Posted on 03/13/2023 9:04:29 PM PDT by SeekAndFind
Things have been rocky on the economic front since Silicon Valley Bank collapsed on Friday. Known for its focus on ESG and DEI, the demise of SVB marked the second-largest bank collapse in US history. That has faith in the banking system at levels not seen since 2008. It also has the government bailing out millionaires and billionaires again.
Isn’t Joe Biden doing such a great job?
But I digress, there’s another man who has found himself at the center of discussions in the midst of all the chaos. That would be Jim Cramer of CNBC. The “Mad Money” host has a long track record of giving terrible financial advice, but truly, he’s outdone himself recently.
For example, Cramer told his viewers to buy SVB stock back in February when it was at $320 a share, near the top of its historic value. Less than a month later, it was seized by regulators and bailed out by taxpayers.
Jim Cramer said Silicon Valley Bank was a buy last month at $320
Today it is being closed by California regulators pic.twitter.com/x1xMBTrQTS
— Inverse Cramer (Not Jim Cramer) (@CramerTracker) March 10, 2023
But hey, maybe once is a coincidence, right? Everyone has a bad day, I suppose. Cramer’s reign of terror didn’t end there, though. People began to dig through his past comments, and in 2022, he recommended Signature Bank.
Now, it’s shutting down.
2022: Jim Cramer recommends Signature Bank.
2023: Signature Bank shuts down.
How does he do it? pic.twitter.com/2QskFTUPe6
— kanekoa.substack.com (@KanekoaTheGreat) March 12, 2023
Alright, maybe twice is just bad luck, but there’s more. Cramer is going for some kind of record, and in the middle of SVB’s downfall on Friday, he decided to endorse First Republic Bank (FRC). “Very good bank,” Cramer proclaimed on social media.
By the time the market opened up on Monday, FRC was in a total freefall.
Jim Cramer is going to single-handedly crash the economy.
pic.twitter.com/kfMtT0zwnA— Bonchie (@bonchieredstate) March 13, 2023
So what’s next? Apparently, Cramer is setting his sights on taking down the entire banking system. On Monday, despite all of his terrible predictions, he decided to proclaim that the “big banks” didn’t invest poorly and that the banking system will be “stronger today.”
We are so screwed.
Banking system RIP 😢
#JimCramer – Inverse Cramer pic.twitter.com/FXar9OXjUf— Wall Street Silver (@WallStreetSilv) March 13, 2023
Things are so bad right now that a new “inverse” EFT has been created that allows investors to do the opposite of what Cramer says. I might have to get on that train if his track record is any indication.
For the love of God, I am personally begging Jim Cramer to stop giving financial advice. He’s got the reverse Midas touch, and I’d prefer the economy not collapse in on itself. I’ve got kids and dreams, after all. If CNBC has any care for humanity, they’ll remove him from the air and lock him in a padded room.
Editor’s Note: An earlier version of this story incorrectly referred to FRC as “First Republican Bank.” We apologize to our readers for this error.
He’s a puppet it seems, being told what to say.
No one has to listen to Cramer, an effing moron in a league of his own.
He's like "The $1.98 Beauty Contest" of financial advisers.
Why anyone listens Cramer is a mystery. As to SVB, he did not know what he was talking about. Their balance sheet was badly out of alignment as to liquidity. They were using long term assets to support short term liabilities in trying to boost profit not safety. The bank examiners never should have let them get away with it.
I don’t know much, but what I do know is if any Democrat promotes ANYTHING, it’s a scam and should be avoided at all costs...
He is in on the scam .
He is purposely manipulating the markets to COVER for his Lefty Pals who are
quietly bailing on these stocks and he finding fresh suckers to get stuck with mess.
He needs to be arrested and CNBC need to be SUED since they know he is .
He did the same in 2008 .
Wise investors always do the opposite of what Jim Cramer says.
Cramer’s a clown. Entertainment only. Stock advice? Yah. For morons.
Mebe thats why his show is called MadMoney.
You have to be nuts to follow his advice
Jim, please endorse the democrat party vociferously! The world needs you! It is your time of destiny!
If you keep in mind that CNBC, CNN, MSNBC, etc. are all disinformation arms of the DNC/one worlders, it all makes sense.
Good grief, what a drama queen.
Has ANYONE made money listening to Jim Cramer?
Why is he on TV after all these years?
I am beginning to suspect it is to drive a narrative. This bank failure must be just one of the BIGGEST of his failures.
He’s getting old. Maybe he wants to retire... So one more big score? Have everybody toss their money into this bank one month before they ‘fail’ ?
But they had a great Social Score!
booyah!
He always warns viewers not to concentrate too much money in just a couple stocks.
The trick is to out perform the tech heavy Nasdaq 100 (QQQ) or the more diversified S&P 500 (SPY).
According to Mark Hulbert, over any given 10 year period, 80% of professional money managers fail to beat the S&P 500.
Lesson learned?
Try to buy & hold a couple shares of SPY every month for the next 40 years, and things will probably work out well for you in your retirment.
Frankly at this point, he should be locked up.
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