So, Jim, It Is (Has Been) a Depression After All? 44 comments
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Jim Cramer came clean yesterday on CNBC. Both in "Stop Trading!" and "Mad Money". We are in a depression. He actually said that we have been in a depression, but I'm not that sure. Even if we had the bottom of the stock market in March- during the previous depression, the bottom was reached in 1932, but the Great Depression continued for several years more.
But this is not about nuances. This is about the role of a journalist. Jim just confirmed that he had been lying to us on TV since September 2007. Every time he said "depression is off the table", every time he called the current crisis a "recession" he lied. He thought one thing and told us another.
I already wrote here that it's no business of a journalist to try to form opinions. A journalist should report facts and, if he wishes, his interpretation of the facts. If he knows something related to his reports, if he can prove or at least argue it, it's his duty to report it. The only exception is somebody's personal life, although there are a lot of reporters who don't care about people's privacy. But this is the event of the century. And one of the best in the business refuses to tell us exactly what he thinks about it.
Jim, this is not acceptable. You made a mockery of journalism. I don't care that correct information can scare somebody. For every scared person there would be at least one who can draw correct conclusions. Politicians are listening to you, a correct definition could've made them act faster.
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This article has 44 comments:
I know I don't....
Fool me once........
Naw -- Cramer's just another entertainer.
Filonov whines "You made a mockery of journalism" -- WTF? Look in the mirror, chump.
The definition of a depression is that we need to see a 10% contraction in GDP from peak to trough. The severity of an economic depression is not from the social implications of the lack of credit or money, and high unemployment but the economic implications from the contraction in what the economy is producing; namely, GDP
It amazes me the people who feel they are qualified to talk about economics, and they're not even aware of the most basic definitions. Such as Jim Cramer.
Before you accuse him, take a look at yourself.
This crisis is a bigger threat than any in recent history because of what could happen not because of what has happened so far. We are in great danger right now because the economy is more global and more tied together via technology and ease of travel. There are more interwoven parties and much more wealth to worry about.
Again Cramer flip flops, denying a depression is even possible for well over a year, yet now he calls it? Next he will come out and say, "see, i was the first to tell everyone we were in a depression."
The only depression ATM is Jim, because the whole world has now seen what an egotistical, big mouthed loser stock picker he is, and he has been smashed down to size by a comedian, of all people!
Quite frankly, if i was Jim Cramer i would be feeling depressed............... very depressed.
Having said that, there are A LOT of people WAAY more guilty of serious lying to the public than Jim Cramer.
Was Cramer right when he made his call in September 08? Yes
Was he right to call out Obama earlier this year? Yes
Was he right about the uptick rule? yes
Was he right about the FASB 157? yes
Was he right that your deposits in Bear Stearns were safe? yes
Did any of you get these all right? Would you have the cajones to get on national television and make these calls ahead of time?
I doubt it. Give it up. The guy is where he is because he is right more often than wrong.
You can learn a tremendous amount from Cramer. Anyone who does not realize this is just plain ignorant or has a closed mind. Of course it is a crapshoot. It has been for the fifty years I have been in the market but I would rather listen to Cramer than eighty percent of the dolts who spout off on a daily basis.
Todays journalist, including Alex Filonov report the news in the fashion to suite their needs and the needs of their agency.
In defense of Cramer, he has a good following and I enjoy his columns.
anybody listening to his con must be a big fan of springer too!
Has your stock market advisor done better? Probably not.
As to depression I think he said "another great depression is off the table" (eg.25% unemployment, 90% drop in the DJIA etc.). Since most economists if not all can't define what differentiates a depression from a recession the only one that comes to mind is that when your neighbor loses his job it is a recession and when you also lose your job it is a depression.
On Apr 03 05:40 AM fatcat wrote:
> You're calling Cramer a journalist??....he is just another Wall St
> shill and I seriously doubt politicians pay much attention to him.
>
>
> I know I don't....
As long as it works, they will keep doing it.
Novak had to fall into serious disrepute before he was asked to make an exit. His tenure was one of the longest and best supported at CNN during their entire history. This was not by mistake, nor did it have anything to do with his own merit as a "journalist".
As long as the American people keep falling for it, there's a lot more from where Novak and Cramer came from.
He is not a journalist and has no obligation to journalistic standards. I just want to hear what he thinks and I will make my own evaluation of the risk.
To those in this discussion who criticize Cramer, put up your picks and advice. Only then will I listen to your criticism of Cramer. At least he is public with his success and failures.
Did you see the interview with Job Stewart? Stewart exposed Cramer as a shyster, liar and flat-out criminal and yet nobody has come to arrest the slimebag.
www.thedailyshow.com/v...
If you haven't yet, please watch this entire interview and note that Jim Cramer is CLEARLY exposed as a criminal and should be hauled off to jail.
I no longer watch anything on CNBC simply because they continue to allow a proven liar and criminal to host a show on their network.
Wall Street is just feeding off everyone's IRA, 401-k, Mutual Funds. You lump these investments and it is a pot of gold for Wall St vultures and so-called Money Managers.
By the time the market got to 10.5k, all his fans were broke.
On Apr 03 02:29 PM Fred Voetsch wrote:
> "But this is not about nuances. This is about the role of a journalist.
> Jim just confirmed that he had been lying to us on TV since September
> 2007. Every time he said "depression is off the table", every time
> he called the current crisis a "recession" he lied. He thought one
> thing and told us another."
>
> Did you see the interview with Job Stewart? Stewart exposed Cramer
> as a shyster, liar and flat-out criminal and yet nobody has come
> to arrest the slimebag.
>
> www.thedailyshow.com/v...;title=Jim-Cramer-Pt.-2
>
>
> If you haven't yet, please watch this entire interview and note that
> Jim Cramer is CLEARLY exposed as a criminal and should be hauled
> off to jail.
>
> I no longer watch anything on CNBC simply because they continue to
> allow a proven liar and criminal to host a show on their network.
On Apr 03 10:43 AM txrancher wrote:
> So, when have journalist been responsible and reported the truth,
> the WHOLE truth without a spin in the past 16 years???
>
> Todays journalist, including Alex Filonov report the news in the
> fashion to suite their needs and the needs of their agency.
>
> In defense of Cramer, he has a good following and I enjoy his columns.
During this past rally I was tempted to cash out at various times, but I listened to Cramers advise about staying all-in and my portfolio has increased 20%.
There are hundreds of " experts" out there giving their opinions, including a lot on this site. A lot of experts on this site were saying to stay away from this rally, that its a sucker rally and we are going to test new lows.
I am glad I didnt listen to them.
Not that long ago the pre-eminent stock analyst on RIMM downgraded the company and said sales and margins are going to drop.Obviously the guy was wrong. There is a lot of experts that are wrong.
I have learned there is such a disparity of opinions from experts that you have to take what they say with a grain of salt and do your own research.
I really think that Cramer's heart is in the right spot. He is trying to help the average investor find their way through shark infested waters. He sticks his neck out and gives his opinion on 15 or 20 stocks a show 5 days a week and I say his batting average is better than most.
If your batting average is better well lay it on the line and give us your predictions and we will keep an eye on them.
It is just a word.
For myself, he is the Joe Granville of the 21st century. Over his tenure, he probably has broken as many of his own published rules as he has kept.
I use him to "look" at the stocks he peddles.
Believe me, there are many who have lost a lot of money in Jim's stocks. These are not allowed to be heard.
He is a "showman", treat him as such.
As far as your assessment of current conditions, I couldn't agree with you more and am surprised that you Only made 20%.
Good luck in all of your endeavors.
He's a duplicitous shill, who wouldn't know the truth if it bit him on the ass.
And maybe you can't.
On Apr 06 03:20 AM BadCompany wrote:
> It's not about his stock calls. It's about his cheerleading the market
> on the way down, calling bottom after bottom until the market actually
> crashes, then, he goes on national tv and tells people to sell.<br/>
>
> He's a duplicitous shill, who wouldn't know the truth if it bit him
> on the ass.
On Apr 06 06:48 PM Douglas S wrote:
> If you hate Jim and hate the show how do you know he was cheerleading
> the market all the way down unless you were watching the show all
> the way down? While that makes me a tad bit curious, I must say you
> weren't watching the same Mad Money I was watching because Jim never
> said to pile in or the markets wasn't going down...I did hear him
> recommend stocks that do well in whatever the current environment
> may have been at the given time and he certainly gave the rant heard
> round the world when he gave the most famous soundbite of the whole
> crisis. How could Cramer have given a rant that things are going
> to go bad in 2007 and then cheerlead the market all the way down
> in 2008 as you claim BadCompany? You can't and Jim Cramer didn't
> do it; get your facts straight. It appears to me that perhaps you
> either watch the show and are a closet Jim fan who is in denial,
> or you have NEVER watched the show and are basing your opinion off
> of "Comedy" boy Jon Stewart's wreckless attempt to allienate individual
> investors which didn't work by the way. Have you heard anything about
> Jonny boy lately? Nope, Stewart is the duplicitous shill who was
> exposed for trying to make a deal with devil for 15 minues of fame.
> Well Jon, your 15 minutes are gone but Cramer is still here!!!<br/>
Hey, Dougie,
Are you Cramer's twerp nephew, the one who bashes this site?
Cramer was pimping financials in early 2008 and called a bottom in July, as documented on this page. These facts have been documented on this page and many other on the 'net. You don't have to watch his show every night to know this, fanboy.
>