This is better than CNBC. They must be seriously under fire after the Cramer botch.
The kicker to all this is the ludicrous comments made by Cramer on later shows saying that it was not about the stock. Despite showing a STOCK CHART when he said not to get out of Bear, Stearns and despite the fact that the show is about stock picks and only about stock picks this is the excuse as outlined in one news report:
Cramer has since been back on CNBC defending his position and pointing out (mostly reasonably) that he was not referring to the bank’s shares, and his advice was sound.
“Do you know what would happen if I came out on this show and said I want everyone to take their money out of X bank?” he ranted. “Jim Cramer causes a run on X bank!”
So he apparently cannot apologize.
Un-friggin’-believable. So when he says to stay in, for example, UBS, he means you can continue to bank there. He’s not talking about your position in the stock. So when he throws up a chart of GM stock performance and you ask him if you should stay with GM he says yes because what he really means is that you should keep your Chevy. What a farce.
And one sharp observer pointed out that there was a BUY recommendation on the stock on Cramer’s website for Bear at the time of his “NO, No, No.”
Our original story on Cramer and Bear, Stearns.
found by John Ligums
Seriously someone needs to do some fact checking. Second negative and false posting about cramer this week. He clarified himself on Tuesday the 18th Saying he screws up sometimes and he will admit it but not this time. Someone asked if they had money in an account would it be safe (the answer was yes) However what wasn’t asked was if you own stock in the company will it be safe (the answer no…. no one could possibly know because the government stepping in was unprecedented)
It does remain true however that monkeyboy is no Jedi.
Seriously, with the entropy of the economy right now, I am surprised anyone is making any good predictions.
#1. Laughing out loudly!
Anyone who bases their investing advice from one guy on TV deserves to lose it all.
I really think this guy is an ass hat loudmouth but he was dead on balls accurate with his prediction. Here is part of the transcript
“Dear Jim: Should I be worried about Bear Stearns in terms of liquidity and get my money out of there? –Peter
Cramer says: “No! No! No! Bear Stearns is not in trouble. If anything, they’re more likely to be taken over. Don’t move your money from Bear.”
That sounds like he knew what he was talking about. Jim still has his money with Bear Stearns and should be able to pull it out and put it in another company that can invest it for him.
John Stewart is hilarious but not very accurate.
Looks like Comedy Central uses MS Silverlight for viewing. Like Steve Jobs and Flash on the iPhone, I won’t install MS Silverlight on my computer. No wonder I hear these popular shows seem to be on torrent sites….
Whatever Jon Stewart said, wrong or right, it is sure is making more people aware of the issue, and we all get a good laugh out of it too!
bah, lost interest in the daily show when they went nazi on their youtube videos.
can’t blame cramer for your bad investment decisions
Cramer says: “No! No! No! Bear Stearns is not in trouble. If anything, they’re more likely to be taken over. Don’t move your money from Bear.”
Well, he was wrong in one important fact, correct me someone if i’m wrong…
If you leave your money in, and the stock plummets, because by any reasonable definition, BS was in trouble even though they were about to receive a takeover bid, when you pull your money out it will be FAR less than what you put in. You’ll likely not ever get that money back if you leave it in now.
So, hindsight being 20/20, the thing to do WAS pull all your money out when it was still worth something and put it elsewhere (the mattress?) where it at least can’t loose value over and above what the dollar is worth.
Of course, twenty years from now, it might be great to have bought BS stock exactly now.
“Bear Stearns is not in trouble. If anything, they’re more likely to be taken over.”
If you are in a position to be taken over… You are in trouble.
I always thought the point of business was to stay in business. It illuminates a defect in the Wall Street mindset which is that anything is good so long as there is a short term gain to be had somewhere.
I think the comment “Bear Stearns is NOT in trouble” was the error. And let’s be real, this was ABOUT the stock. They showed a stock chart. He recommended the stock elsewhere. It’s a SHOW ABOUT STOCKS!!!
Now after the botch we end up with Bill Clinton parsing. Geez!
Nobody says he has to be right all the time. He just has to fess up once in a while.
#7 – John Stewart is hilarious but not very accurate.
I didn’t hear an inaccurate word in that whole report…
Unless you count every word spoken by Bush and Cramer.
#8 Jonathan
Comedy Central uses .FLV video(Adobe Flash) RTMP streaming for its shows.
I think Cramer was talking about having an account with BSC.Trading account. I don’t think he was talking about the stock.
Cramer did say that BSC was OK. That was not true.
Wed, Carlie was forced to sell on a 500 million margin call. They had to sell 16 billion in mortgage paper no one wanted. BSC was on the hook for 15 percent of that. I think thats what happened to BSC, because they were in big trouble when that happened.
Comedy C has pulled the Vid off the air. The only reason I can see them doing that for is, they were wrong.
What is amazing is that The Daily Show continues to analyze the issues better than any other news show. And the Daily Show is a spoof. Unfreaking-believable.