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. CNBCâs Jim Cramer blasted that strategy in his âStop Tradingâ November 7 âStreet Signsâ segment. He labeled New York Attorney General Andrew Cuomo a âcommunistâ who âwants to shut down the mortgage market.â
â[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. âCuomoâs about confiscation â genuine communist,â Cramer said. âThe Chinese are capitalists, we got a communist.â
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.
âWhy doesnât 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
Last week, Cuomo filed a suit against First American Corp. (NYSE:FAF) and its âeAppraiseITâ unit for âallegedly colluding with Washington Mutual to use a list of preferred appraisers to artificially inflate mortgage appraisals.â
âCan I give you the real headline?â Cramer said. âCuomo says letâs make it harder to get a mortgage, letâs make it harder to lend. Is that really the intent of this Democrat who wants to be president of the universe?â
Cramer referred to him as âGeneral Cuomo,â and âStreet Signsâ host Erin Burnett said CNBC had offered him an invitation to appear on CNBC, but he has thus far declined.
âOh, heâll come on in a second. Heâs worse than [Connecticut Attorney General Richard] Blumenthal,â Cramer said. âHeâd walk a mile for a camera.â