An on-air debate between CNBC's Jim Cramer and Simon Hobbs over European banks gets testy....


An on-air debate between CNBC's Jim Cramer and Simon Hobbs over European banks gets testy. Cramer said traders have to consider the possibility that this is a Lehman moment, and Hobbs cried foul, arguing that even the suggestion of a Lehman moment could cause markets to convulse. Hobbs to Cramer: "You told people to buy Bear Stearns!"
Comments (13)
  • Emory Richey
    , contributor
    Comments (11) | Send Message
     
    That was corrected. Cramer did not say buy Bear Stearns, but rather that your money was safe to keep at Bear Stearns...which it was.
    18 Aug 2011, 11:13 AM Reply Like
  • golfitobob
    , contributor
    Comments (2346) | Send Message
     
    I used to enjoy CNBC when i was able to watch. Now i'm in L A it is either Bloomberg on Rup's Sky or nada, but Madd Man Jimmy is fun to watch ,but, was it not him looking in the camera in March 2009 and telling anyone who needed there money to get out ! 5 years of bad stuff. Sell ..... Well i don't see a need to follow his stuff until 2014 when were supposed to return...................
    18 Aug 2011, 11:16 AM Reply Like
  • Hellz
    , contributor
    Comments (175) | Send Message
     
    To be fair, he changed his mind in may-june.
    18 Aug 2011, 11:24 AM Reply Like
  • golfitobob
    , contributor
    Comments (2346) | Send Message
     
    Thanx. I moved to Latin America a few days later and now only youtube. O/k........ I am fair.....................
    18 Aug 2011, 11:29 AM Reply Like
  • OptionManiac
    , contributor
    Comments (3498) | Send Message
     
    Sorry I missed it.
    18 Aug 2011, 11:18 AM Reply Like
  • Dana Blankenhorn
    , contributor
    Comments (13504) | Send Message
     
    A few minutes after the "debate" I distinctly heard someone on CNBC yell (off-camera) "Roll 212."

     

    It was an allusion to Jim Cramer's appearance on The Daily Show, which he said during the discussion he still hasn't lived down. And with reason.
    18 Aug 2011, 11:24 AM Reply Like
  • zubikov
    , contributor
    Comments (99) | Send Message
     
    I hate to side with Cramer, but trading is not politics. Cramer made an investment decision in BSC based on the info he had at the time and he was wrong, he moved on and admitted he was wrong. He made many good/bad calls since then. Hobbs is a typical politician with the mindset of picking a side and stubbornly defending your stance years later. That philosophy get you nowhere in equity markets, last time I checked.

     

    Cramer is simply stating that we run a risk of frozen markets with little upside in growth. Instead of providing a valid argument, Hobbs resorts to punditry, using blame as the weapon of choice.
    18 Aug 2011, 11:25 AM Reply Like
  • Dana Blankenhorn
    , contributor
    Comments (13504) | Send Message
     
    Zubikov is right, but the question to be asked today is whether trading is entertainment. I don't think this site would have succeeded if it weren't, and I think in the end that's what CNBC is, too.

     

    Having people scream at one another (and we haven't discussed the Santelli-Swonk dust-up yet, which was even more fun than Cramer-Hobbs) is great TV, but it doesn't help me make financial decisions.
    18 Aug 2011, 11:30 AM Reply Like
  • golfitobob
    , contributor
    Comments (2346) | Send Message
     
    DB, that was a/o/k Rick ain't afraid to speak and the good clips make it to Youtube and then we all can see......................

     

    I instablogged Rick's the tea party mortgage thing Mr President this morning ..For old time sake .........................
    18 Aug 2011, 11:33 AM Reply Like
  • Dana Blankenhorn
    , contributor
    Comments (13504) | Send Message
     
    Yes, that was great entertainment. And what have bonds done since then? Santelli's rant was a tell about who's really behind the Tea Party, and it ain't Sarah Palin. (It's Dick Armey.)
    18 Aug 2011, 01:04 PM Reply Like
  • Herr Hansa
    , contributor
    Comments (3130) | Send Message
     
    Exactly right. This is reality TV. It is pure entertainment to sell advertising to generate a profit. The only sad part is that comments on CNBC and similar shows become sound bites for the man on the street, and can drive sentiment. Stock markets in the short term are popularity contests driven be psychology.
    18 Aug 2011, 03:15 PM Reply Like
  • golfitobob
    , contributor
    Comments (2346) | Send Message
     
    HH, stock markets are always 90% psychology , 5 % fundamentals and 5% luck...................
    18 Aug 2011, 03:37 PM Reply Like
  • Duude
    , contributor
    Comments (3413) | Send Message
     
    CNBC's morning segment which fills the time previously occupied with Haines/Burnett, is nothing less than a complete disaster. They mix so much politics into the hour its not worth watching.
    18 Aug 2011, 12:40 PM Reply Like
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