Sunday, June 28, 2009

Cramer Meltdown 2 Years Later

I am still working on the Argentina story so I will put this up when I finish my research.

Today I wanted to go back in history and laugh at how ridiculous CNBC and Jim Cramer are.




The quotes here from Jim Cramer here are just classic. Keep in mind that the DOW was at 13,000 as Cramer screamed about the Fed's hesitance to cut interest rates.

Cramer on Bear Stearns negative press releases: "Never explain, never complain" HA! Great strategy: No transparency=broke investors in this case.

Cramer: "I like Bear Stearns very much" How did that work out? The stock was at $106 when he said this. The rest is history.

Cramer: "I mean the DOW can rally. We've seen the DOW rally". Hehe.. Really? From 13,000? Nice call as we sit here in the 8's. How did that work out for you Jim?

Cramer: "He(Ben) has no idea what it's like out there! He has NO IDEA! He has NO IDEA!". My people have been in this business for 25 years and their losing their jobs and these firms are going to go out of business and he's nuts their nuts! THEY KNOW NOTHING!"

Translation: My people have been robbing the public for 25 years and these firms are going to go out of business because they leveraged themselves at 40-1. Please bail us out via lower rates so we can continue to rob the American public at the expense of the taxpayer.

Cramer on the credit markets: "Oh we have Armageddon. We have Armageddon in the fixed income markets."

Oh really Jim? What do we have now in the fixed income markets now that we are selling hundreds of billions of treasuries each week and quantitatively easing in a desperate attempt to keep to keep mortgage rates low? Is this Armageddon X 5?

Cramer: "You can't get a home loan out there unless your rich like me". HA! Seems to me like anyone with a pulse can still get a loan via FHA. Yes lending standards are tightening but the government continues to lend irresponsibly.

Finally:

The pigmen desperately ask Cramer for help by asking "What are you gonna do about about it? Are you gonna help us?".

OK this in my view throws the journalistic integrity of CNBC right out the window. It's blatantly obvious that Cramer is a puppet for the oligarchs who need a figure head that will speak up for the poor billionaire thieves that stole our money and our future.

Bottom Line:

This is why CNBC should be completely ignored when you are looking for legitimate news sources around the financial markets.

I throw up every time I listen to this video. Cramer looks like a big crybaby who is throwing a temper tantrum as he watches the whole profitable housing fraud go down the tubes.

Jim and his Wall St cronies successfully pressured the Fed into dropping rates and creating lending programs that our children will be stuck paying off for generations.

The DOW is down almost 40% since these new programs have been implemented by the Fed. What's most disgusting about this whole 2007 charade is this asshat still promotes this embarrassment on his show proudly thinking he did the "right thing" and woke up Ben Bernake.

Ummm....Wrong Jim. All you did was help create the bailout mentality in Washington that will eventually destroy this country economically.

Congrats Mr. Cramer. You helped out your billionaire buddies at the expense of the middle class who are struggling to make ends meet as they lose their jobs by the millions.

But hey don't feel guilty: You saved your billionaire buddies. I mean god forbid they become millionaires because of this crisis.

Cramer: You are the one that should be ashamed of yourself not Mr. Poole.

7 comments:

Anders said...

They should put him in isolation, hard to believe that anyone can stand him and his lies.

Jeff said...

Anders

Yup. I agree

Its time to expose fools like Cramer for what they are: Manipulating crooks.

Mad Money is the fastest way to the poor house.

Anyone buying stocks based off of advice from a guy like Cramer who has an agenda is a fool.

Peter said...

CNBC is owned by GE. It is a propaganda arm of our fascist government. How much money is GE going to make off of this criminal Cap and Trade? They already have a trading company in place. Goldman also has companies in place to capitalize off of the legislation. Goldman spent millions to promote Obama and this crap. Both companies are traitors to this country, they are intentionally harming the US in order to steal our money.

This goes back to my belief that this country is doomed because the media is now a branch of the progressive democrats running the country. The citizens of this country are misinformed and brainwashed.

And you know what is coming next, once this Cap and Trade fiasco is implemented it will lead to protectionism, then trade wars, then real wars. How will we be able to compete against other countries when our energy costs are ten times as high? I try to explain to my friends with kids that they will be sending them off to battle in the future, they just don't get it though.

I am interested in your Argentina article. My family is from there and I used to visit every year. Hyperinflation was insane, products did not have prices, they had letters and they updated the price of each letter every day. Ever hold a hundred million dollar note? Did you ever see two currencies circulating at the same time? I remember my grandmother explaining to me that I had to take six zeros off the old bills.

Jeff said...

Peter

Great comment.

I agree. The media can no longer be trusted.

Thank god for the internet. The only accurate information I can find around the economy is on here although Bloomberg is still a quality source.

The Argentina post is coming unless something big happens this week.

The Cap and Trade is a nightmare and protectionism is right around the corner just like it was in the '30's.

Banditfist said...

I thought I heard that Dennis Kneale was getting his own show. I would watch that every time it is on. I might have to tune into the Comedy Channel to find it, but I would watch it.

jeff said...

Bandit

Dennis Kneale is even worse than Cramer.

I agree. Put him on the Comedy Channel right besides John Stewart.

Jeff said...

post up 8:30

Little late tonight

Sorry folks