysfunctional government that can't get its act together and has created a level of uncertainly that makes it difficult to hire, to a presidential emphasis on creating green jobs when the only real growth area that needs employees is in the oil and gas patch, to a belief that we are being crushed by our trading partners who take our jobs at will.

Once again though, none of those seems to be the target of Occupy Wall Street.

So, am I pro Occupy Wall Street? If they were to embrace any parts of the issues I am talking about in any coherent fashion, you bet I am.

Until they do, let's just say, who can blame them? There's plenty wrong with society right now. But can I join them? Not until I know exactly what they really stand for. If they stand for any of the issues I just described though, you bet I can.


What is the point of the Occupy Wall Street protest and similar demonstrations?

Inequality. The rich add zeroes to their bank accounts while others cope with debit card fees.
Jealousy. Class warfare and income redistribution. The protesters don't want to work, they just want a free ride.
Economy. It's tough to find a job out there, especially if you don't have one.
Politics. The right has its Tea Party and now the left has Occupy Wall Street.
Greed. Banks and other corporations crashed the global economy in 2008 and then dined at the taxpayer bailout trough.
Educational system. Many have massive student loan debt but no jobs to help pay that off.
All of the above.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $121.30 0.00%
FB $94.01 0.00%
GOOG $625.61 0.00%
TSLA $266.15 0.00%
YHOO $36.67 0.00%

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs