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Jim Cramer
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conflicts of interest
Jim Cramer Sorry About Biased, Ruinous Advice
So it turns out that the same night James Cramer was bragging about foretelling the Wall Street meltdown he was in the midst of a colossal fuckup. The CNBC host on September 15 recommended shares of Wachovia as a safe haven from the financial panic. Cramer took comfort in the words his former Goldman Sachs boss Robert Steel, who earlier in the show said his company Wachovia had "a great future." "You're a reassuring face," Cramer told him. In between, a CNBC promo promised "Fast, accurate, actionable, unbiased" advice. Wachovia of course went to liquidate at $1 per share Monday, less than a tenth of its value when Cramer recommended the stock. Cramer quickly apologized Monday night. "I wasn't skeptical enough," he said. It's all in the video after the jump. More »
freakoutnomics
5 Lessons About What Happened To The Economy You Didn't Learn From CNBC
Everyone wants to figure out what happened to the market last fortnight! Which is why the week of September 14 marked the highest ratings in CNBC's nineteen year history, the New York Times reported today in a story about how people keep tuning in to the business news network looking for answers on What It All Means only to get hooked because CNBC anchors have no idea What It All Means. It is all just moving so goddamn fast! (Like um, while I was getting a picture for this post, the House voted down the bailout package, what do you know…) Between the squawking and spinning and bank failing, no one had a chance to acknowledge the real ideological shift underway among just about everyone who bothers thinking about that sort of crap. Listicle time again! I read all the deep, probing stories over the weekend about What Actually Happened And Who Profited Off That so you wouldn't have to. More »
The panic of '08
Jim Cramer: Who's 'Crazy' Now?
So it was a year ago now that shouting head Jim Cramer completely lost his mind in front of the cameras at CNBC. Cramer screamed that government officials had "NO IDEA how bad it is out there — NONE!!!" and that the economy was becoming "armageddon." It was glorious television. Now that the meltdown is truly molten, it's the former hedge-fund manager's turn to gloat. Last night on his Mad Money, Cramer assailed federal officials as "disgraceful" and "ignorant" for allowing things to get this bad. He also called Federal Reserve Chair Ben Bernanke "in over his head." And he did it all with relative calm — perhaps content that, for once, he was both correct and correctly understood. (Twenty minutes later, Cramer was screaming "booyah!" and triggering cannon sound effects for his "Buy Or Sell... lightning round.") Video after the jump. More »
crazies
Jim Cramer's Salad Days
Why is Jim Cramer, CNBC's millionaire Mad Money maniac, such a shouty little bag of nuts? "That chip on his shoulder may have been to do with a turbulent early career. He worked as a newspaper reporter in Florida and California before suffering a series of catastrophic mishaps in which his home was burgled and his bank account was emptied. In his autobiography, Cramer recounts being homeless for nine months and sleeping in a car in California with a gun for protection." [The Guardian via MediaBistro]
Listicle
What is the World's Shittiest Blog?
I'm guessing that Time's "Most Overrated Blogs" feature doesn't include Tumblrs. There's a readers' poll that goes with the article—we're on it, natch—but I like that Time has picked a few blogs out for particular ridicule. "Reading Slashdot these days is like visiting the IT guy at work. He's infuriatingly smug and cares passionately about stuff you don't care about, and views your lack of interest as further confirmation of his intellectual superiority. Enjoy." Jim Cramer's money.com rantings? "The place to go to be reassured that the financial market is fine, just fine and Bear Stearns isn't in any trouble at all. Be sure to check back later in the day to see if Jim has posted any updates." More »
jim cramer
Now That's The Pay Deal I Want
Jim Cramer just hates unfair pay packages for corporate bigwigs who get it wrong: a recent decision to overlook mortgage losses and preserve executive bonuses won the board of Washington Mutual a place on the CNBC anchor's Wall of Shame. But Cramer's own compensation bears no relation to his track record as a financial analyst. More »
financial panic
Jim Cramer Defends His Position, Is Still Hated
"Mad Money" host and bug-eyed madman Jim Cramer went on CNBC today to clarify his statements from last week about Bear Stearns, when he urged people not to move their money out of the firm. As we pointed out earlier in his defense, he was not referring to the company's stock, and his advice was actually perfectly sound. "Do you know what would happen on this show if I came out and said I want everyone to take their money out of X bank?" he ranted today. "Jim Cramer causes a run on X bank!" As it turns out, the run on the bank happened anyways. This video, originally posted on YouTube, features Cramer's defense today along with some, ahem, editorial comments against him; we have to say we still agree with him in this particular case. Although we would never take his stock tips. Click to watch the clip.
mad money
In Defense Of Jim Cramer
"Bear Stearns is not in trouble!" Jim Cramer, CNBC's bug-eyed "Mad Money" host who is to finance what Carrot Top is to comedy, shouted last Tuesday. "Don't move your money from Bear! That's just being silly." The immediate reaction to seeing his advice in the wake of Bear's collapse is: what an idiot. But really, his advice was not bad! Cramer—a famously bad prognosticator—noted that Bear would, at worst, be taken over, meaning those who had money with the firm would have their investments guaranteed by a more deep-pocketed buyer. Which is exactly what happened when JPMorgan bought Bear over the weekend. Note that he was not speaking about Bear's stock price [last Tuesday: over $60. Now: toilet paper]. What have we learned? Only Wild Jim Cramer can stop the collapse of the American economy. Click to watch the crazy savant's ill-fated harangue. [via WJNO]
eliot spitzer
