Jim Cramer made a complete fool of himself on television yesterday. Erin Burnett of CNBC was trying to have a civil and informative conversation with him when he lost it. She wanted to discuss the already fragile credit markets when Cramer let loose a tirade that Federal Reserve Chairman Ben Bernanke was playing "academic games."
Wake up Cramer. The Federal Reserve rarely reacts to a couple of lousy weeks of trading in the markets. The Fed reacts to economic conditions and not volatile market conditions. Cramer shilled for some of his Wall Street buddies that are facing tough times. " I speak to them all day" he said. No kidding Jim. I am sure Fed boss Bernanke speaks to a few people too.
I speak to portfolio managers and trading desks all over the world on a daily basis. Yes, those that trade fixed-income paper may have a really crummy year and -- as is the Wall Street way -- jobs may be lost. We don't hear Cramer screaming and yelling when Wall Street is hiring en masse, just when it lays off people. Traders know how the game works: feast or famine. Traders prefer this, as the feast is quite often seven-figure bonuses. The famines can last a year and then they land with another firm as the feast is perceived to be arriving.
Cramer has passion, but in this case it was misguided. He allowed the rants of his trading-desk buddies to get to him. Cramer hurt his supposed objectivity, especially when he threw out the term "Armageddon." The word Armageddon was the trading-desk world mantra this past Thursday and Friday.
Cramer has passion, but in this case it was misguided. He allowed the rants of his trading-desk buddies to get to him. Cramer hurt his supposed objectivity, especially when he threw out the term "Armageddon." The word Armageddon was the trading-desk world mantra this past Thursday and Friday.
Stocks have their worst week in six years
Why haven't the Republicans said much about the economy?
Chasing Value: Are you watching WaMu?
Reader Comments (Page 1 of 1)
8-07-2007 @ 10:50PM
LG said...
Cramer is a joke and a buffoon, and anyone who takes him seriously is a fool.
8-08-2007 @ 10:05AM
Dean said...
Cramer, objective? Hello the whole reason we watch him is because he puts it all out there, and gives us his subjective slant and presents it as his VIEW. Erin Burnett, informative? All she was doing was repeating the same canned crap that prompts all the same canned answers that you hear from all the other market commentators.
8-09-2007 @ 12:54PM
Karen said...
Re: Cramer hurt his supposed objectivity, especially when he threw out the term "Armageddon." The word Armageddon was the trading-desk world mantra this past Thursday and Friday.
You need open your ears wide and 'listen'. Erin Burnett put "Armageddon" "OUT THERE" as you say...not Cramer.
He only picked up on it and said like it is.
Cramer is the 'only' sane person in which people can trust. TRUST!!! GET THAT?? He tells the truth, as in, like it is ! . A virtue that all the Cramer bashers would do well to learn, and learn QUICK....people won't remain sheep forever.
8-13-2007 @ 12:24PM
August said...
In my opinion, Jim Cramer as an investment advisor is like a dollar seventy-five for a plastic bottle of tap water. He adds excitable antics and packaging, but doesn't add anything to the water that wasn't already there. (or not)
Fortunately for me, it's one of those things, "I just don't get." Admittedly, as entertainment his animated splutter has watchability, but as an investment guru his drama is annoying and leaves me wanting a drier statement of fact and resultant probability.
To each their own.
Thanks for listening,
August
8-15-2007 @ 8:45AM
ray said...
The economics group at the Fed and the FOMC are the ultimate cult of personality. There are a couple of thousand economists that exist only to impress one another. There is no reason to have people involved, there should be data inputs and decisions made based on the inputs.
8-17-2007 @ 9:30PM
Son of Connor said...
Cramer gives fresh air to those who are not connected directly to traders, etc. A source of blood that provides... an overview to the vitale signs which could make the heart healthy again!
The Fed's boss is so out of touch and frozen as to the patient's vital signs (BP); he prescribes over the counter medications; thus, the heart (market) must go under the knife...
8-22-2007 @ 12:33AM
Gene Pittenger said...
Cramer was rude, he was acting like a child, truly revealing himself. He is a spoiled little brat of a man, deep down.
I am sure his wife and those around him know this. Now we all do to. Truly amazing and sad that money does not always flow to the good people.
8-22-2007 @ 1:28PM
jay said...
Cramer is an actor just about ready for hollywood
8-22-2007 @ 11:02PM
SAMMY said...
Can you give me an example of a stock that made money that Cramer picked? I remember his favorite pick a few years ago Charter Coomunications CHTR.
The man is a fool the monkey picks better stocks.
8-29-2007 @ 2:19PM
ed holden said...
In the past couple years I've tracked several Cramer picks and I am gratefull that I did not follow his manipulative suggestions.