Jim Cramer Blasts Trump DOJ For Going After Fed Chief: ‘Only a Hack Would Want The Job Now’

CNBC’s Jim Cramer began his appearance on Monday morning’s Squawk on the Street by stating plainly: “I think Chairman [Jerome] Powell has done a terrific job.”

Cramer’s statement came as the Trump administration announced Powell was under criminal investigation for allegedly misleading Congress about the Federal Reserve’s $2.5 billion headquarters renovation.

Powell was widely praised for pushing back on the administration in a video statement, saying, “This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation.”

“I think this is pretty naked — you want rates down,” Cramer said of President Donald Trump’s end goal. “But I think it’s unfortunate — Powell’s not going to be a Fed chairman much longer. So, what you’re doing is attacking the chair itself and not the chairman.”

Powell’s term as Fed chair ends in May.

Co-host David Faber added that the real test will be for Powell’s successor.

“The idea that this president and this administration is going to do whatever it takes regardless,” Faber said about the lesson for the next Fed chair. “So, even if they get their person in there, so to speak, their person — obviously they’re going to be choosing that person…there is this idea that they are not expected then to perhaps show that real independence that they all claim they will have, because of course, there’s the shadow of being indicted.”

“Right, well, I think only a hack would want the job now,” Cramer said.

He continued:

I think if you go after the Fed chairman for decorating, for building a project that he obviously have nothing to do with — he’s not a general contractor — what happens? 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. It’s not the charter, but I think we deal with an administration where ,when you get in the job, you better go with the program. If you don’t go with the program, it’s very possible you’ll be criminally indicted. And, I don’t know whoever wants that job, I think better have a real good law firm.

Watch the clip above via CNBC’s Squawk on the Street.