CNBC Host Credits Obamacare's Demise for Stock Market Rise: 'Good News for Business'
A CNBC host says stock markets rose because Obamacare is giving the president "less leverage to push for higher taxes."
"The U.S. is once again the center of the universe," declared Jim Cramer to resounding patriotic music as the stock market continued to rise. He credited this economic growth to the continuing fixation over problems with Obamacare.
"Bad news about Obamacare is good news for business," Cramer said "The more trouble the program is in, the less likely it can hurt business."
Cramer said there was a significant increase in confidence in the stock market, while hosting CNBC's "Mad Money" on Nov. 13. He pointed out that the Dow Jones Industrial Average had improved by seventy points, which he credited to the fact that there have been few new developments in Washington aside from problems with Obamacare.
Spreading his arms happily, Cramer called this lack of new news and attention to Obamacare problems a "Godsend." He said "anything that weakens the president's hand means he has less leverage to push for high taxes," playing a booing sound effect at the word "taxes."
Jim Cramer is a former hedge fund manager and a best selling author of financial advice books. He currently hosts the primetime financial advice show "Mad Money" and is a co-anchor of CNBC's "Squawk on the Street." Cramer, while a Democrat, has long opposed the Affordable Care Act. In 2010, he said that Obamacare would result in rising health care premiums and higher taxes.