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Some Lessons from the Jim Cramer Kerfluffle

Posted by libhom Friday, March 13, 2009

I always wondered how people could take advice on something as serious as investing from someone who acts like Jim Cramer does on TV. It turns out my instincts were absolutely correct. (Hat tip Balloon Juice)

That's right. This schmuck told people not to sell Bear Stearns right before it collapsed. He didn't just give bad advice, he accused people concerned about BS's liquidity problems of being "silly." (BS sure was an apt acronym for that company.)

Cramer's recent attacks on the Obama administration have put Cramer's record under more scrutiny. That is so overdue. He is a clown, literally, not an investment adviser. How can he be so influential and have such a big audience among our wealthy elites?

The reality is that most rich people don't invest, they speculate. For them, it's a big fucking game. That's why so many of them base their speculative decisions on the rantings of a clown, rather than doing serious research of the long term prospects of what they are buying and selling.

The problem is that these imbecilic rich people are taking the rest of us down with them.

One of the reasons why the Bush, and yes Reagan, tax cuts for the rich have helped to cause our economic crises is that most rich people are simply too irresponsible to be allowed to handle large sums of money. Giving them more money to throw around is just plain dangerous. If you want to dispute this, think about how many rich people fell for Madoff and similar scammers. Think of the bubbles irresponsible rich speculators have created in technology, gold, real estate, etc. If the majority of wealthy people invested responsibly, the Crash of 2008 would not have been possible.

Cramer would throw a tantrum if he read this, but making the rich pay their fair share in taxes is critical to creating a sustainable economic recovery.

Another aspect I find disturbing is that the only critics of Obama's economic policies that get corporate media play are on the right. What about grassroots activists who want Obama to help people with predatory mortgages? (That would help the banksters in the process too.) What about people who want Obama to nationalize the big banks and use them to fuel a recovery?

Even when rightist economic policies have been recently proven to be dismal failures, the corporate media give the Rush Limbaughs and Jim Cramers of the world endless airtime to promote their 2 + 2 = a baloney sandwich "logic" to their viewers.




  1. GDAEman Says:
  2. Cramer was Taken Down by Jon Stewart

  3. Christopher Says:
  4. I never understood this either.

    Investing isn't complicated but if you're like me and work for your money, investing requires you to do your homework before you buy stocks, euros or gold.

    I invest in Southwest Airlines. As a business model, Southwest is solid, offers a good product and most importantly, has little or no debt. When the economy returns and it will return, the value of their stock will also return so I know buying $100 or $150 dollars worth a month while it's cheap, will one pay-off handsomely in 4 to 5 years.

    I know these things because I've done my research. Oddly, I never heard Cramer offer any advice like this to his viewers. He just screams and runs around like like someone with untreated bi-polar.

  5. CNBC is a joke... Between this one and that guy who yelled on the floor of the NTSE: "President Obama, Are You Listening???" This, like Fox, are now on my list to set me Cable Remote to ignore completely...

  6. two crows Says:
  7. I agree with Todd HellsKitchen--
    CNBC is on my do-not-watch list.
    and FOX? it doesn't exist in my world.

  8. Pyzahn Says:
  9. Not only was he taken down by Jon Stewart....he was pummeled, flipped on his back, pummeled some more, kicked in the shins and left the show whimpering like a baby.

    Thank goodness a few TV folks like Jon who have their ducks in a row and their priorities in order.

    My new go to is Rachel Maddow.

  10. Jimmy Says:
  11. I love it when the talking heads, like douche bag Joe Scarborough, in traditional media suggest that John Stewart be held to their standard, as if he were their peer. What they don't get is that when they do this, they in fact admit that they are all a bunch of clowns.

  12. GDAEman Says:
  13. You make me think of the Tobin tax is the suggested tax on all trade of currency across borders. Named after the economist James Tobin, the tax is intended to put a penalty on short-term speculation in currencies. The same concept can be applied to any speculative activities on Wall Street.

    Pyzahn ... you make me LOL

  14. libhom Says:
  15. Christopher: What you are doing is investing, not speculating. That shows you have a lot of sense.

    Todd and two crows: Is Suze Orman on CNBC? Is she any good, or is she as luny as the rest?

    Pyzhan: Rachel rocks!

    Jimmy: Scarborough's comments are deliciously ironic since he has lower journalistic standards than a comic like Stewart.

    GDAEman: Could a Tobin tax be limited to short term investments, domestic and foreign?



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