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Now is Not the Time for Made-Up Quotes

Jim Cramer is looking at President Obama and seeing red.

Let me tell you something, we heard Lenin. There was a little snippet last week that was, ‘Now is not the time for profits.’ Look – in Lenin’s book, ‘What Is to Be Done?’ is simple text of what I always though was for the communists, it was remarkable to hear very similar language from ‘What Is to Be Done?’ which is we have no place for profits.

Of course, that isn’t what the president said.

This is what he said:

We’re going to be having conversations as this process moves forward directly with these folks on Wall Street to underscore that they have to start acting in a more responsible fashion if we are to together get this economy rolling again. There will be time for them to make profits, and there will be time for them to get bonuses—now is not that time.

Now, it’s clear that the president was saying something that Wall Street doesn’t think is fair. As Cramer’s CNBC colleague Erin Burnett argued on Meet the Press yesterday, employees of bailout money recipients who are getting bonuses believe they earned that money, because they worked hard for it. The president thinks that they should be happy that taxpayers bailed them out, and consider that they wouldn’t be making any money without the bailout funds. Cramer doubtlessly agrees with those employees, and with Burnett, but does he really think the president is practicing 1920s-vintage communism by telling companies to cut off their bonuses as long as the money is coming out of the pockets of taxpayers?

Maybe we’re expecting too much from Jim Cramer.

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