April 7, 2013

Is there any economic issue that Jim Cramer actually understands well?

Clearly, his stock tips prove that his understanding of investments leaves a lot to be desired. Jon Stewart simply eviscerated him on The Daily Show, leaving him a quivering mess. Now one would think that would cause Cramer to look much more seriously at his body of work, to show that he actually merits having his own financial show on a financial channel.

But that presumes far too much when it comes to Jim Cramer. Jim Cramer's idea for President Obama to 'fix' the economy? The Keystone XL Pipeline!

You want to put 60 thousand people to work in this country in four weeks because these jobs are there? Keystone Pipeline. But this is a fossil fuel vs greens debate. Why do I say the pipeline does work? Because these pipelines have been the creators, the largest creators of jobs in the last four years. You may hate fossil fuel. You may think it’s ridiculous to be able to have it so that oil and gas are in charge of hiring in this country. But we’ve got tons of oil and gas in the wrong places. You put people to work on pipelines, $60,000 is the minimum that you pay a pipeline worker. You put people to work all over this country. That’s what needs to happen.

Is anyone surprised to hear that just like his stock predictions, Cramer's assessment of the KXL pipeline is similarly pulled from his posterior?

First, TransCanada, the Canadian company seeking permission to build the KXL, estimates only 15,000 temporary jobs, which is only a statistical drop in the bucket when looking at the unemployment rolls, according to a Cornell University study on the impact. Moreover, the same Cornell study claims that long-term, the pipeline could prove to be a job-killer through higher fuel costs (remember, this pipeline is intended for Canadian tar sands oil to get to the Gulf of Mexico to sell to the highest bidder on the WORLD MARKET--none of this benefits directly US oil costs) and potential environmental disasters. One only needs to look at Arkansas to see how no matter how much Washington DC and TransCanada pooh-poohs the risk, the potential is devastating.

And guess what, Cramer? Top job creators in this country? Not oil companies.

But seriously, does anyone expect him to understand anything well any more?

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