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After all, my criticism of Obama's handling of the economic crisis is a lot less pointed than my withering August 2007 'They Know Nothing' meltdown against Ben Bernanke and the previous administration's handling of the economic crisis." The day after Barack Obama was sworn in, on January 21, 2009, on his television show Mad Money, Jim Cramer created a stock index to track the new president's progress.
Cramer chose companies that operated in the very sectors that needed the most help, and he suggested their performance would tell Americans how effective Obama had been and whether or not his plans to save the economy had worked.
[...] Investors don’t seem to trust President Obama to create jobs and stimulate the economy, not when he prioritizes climate change and health care." Moreover, the Mad Money Obama Accountability Index score had dropped to 96.1 from its starting point of 100.
He urged Obama to postpone his agenda in favor of boosting the economy.
" segment on CNBC's Street Signs, before the stock market fell and before the recession began, Cramer made a passionate plea to Federal Reserve Chairman Ben Bernanke to consider cutting interest rates and, in turn, help the market and the people who are losing their jobs on Wall Street.
After graduation he became a journalist for four years; he worked for the Tallahassee Democrat and later for the Los Angeles Herald Examiner before attending Harvard Law School where he earned a law degree in 1984. For months Cramer began leaving tips on his answering machine offering stock picks, and garnered the attention of Martin Peretz, editor of the The New Republic and a professor at Harvard, who had been profiting from these tips.
"At one point, I was down ,000 and he didn't give up on me," said Cramer. The fund operated out of the offices of hedge fund pioneer Michael Steinhardt's Steinhardt, Fine, Berkowitz & Co., and early investors included Eliot Spitzer (a Harvard classmate and one of his oldest friends), Cramer's fund had one down year in 1998, a year that proved disastrous for many in the industry.
Cramer, Berkowitz finished down 2-3% and they did not charge a management fee that year to their clients.
Mad Money features eight segments: The Lightning Round, Am I Diversified, Sell Block, Game Plan (also known as Speculation Friday), Executive Decision , Off the Charts, Sudden Death, and Mad Mail.
Jim Cramer's primary goal on the show is to help regular, every day investors "make Mad Money." Cramer is a former hedge fund manager and founder/owner and Senior Partner of Cramer Berkowitz, where Jim reported a compounded "rate of return of 24% after all fees for 15 years" at Cramer Berkowitz.