Cramer's 'Mad Money' Recap: March 5


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Fat cats were the real reason behind today's big market sell-off, Jim Cramer told viewers of his "Mad Money" TV show Thursday.

He said Obama's seemingly endless obsession with punishing wrong-doers is systematically contributing to the biggest wealth destruction America has ever seen.

According to Obama, just about everyone is a fat cat, making ill-gotten gains at the public's expense, and needs to be punished immediately. However, he continued, if everyone is evil, who's left to do the business of America and create jobs for the economy?

After being in office less than two months, Obama's already taken aim at the drug companies and medical device makers, saying they routinely overcharge Medicare. Oil companies and drillers have been on the hot seat, accused of windfall profits and destroying the environment.

Everything in the real estate market as come under fire, said Cramer, as has the defense industry, auto industry, and manufacturing sector, which is now under attack for polluting the air with carbon emissions.

Obama all the banks, big and small, along with the insurers, are bad, he said.

Who's left? He said the only sectors not touched by Obama's rhetoric are retailers, technology companies and food and beverage firms. He said government employees are the only real winners in Obama's stimulus plan.

So with everything under attack, and all at once, is it any wonder the markets are devaluing by the day. Cramer said sometimes you need to spare the rod to save the economy.

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