It use to be the classic response to the question, "Where's your homework? -- The dog ate it." Soon it will be, "Well teacher, it's sort of like this, the economy has just been getting me down and I had to get a second part-time job to help the family."

Now this cynical view may or may not be real, it may just be a better sob story, however it could be. And the fact that it could be is going to expand the use of the economy as an excuse for everything.

Unprofitable businesses are laying off workers. So are less profitable businesses and even profitable businesses. Any and all business negotiations you enter into in the coming year will try and get some leverage out of the economic woes -- whether it has any validity in your specific case or not.

This is certain to breed some level of mistrust and add to the grim outlook we are seeing in most quarters. This will be just one more bit of stress we do not need. And who do you think is going to get the most mileage out of this excuse? Politicians -- that you can bet on.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money.

"You've got to do your homework," Cramer opines. What homework is that?

Does he mean doing algebra, history or science homework? Maybe he means you should be mowing the lawn or doing the laundry ... naw. Those are chores.

Does he mean educate yourself before you invest? Yes, that's it; that's a good idea. Well how much homework do you need to do before you invest?

Like many good ideas this one is very important but not easily accomplished. Cramer is admonishing his audience to do the right thing, but this advice may come from his attorneys as part of good risk management as much as it is just good sense. Of his millions of viewers how many will read quarterly reports and financial statements before investing in a company? How many of those will understand what they are reading?

Cramer can get corporate executives on the phone. You might be able to get the director of shareholder relations -- not exactly the same thing.

Actually, basic math, history and science would be of value in examining potential investments. Perhaps the best thing you could investigate would be to find a smart, experienced financial adviser. A good one who could help you with your homework.

For those of you who follow Cramer's stock pick advice: What homework do you do? How long do you study a stock before you buy? Are you a trader or a momentum investor? How do you know when to sell?

If you really did your homework, you would think long term and study Buffett, Graham, Icahn, Kirkorian, Lambert, Munger, Price, Templeton and many other successful value investors -- all of them far more successful than Cramer ... although he can be entertaining to watch.

Interested in reading more? Check out my other posts for Bloggingstocks here.

Sheldon Liber is the CEO of a small private investment company and the vice president for Design and Research of an architecture & planning firm.