[video] Jim Cramer Quick Take: Where's Obama's Head?
NEW YORK (TheStreet) -- Stocks are rallying on the news that Larry Summers took himself out of the running to be the next Federal Reserve chairman.
TheStreet's Jim Cramer told Debra Borchardt that Summers would have been hawkish for the markets and would have likely led a more rigorous tapering effort.
He added that equity markets can't handle another long, drawn-out debate from Congress over the debt ceiling and President Obama is "tone deaf" to the jobs situation and disfunction in the country.
With markets reaching for record highs on this news, Cramer said he doesn't like to buy in these overbought conditions -- which was even the case before the Summers news.Meanwhile, short-sellers have mistimed their positions, causing them to unwind and drive prices even higher. Cramer said that he didn't care for the way the president handled the press. Obama has made it seem like current Fed Chairman Ben Bernanke has done nothing while at the helm and that Obama "has it in for" Janet Yellen, a potential Fed chairman. Cramer said that only Obama wanted Summers to be the Fed chairman. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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