CNBC's Cramer: New York AG Cuomo a 'Communist'
News story after news story has warned of the dangers to the housing market. The Democratic response is more regulation. CNBCâ€™s Jim Cramer blasted that strategy in his â€śStop Tradingâ€ť November 7 â€śStreet Signsâ€ť segment. He labeled New York Attorney General Andrew Cuomo a â€ścommunistâ€ť who â€śwants to shut down the mortgage market.â€ť
â€ś[W]itness the fact that right now, the most important man in
Then Cramer really went on the attack, even comparing Cuomo to his politicized predecessor Eliot Spitzer. â€śCuomoâ€™s about confiscation â€“ genuine communist,â€ť Cramer said. â€śThe Chinese are capitalists, we got a communist.â€ť
The Democratic Cuomo announced November 7 he was expanding his probe into the mortgage industry by sending subpoenas to Freddie Mac (NYSE:FRE) and Fannie Mae (NYSE:FNM) and urging them to conduct a total review of all Washington Mutual Inc. (NYSE:WM) appraisals and mortgages they purchased.
â€śWhy doesnâ€™t he just destroy any opportunity we have to move the $1.25 trillion in houses that are just sitting on the market right now?â€ť
Last week, Cuomo filed a suit against First American Corp. (NYSE:FAF) and its â€śeAppraiseITâ€ť unit for â€śallegedly colluding with Washington Mutual to use a list of preferred appraisers to artificially inflate mortgage appraisals.â€ť
â€śCan I give you the real headline?â€ť Cramer said. â€śCuomo says letâ€™s make it harder to get a mortgage, letâ€™s make it harder to lend. Is that really the intent of this Democrat who wants to be president of the universe?â€ť
Cramer referred to him as â€śGeneral Cuomo,â€ť and â€śStreet Signsâ€ť host Erin Burnett said CNBC had offered him an invitation to appear on CNBC, but he has thus far declined.
â€śOh, heâ€™ll come on in a second. Heâ€™s worse than [Connecticut Attorney General Richard] Blumenthal,â€ť Cramer said. â€śHeâ€™d walk a mile for a camera.â€ť