Friday, January 18, 2008

Jim Cramer's Idiocy Illustrated

Great youtube videos illustrating what a fool rabid inflationist Jim Cramer really is. First in September 2007 he mocks the bears and tells everyone that the Dow would rise to 14,500 by year end -It ended 2007 at 13,200 and is now at 12,159- and plays "halleluja" music because the Fed's 50 basis point cut meant that they were "back with the good guys" and supposedly had saved the economy. He further mocks the idea that this would cause oil prices and inflation to rise and the dollar to fall. All of which have come true, making those of us mocked by Cramer consistently right and Jim Cramer consistently wrong.

Now he again is hysterical and attacks the Fed for not inflating fast enough. Ironically, he also attacks the Fed for being "so consistently wrong"-which is what he has been as this video illustrates. Not even his "fact box" where he inform the viewers that the last previous Fed cut was in June 2004 is correct(The correct month is June 2003). Anyway, watch it for yourself, it is really good.


Blogger Jeff said...

Hey the guy has to fill up an awful lot of airtime.

No one really takes him seriously do they???

7:39 PM  
Blogger pdcreative said...

Why anyone listens to Cramer is beyond me. When he ran his hedge fund, he made a good deal of his money by extremely short-term, news-driven trades and outright manipulation of news-related events. (For a good read, pick up a copy of "Trading With the Enemy".) He has no idea of what truly makes markets work and is completely clueless about the effect of Fed rate cuts on the market, particularly in bear markets.

Cramer is nothing more than a bull market cheerleader, and he's going to cost a lot of people a lot of money in the near future. He has repeatedly called a bottom in financials - a sector which is going nowhere button down for the foreseeable future. The fact that he is consistently wrong is conveniently ignored by CNBC, given Cramer's propensity for pointing out the 10% of calls he made correctly. I actually feel that his show is incredibly irresponsible and would love nothing more to see him pulled from the air.

But, alas, it ain't gonna happen.

6:10 PM  

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