Continuing the Jim Cramer Truth Watch

This is kind of old news but if you haven't seen it yet, you need to watch this YouTube of Jim Cramer: "No. No. No. Bear Stearns (BSC) is fine."

I discussed Cramer almost a year ago in my post James J. Cramer: Mad Money, Indeed. To this day it is one of the most popular posts on this blog.

This is a problem with CNBC (which I'm fortunate enough to not watch), not just Cramer. Market Ticker puts it well in a blog post Thursday:

"We do not have 'financial TV' in this country. We have blatant market manipulation in the guise of 'news' on a daily basis."

If you must watch CNBC, put it on mute, and preferably hang your TV set sideways or upside down so that you can remember to only watch it ironically.

Comments

[Archameleon]

Picking on Cramer is too easy - let's see you stick your neck out with some calls like he does. Anybody that buys securities based on another person's recommendation without doing their homework deserves to get burned. Blame your own laziness, not someone else who was willing to make a call.

[Pouya]

When he says Bear Stearns is not in trouble, he's referring to the company's services, not the company stock. He's saying if you made use of Bear Stearns's brokerage services then your assets were not in danger of being frozen or lost (in which he was right, because the Fed bailed them out with the JP Morgan Chase deal). He also said that Bear Stearns stock was worthless, which was correct given the recent plummet.

[Genesis]

He said it was worthless on FRIDAY.

Too late - the market was closed.

Cramer has made so many bottom calls followed by Armageddon calls the next day that there is no point to him being on TV other than to screw you raw.

Anyone that believes a hedge fund manager wrote Jim Cramer is welcome to believe his line of BS.

Bear is not a depository bank.

[Demolition Man]

The woman point blank asked him what to do with my BSC stock. He told her "selling it would be silly". I believe she is a wiser woman today but broker. Cramer is a front man for Wallstreet. Myself, buying and/or selling into the Cramer pumps are profitable. Reminds me of Granville's days. Subscriptions to the best pump monkeys are worth every dime, if you use them correctly. 'Sheeple will come, Ray, oh sheeple will come'. Just watch the volume on Cramer's recommendations and trade the tape. J6P listens to Jim because its free advice. How many times have you squicked yourself from somebody else's free advice? All the above and below comments are accurate and precise. Give me your ear and I'll give you some inside information. fsabisiigniyubibla. Its a riddle Cramer suckers!

[Norman Lepoff, M.D.]

I do not understand how anyone can defend Cramer. The authors at seeking alpha, just like Barrons. do a great job exposing him. Your CNBC comments make sense as well. Anyone remember Dr. UNH? That was when Cramer dressed as a doctor and raved about UNH. It was 52 then. How about when he said SHLD would be the next Berkshire and be worth over $1000 a share. Look at it now. How about LMC, AMD, FCX and all the others he recomended at their 52 week highs? How about the "bullet proof" portfolio when he recomended growth stocks like FCX in a recession? FCX was 110 at that time? How about the Mon back on MON when it was at 120? There are so many like this that it is rediculous. Cramer should be taken off the air and anyone who listens to his stock picks gets exactly what they deserve!

[jukioy]

He's entertaining and engaging. Do people expect an oracle or prophet?
When he's egregiously wrong, he's very exposed for all to see. I think he's quite aware of that. In fact, I think he's quite smart...which does NOT mean that I "buy" into much of his investing style: too much mo-mo and trading. BTW, FCX is a commodity - not growth - stock, and copper and gold will do well over the next several years. Last, since this is Purim, he can dress as Dr. UNH again! (Norman, I, too, am a physician).

[User 119068]

Well said Archameleon. It's funny how people have latched on to this particular call (he makes close to a hundred a week) as if it really proves something. If this call *proves* Cramer is an idiot what does it say about Lloyd Blankfein, the Goldman Sachs CEO? Afterall unlike Cramer, who didn't have any disclosed positions in BS that I know of, GS was a top 20 shareholder of BS as of the first of this year. Therefore Blankfein got it wrong too but I doubt Mr. Peterson will devote a column to bashing Blankfein on his bad calls.

Pointing out the bad calls of someone who makes thousands of calls a year isn't the most difficult thing to do. But hey, if it's 'popular' Mr. Peterson please continue giving us what we want.

[its1929again]

Cramer is such an arrogant asswipe. He and his pals at Goldman Sachs should all share a tiny prison cell on Riker's Island. Mark my words, he will be frog-marched in a perp walk soon. You heard it here first.

[eatonmanor]

cramer is just a big mouth he never let's anybody else talk all he does is brag .every stock thats good is in his charitable trust he must have at least a billion shares by now, all he trying to do is sell his books a study was done on cramers accuracy it was less than 30% about as good as a monkey throwing darts at a board,let's get rid of the harvard pompous ass boo hoo not the stupid booyah,once is funny.

[cnod]

Cramer is high entertainment. Nothing more nothing less. I enjoy watching him for two or three minutes every evening. It's also fun to watch Erin Burnett wind him up.

[TheeSeer]

I was one of the first callers pre screened by his producer. They asked me to come up with a GPS pick I gave him garmin and he turned it down to advise navteq then later took credit for the garmin call. Later they called me back and I gave him post BK KOMAG which he slammed and it ran 20 points from there before tanking and being bought out. Basically he can't pick his nose. "Fast Money" is far superior and much more honest. His biggest flaw is his inability to read a chart.

[genyus]

I love how people just hate on cramer. its so rediculous. the people writing negative columns about him just wish they got as much pubicity as he does. And much information is indeed manioulated on cnbc but you can profit from that as well if you not a moron. ignorance....

[koolkinkajou]

Nobody calls Cramer up to ask where they should bank or trade stocks? That CNBC whore bought that excuse hook, line and sinker. She's as stupid as cow. If she didn't look 1/2 bad she would be servicing the Governor. On second thought she should be.

[Leser]

There is no solid excuse for the kind of bread and circuses that Cramer puts on. He tries to justify his inanities as needed to keep the attention of an audience for a "boring topic" (his idea). So, Cramer's saying to us that we, the listeners, have the IQ of a chimp and need surrealistic clowning in order for him to keep our attention for an hour show. Let the content be sufficient. Cut the foam. Go for the substance!
Cramer: reformat your show. You're bright and talented, you can do it. Tone down the hyperbole. You will help your viewers by choosing your wording and actions more judiciously. If you act like a raving man, how can your listeners imagine investing as a cerebral activity and not one of knee jerking?
As it's going, you'll have a stroke one of these days. Spare yourself and the viewers.

[Stephjen]

I agree with all of the criticisms - he is too much of a pumper and trend-follower.

On a similar note, he's doing a show at my school (Penn State) in the next week or two. I have tickets, but I'll probably walk out halfway through as the idiots cheering him on become intolerable.

[nickgogerty]

bread and circuses for the masses....

[John Tandlich]

Colin,

You're reference is just the latest in Jim Cramer's long history of blatant pump and dump pronouncements going back to his hedge fund days. I wonder how long Cramer will avoid prosecution now that his Harvard Law School buddy and guardian angel - Eliot "Client 9" Spitzer - is exposed.

J. Tandlich

[Tarjan-B]

So Cramer is just another tart, why waste key strokes on him?

[John Tandlich]

Caught Cramer hosting CNBC Opening Bell this morning harassing a money manager. What a gasbag!!! All he had to say was that his only concern is that investors don't lose money in this market. Tell that to the suckers who followed his advise to hold on to Bear Stearns at $30. ANOTHER JIME CRAMER PUMP AND DUMP.