The last time the economy collapsed, CNBC money-clown Jim Cramer basically said, "Don't panic! Buy Bear Stearns! What could go wrong?" That advice didn't work out so well for him. So this time, he's modulating.
In the above exchange from this morning, CNBC anchor Simon Hobbs takes Cramer to task for suggesting that investors pull their money out of the financial sector based on fears that European banks may be running out of cash. If people take Cramer's advice, Hobbs says, "the rest of the equity investors will go, 'We're going to have a major implosion of a bank, with all the contagion risks that that involves'—and that is not going to happen here, Jim."
To which Cramer erupted in response: "I got crucified because I said that you could keep your money in Bear Stearns. I got crucified in this country. I learned my lesson, too."
Basically Jim Cramer has surveyed the vast stream of data available to him, applied his decades of experience and fingertip feel for financial markets, and decided to do the thing least likely to get him yelled at by Jon Stewart. You can't win, Jim Cramer! The reason you can't win is that you are a clown.