How did people think this saga with General Motors (NYSE: GM) (Cramer's Take) was going to end, with Rick Wagoner receiving the Congressional Medal of Car Building?
Did anyone think that the company was actually going to turn around? Did anyone want Wagoner's GM to continue to get money? Did anyone think he was actually doing a good job?
How about the bad news out of the G-20? No stimulus. Did anyone really think that the Europeans were going to do more stimulus than they have, given that all they really think about is Weimar inflation, because that was the antecedent to the Third Reich? Who expects them to deliver anything good?
Or Timothy Geithner's shocking announcement on national TV that banks would need more money? Holy cow! That some would need substantial amounts of money? Stop trading!
All three of these "revelations" are now conspiring to wipe out anything that we have gained in the last three weeks, or are at least they're looking like they will. All three are about the re-establishment of the bear and the decision by sellers to declare what has occurred since March 6 to be a bear-market rally.
When considered with the no-doubt-shockingly-bad employment number on Friday, it is easy to see that it was all a dream. Except if you took something off the table, you did make a ton of money.
I say nonsense: We were the most overbought we have been in years and years. The idea of being "due" was fanciful. We are way overdue.
And now the selloff is happening. I suspect we could lop off some of the last of the gains. But back to March 6? That would take an awful lot of failure and bad earnings, particularly when the earnings estimates are very low for so many companies.
Disaster?
No. Business as usual as undue euphoria gives way to undue pessimism.
Jim Cramer is co-founder and chairman of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer had no positions in the stocks mentioned.
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Reader Comments (Page 1 of 1)
3-30-2009 @ 10:20AM
Gene Ammirata said...
Anybody that listens to this idiot deserves what they get.
This is the same guy the in Oct.0f 2007 sad, "This is a great time to get into the market"
Nuff said!
3-30-2009 @ 11:40AM
sitruc said...
Great article about solving... er describing... nothing.
3-30-2009 @ 1:13PM
Doug T said...
Forget Cramer...I can't believe this man is still allowed in any type of media. Times are changing rapidly in the international and global market place. Cramer and most investment advisor gurus are stuck in the "same old--same old" mode" --and not really up to speed.
For info regarding realistic/pertinent investment strategies, precious metals, energy and market wrap up data on one web page, visit the following:
Doug T......The mutual fund guy
http://www.mutualfundwealth.com/
3-30-2009 @ 2:14PM
Jerry said...
You want scary, here's the scary - as bad and uninformed as he is, Cramer is far from the worst on CNBC. that entire network is a disaster. It's one bad call after another, one erroneous "expert" prediction after another...how many times does Cramer and the rest of CNBC have to get it wrong before people tune out? Talk about wealth destruction.
3-31-2009 @ 9:19AM
s.weiner said...
auto crisis-instead of giving $40 billion to the auto industry give it to people that want to purchase a new auto ($3,000) this would keep the auto plants open and busy.
3-30-2009 @ 7:43PM
paul s said...
Wagoner should have been bounced last year. Bounce his board next. "He's been with the company 32 years...", all the more reason to get rid of him. SUV and it's ten thou profit per vehicle kept these pigs in business. He didn't do anything with any foresight whatsoever with the profits. Thought the party would keep rolling and someone else would pick up the tab. He should go into banking. He will fit right in.
3-30-2009 @ 10:58PM
Ynot said...
Cramer, Cramer, Cramer, you are either a sellout to the Fed or way out of touch with regular Americans. Either way you are harping a bunch of bull and I don't mean bull market. I guess now consumer spending and income means nada. You clowns try changing the rules more than a four year old losing in a made up game. Which is exactly what the stock market has become, this bail-out didn't work, hurry up and change the rules. Confidence in Wall Street is all but gone. Lies here and there are one thing but day after day after day gets old quick. I will give you credit though, because we are in a bull market right now, a bull-sh!t market.
3-30-2009 @ 11:14PM
j said...
what about dndn news in april