James Cramer made a startling accusation in last night's Kudlow & Cramer show on CNBC. They don't post transcripts or really have much of a web presence, but this is the best show on TV and if you don't watch it every day, you're nuts!
Jim is a long time supporter of the Democratic Party but he is never afraid to tell them when they're wrong and when their policy hurts business and the capital markets.
Last night, in a "Market Roundtable," Jim asked a guest whether he suspected that high oil prices mightn't be the fault of some hedge funds running up the price on purpose to hurt the current administration. The guest waved it off as "Oliver-Stonish" but Jim came back after and said (quoting from memory here) "I wish it were Stone, because he'd be stupid and it would fail. These guys are smart, I've worked with them and I know them."
Larry just added that funds were trading these days, not only in commodities futures and derivatives, but actually buying the commodities.
I'm just a naive country boy. I know politics ain't beanbag but this would actually shock me. I picture a hedge fund trader as a guy who may be political -- but who would not make a bad trade for an agenda. Mr. Cramer disagrees. And Mr. Cramer is not a cat to be dismissed lightly.