Maybe it’s because he’s a Philly guy and will be rooting for the Phillies in the World Series. Maybe it’s because he has made both manual laborers and mailmen millions over the years, or just maybe it’s because he is a big mouth like me. Whatever it is, I feel compelled to come to the defense Jim Cramer. Not that the 3 of you out there reading this thing are going to get together and make signs or something, but the guy is coming under serious attack. Check it out:
In March, he said Bear Stearns “is not in trouble.” After Bear Stearns tipped over, he wrote in his New York magazine column that the bottom had finally come. “I feel the bear has been tamed, and the worst of the clawing is over,” he said. And on Sept. 15, he hosted his friend Robert Steel, chief executive of Wachovia, and suggested that its $10.71 share price was a bargain. Two weeks later, it was at $1.84.
On Oct. 6, he went on the “Today” show on NBC (which, like CNBC, is owned by NBC Universal) and said, “Whatever money you may need for the next five years, please take it out of the stock market. Right now This week,” he told a surprised Ann Curry. “I do not believe that you should risk those assets in the stock markets.”
The Dow dropped 18 percent in the week that followed. In a follow-up visit to “Today,” one of the viewers wrote in to accuse him of shouting fire in a crowded building. (His reply: “But what happens if there is a fire in the building?”) When the Dow zoomed up 936 points on the following Monday, he was accused of leaving his loyal viewers standing on the sidelines.
It gets worse:
Fox Business Network, sensing an opportunity to tweak CNBC, has developed print and broadcast ads that take ripe aim at Mr. Cramer, saying, “The last thing you need is bad advice. The last thing you need is Jim Cramer.” To add insult to injury, Fox bought local time on CNBC — beating up Mr. Cramer on his own network.
On a side note, Fox business is so friggin’ bad that they have to rip Jim Cramer, I mean Jim Cramer! This guy is a rock star in the financial world and fox wishes they had even the negative press Jim is having, at least that would mean they are getting any.
I have just one question Neil Cavuto, how many people do you think you are winning over with these ads? How many people do you think you are going to get to come over to that pathetic channel of yours? Do you realize that you have been on like a year and I don’t know a single name of any of the people on your station? And I write business news commentary! Point is, worry about your own house Neil cause Rupert isn’t going to put up with your shit for long my man.
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{ 3 comments… read them below or add one }
I’d feel bad for him, but his problem is that he keeps doing it. Those excerpts you posted looked like mistakes. But AIG…sheesh. That was completely out of line.
@Drea-Don’t disagree on that one. But the guy is passion filled which leads to stupid things coming out of his mouth.
I like Jim Cramer, Fox News has a tendency of doing whatever it takes to slander the other news organizations. His show is very entertaining considering how boring of a subject the stock market can be for some. No one can be right all the time and he has his job for a reason. He’s an expert and he’s usually right.