Pelosi Misguided on Tax Deal: Cramer

The House Speaker may well see the destruction of this tax-cut extension package to be her parting shot to the American people.
By Jim Cramer ,

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

)

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.

Loading ...