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Who's Your Mac Daddy?
1 Comment
Jim Cramer's Mad Money Lightning Round, 3/13/08: Sweet and Sour Apple
Col. Klink justifies Cramer's flip flopping on BUY/SELL recommendations by glibly stating: "It seems it's all a matter of timing, my friend."
How's THIS for TIMING? Last Tuesday (March 11) on Cramer's TV and XM Satellite radio show, he responded to a caller who was worried about their Bear Stearns stock and wanted to know if he should SELL it. Cramer shouted,"No! No! No! Bear Sterns is NOT in trouble. If anything, they're more likely to be taken over. Don't move from Bear... Don't be Silly!" 72 hours later (March 14) Bear Stearns stock was CUT in HALF! The next trading day it lost an ADDITIONAL 84 PERCENT! In 4 trading days the caller's stock went from 64 dollars per share to 4 dollars and change.
Let me make it crystal clear:
1. Jim Cramer is no longer in the investment business.
He is in SHOW BUSINESS.
2. The millions he now makes from his TV show, books, and tapes will cease the moment his viewers retreat from this horrendous market, because they will no longer have need for his advice.
This is why he won't do the ethical thing and tell his neophyte investor viewers that they need to GET OUT OF THE MARKET. In a market environment that has bludgeoned many professionals to the sidelines, Cramer continues to tempt his largely inexperienced viewers to invest their hard earned money into an incredibly volatile market that has been trending strongly down for months.
After a particularly bad day for stocks, Cramer will sometimes say, "I'm afraid you people are going to get out of the game." This from a man who has stated that current market conditions are the worst he has seen in his 37 years on Wall Street. When callers to his show frequently begin by saying, "I want to thank you for all you do for the 'little guy'" I want to puke!