An inconvenient flashback from 2007 from the man with the nerve to say he understands the market more than mere comedian Jon Stewart.
A recent article in The New York Times reviewing the record of New York’s attorney general, Andrew M. Cuomo, recalled that he had warned two years ago of the problems afflicting mortgages. In November 2007, Mr. Cuomo delivered subpoenas to Freddie Mac and Fannie Mae, and urged those quasipublic agencies to review Washington Mutual appraisals and mortgages that they held in their portfolios.
Mr. Cuomo argued that banks and appraisers had colluded to push prices higher. It is a marker of how swiftly the culture has changed that his charges, which now are received wisdom, struck Mr. Cramer in 2007 as the words of, well a …
Take it away, Mr. Cramer.
“Cuomo’s about confiscation — genuine communist,” Mr. Cramer said. “The Chinese are capitalist, we got a communist.”