This article was originally published March 9.Click here for an archive of Jim Cramer's Mad Money recaps.
In the middle of the biggest bear market since the Great Depression, Jim Cramer told the viewers of his "Mad Money" TV show Monday his playbook isn't working in a market that has moved into uncharted territory.
Cap and Trade FalloutCramer spoke with Duke Energy ( DUK) CEO Jim Rogers, to find out how Obama's cap-and-trade carbon initiatives would hurt the company's bottom line, and how the company plans to move to a greener future.
Taking on the CriticsEighteen months after his infamous "They Know Nothing," rant on CNBC, Cramer took on his critics, declaring "it's time to get serious" about fixing the nation's economic issues. Cramer said he finds himself in the middle of a firestorm lately, with critics like New York Times columnist Frank Rich and comedian Jon Stewart taking shots at his recommendations and advice.
But Cramer noted that he's been a vocal critic of the handling of the financial crisis by both the Bush administration and Obama administration. He reminded his critics of his outrage at Hank Paulson's handling of Lehman Brothers, and of Bush's assertion that "the fundamentals are sound." Cramer said he doesn't blame Obama for the nation's problems, and actually agrees with much of Obama's agenda. But he contended "now's not the time" for it to be implemented. He said it's time to engage on the issues and stop the rhetoric. He said it's time to get control of the markets from the short sellers and offer up ideas. Cramer extended an open invitation to the Obama administration to come on the show and debate the real issues of unemployment and house price depreciation and how best to stop the destruction of wealth in America.
SEC Needs ReinforcementsIn his "Outrage of the Day" segment, Cramer posed this question: "Why is Las Vegas more regulated than Wall Street?" He said it's ridiculous that it's easier to get an investment advisors' license than a gambling license. Cramer said for years Wall Street has been regulated by the honor system, but that needs to stop. He called on Obama to increase the head count at the SEC ten-fold if that's what it'll take to restore confidence in the markets. Las Vegas, said Cramer, a place where you're supposed to lose money, is regulated to the hilt. But on Wall Street, where people are supposed to make money, its the wild West. "Investing shouldn't feel like gambling," said Cramer.
"If we have the manpower and will to regulate gambling, we ought to have the same for Wall Street," concluded Cramer.