Jim Cramer: 'Only a Hack' Would Take Fed Post Now

Count CNBC's Jim Cramer as among those critical of the Justice Department's new criminal investigation of Fed chief Jerome Powell. "I think only a hack would want the job now," Cramer said on the network's Squawk on the Street show, reports the Hill. Cramer is of the view—as is Powell—that the investigation is a front to punish the Federal Reserve for not cutting interest rates as fast as President Trump wants. Federal prosecutor Jeanine Pirro, however, has defended her move and said the Fed was refusing to provide information about cost overruns on a building renovation.

"If you go after the Fed chairman for decorating, for building a project that he obviously has nothing to do with—he's not a general contractor—Carl, what happens?" Cramer asked co-anchor Carl Quintanilla. "You basically just say, 'You know what? I'm going to take the Fed chair, and I want to do exactly what the president says because that's why I've been appointed." Still, Cramer doesn't think Powell will end up being prosecuted because it's "too over the top," per CNBC. "The market just doesn't believe Jay Powell will be prosecuted" and "I'm betting the market's right." Treasury Secretary Scott Bessent is reportedly unhappy with the Justice Department's action, as are prominent GOP senators.