Like the illusion of Wall Street, with its vast and powerful investment banks, now shuttered, China too is an illusion perpetuated by the Globalists that gave us the 15,000 mile Caesar salad, poisoned cat food and lead based paint on babies' pacifiers. Like the illusion that money would come from thin air to always push housing prices higher, China has spent a generation pursuing its illusion. Pursuing an unattainable dream to be like the West, while 6000 years of its carefully shepherded top soil blows into the sea.
Joined: Aug 03, 2006 Posts: 4338 Location: Graceland
Posted: Wed Mar 19, 2008 5:20 pm Post subject: Re: Cramer's mad money
PopeGideon wrote:
Eastbay, I call bullshit too.
He said that BearStearns didn't have any liquidity issues. He said Bear Stearns was solid. He said that pulling any money out of Bear Stearns would be "silly".
End of the day, even IF he didn't mean to say "don't sell BSC stock", that was his clear position and his clear message.
When you throw in that it's a stock picking show, then it's beyond reasonable to try to argue that the guy was not giving horrendous advice and that his assessment of BSC was 180 off.
The best test, of course, would be to find another segment where he uses the expression, "leave your money in/take your money out".
I have little doubt that you'd find those lines as references to stock money, not investment money.
Finally, nobody with 10 million invested at Bear Stearns is watching Cramer for advice; his audience comprises mainly fat guys in sweatpants trading 1 dollar puts or 2k worth of stock.
Many small investors have/had investment accounts at BS. Those people are safe. If those people had headed for the exits by closing out their BS brokerage accounts by liquidating their holdings it would have potentially had a VERY bad cascading effect as too many shares of everything hit the market at the same time.
Even if BS was on the verge of collapse as a function of a loss of confidence, any chance it had for survival would have been destroyed if all of its retail customers stampeded based on what Cramer said.
I wouldn't have done anything differently if I were him.
In fact, on last Wednesday's show, he said, when talking about the financials, that he had heard some rumors that were so bad he wasn't even going to repeat them. BS's CEO had been on the air that morning or the morning before talking about how everything was okay. It was obvious to me that Cramer was talking about BS rumors (the CEO doesn't go on to say things are okay if there aren't bad rumors), and he was sharing it as much as he could without stoking the fires.
Cramer is full of s*** a lot of the time, but I don't think the BS comments were out of line. _________________
Posted: Wed Mar 19, 2008 5:57 pm Post subject: Re: Cramer's mad money
FOR THE RECORD:
I have NEVER bought a stock because Cramer recommended it.
What I have done is watched Cramer, see a stock he discusses on his show, and then do the homework in order to see if it is a stock that works good for my portfolio. Then I decide if I want to buy that stock or not. Most of the time not because it doesn't fit my portfolio strategy.
He recommends an hour a week of homework for each company in stock you own. He constantly tells his viewers to do their homework and not to rely on what he says. He has taught thousands of people how to research a company and determine if it fits their investment strategy.
Does that mean he is making thousands of people rich? NO but it does allow them to have a better overall understanding of what they are doing.
Joined: Dec 18, 2004 Posts: 4985 Location: One Mile From the Columbia River
Posted: Wed Mar 19, 2008 6:00 pm Post subject: Re: Cramer's mad money
BigTex wrote:
Cramer is full of *** a lot of the time, but I don't think the BS comments were out of line.
Of course they weren't. For some reason JC generates a ton of anger when he speaks and the reason for this is a complete mystery to me. But then again, almost all anger is a mystery to me... and becoming moreso all the time. Especially against a fun-loving guy like Jim.
Unless it's about the ongoing and escalating American inspired killing spree against Islamics. There's no mystery about that at all! _________________ Got Dharma?
Posted: Wed Mar 19, 2008 6:33 pm Post subject: Re: Cramer's mad money
eastbay wrote:
For some reason JC generates a ton of anger when he speaks and the reason for this is a complete mystery to me.
That's no mystery at all. I've never seen the guy other than the clips you guys posted, but it doesn't take long. He's loud, he's opinionated, he's kinda arrogant. I'm not for or against the guy, cause I just don't know, but it's easy to see why he would put people off. Especially if they do what he says and loose a lot of money, which is going to happen no matter who you let pick your stocks. _________________ "We were standing on the edges
Of a thousand burning bridges
Sifting through the ashes every day
What we thought would never end
Now is nothing more than a memory
The way things were before
I lost my way" - OCMS
Joined: Dec 18, 2004 Posts: 4985 Location: One Mile From the Columbia River
Posted: Wed Mar 19, 2008 10:11 pm Post subject: Re: Cramer's mad money
Oh, I can certainly believe someone watching JC a few times (or less) and deciding the show isn't their cup of tea.... and turning it off. But to get angry about it? That seems like a ridiculously severe overreaction to me.
Plus, anyone taking investment advice from ONE person is flat out insane so if you lose money from taking JC or any one person's advice your problems go much deeper than the unfortunate condition of being burdened with anger. _________________ Got Dharma?
Posted: Thu Mar 20, 2008 1:40 am Post subject: Re: Cramer's mad money
joeltrout wrote:
FOR THE RECORD:
I have NEVER bought a stock because Cramer recommended it.
well that's good to hear!
joeltrout wrote:
He recommends an hour a week of homework for each company in stock you own. He constantly tells his viewers to do their homework and not to rely on what he says.
I hate to break it to you; but speculation is not a part time hobby. It's a full time career....correction it's more like a lifestyle. Look at it this way. Would you step into a boxing ring if you only spent a couple hours a week training? You'd be crazy too. You'll just get yourself knocked out. You either put your full heart and soul into it or none at all. Investing is the same thing. It's a competition. It's every man for himself. Maybe you got lucky last year or the past 5 years but in the long run you and 90% of everybody else will NOT make money.
Let me ask you a difficult question, "joeltrout". How many people do you know honestly make money from the market? Sorry, stock brokers do NOT count. They make money by convincing YOU to put your money into the market and then they step back from a safe distance and collect a commission fee. Clever huh? The only people who truly make money off the market are day-traders / speculators. Oddly enough they are at the very bottom of the totem pole in respectability. However I've never met one in real life before. They must be a very rare breed of people.
////
oops I forgot there was this one bloke in my music class that said he was a day trader but he's currently looking for a normal job because day-trading wasn't paying enough, at least that's what he said. You know what that means right? He lost his money.
Posted: Thu Mar 20, 2008 10:58 am Post subject: Re: Cramer's mad money
cube wrote:
Let me ask you a difficult question, "joeltrout". How many people do you know honestly make money from the market?
I think we are talking about different "types" of people.
I am talking about people who work a regular job and invest money into stocks whether it is for general investing to diversify their asset holdings or to use for retirement down the road on the side.
I am not talking about buying stocks and using that money as the source of income for a person. Cramer's show is alsonot for the full-time investor. His show is for part-time investors such as myself who don't want to pay a financial advisor to control their investment portfolio.
I know tons of poeple who buy stock and make money off of it. Are they getting filthy rich overnite....no. But they are growing the money they invest at a faster rate then other investments. Most of them actually only check their stocks once or twice a week.
There are many different strategies that can make you money in stocks. I am pretty conservative so I buy many good dividend stocks. Thus far not a single company I own has cut its dividend and many of them are yielding 6%+ since the market is in a major correction/recession. Obviously those dividends are not guaranteed but that is why I research the companies to find the healthiest.
So to answer your question yes I know many people who make money off the market, myself included.
Posted: Thu Mar 20, 2008 5:03 pm Post subject: Re: Cramer's mad money
joeltrout wrote:
...
So to answer your question yes I know many people who make money off the market, myself included.
joeltrout
This has actually been a productive discussion but I'm running out of things to say. So in closing I still stand by my belief that despite whatever successes for the past 5 or so years 90% of everybody will eventually get slaughtered like sheep and will NOT make $$$ off the market in the long run. Who knows maybe I'll end up like that too!
Posted: Thu Mar 20, 2008 5:10 pm Post subject: Re: Cramer's mad money
cube wrote:
You either put your full heart and soul into it or none at all. Investing is the same thing. It's a competition. It's every man for himself. Maybe you got lucky last year or the past 5 years but in the long run you and 90% of everybody else will NOT make money.
:
Cube, I wouldn't recommend it for everyone, but I "dabbled" and made 400% return in over 5 years. In my case, I think it helps to be just shy of clinically insane. On second thought, maybe dabbling isn't the right word, I read about 12 hours a day-- a combination of political, scientific, economic articles, so I guess that helps.
Well will you look at the price of gold...Make that 380%!
Last edited by threadbear on Thu Mar 20, 2008 5:16 pm; edited 1 time in total
Posted: Thu Mar 20, 2008 5:11 pm Post subject: Re: Cramer's mad money
A perfect time to draft an Agreement to Disagree. I have many of those on file.
I appreciate your input Cube. I don't like it when people say that is a stupid idea but never explains why. You took the time and even though I disagree I at least enjoy your reasoning.
Joined: Oct 23, 2004 Posts: 5928 Location: New Jersey
Posted: Sat Mar 22, 2008 9:31 pm Post subject: Re: Cramer's mad money
NY Times takes a crack at this debate, and gives Cramer the benefit of doubt for some reason. So I guess Cramer redeemed himself by totalling flip-flopping on BS within three days, even though by Friday night, March 14, it was too late to sell.
Quote:
Well, What He Really Meant to Say Was...
By CONRAD DE AENLLE
Published: March 23, 2008
Jim Cramer expresses opinions with a certitude, not to mention amplitude, that leaves the audience of his CNBC show, "Mad Money," in no doubt about where he stands on a topic. Yet after being widely ridiculed last week for seeming to dismiss concerns about the future of Bear Stearns days before the bank was rescued and its stock collapsed, Mr. Cramer has complained that he was misunderstood.
John Marshall Mantel for The New York Times
In a March 11 broadcast, viewed tens of thousands of times on YouTube and parsed by satirists like Jon Stewart, Mr. Cramer told a viewer who asked whether he should remove money from Bear: “No, no, no! Bear Stearns is fine. Bear Stearns is not in trouble.” He then advised: “Don’t move your money from Bear. That’s just being silly.”
Late last week, Mr. Cramer said in an interview that he was referring to assets in Bear Stearns brokerage accounts, not the stock.
On the contrary, he said, he later made “an unbelievable call” that the stock would end up worthless. A transcript of a broadcast on March 14 has him panning the stock, although he did not say unequivocally that it would fall close to zero. As for his earlier assessment that Bear Stearns was not in trouble, well, that was somewhat off the mark.
Posted: Sun Mar 23, 2008 12:00 am Post subject: Re: Cramer's mad money
Quote:
...
Late last week, Mr. Cramer said in an interview that he was referring to assets in Bear Stearns brokerage accounts, not the stock.
...
Beating a dead horse here....I have more respect for people who can admit when they're wrong rather then try to cleverly tap dance their way around an issue.
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