“CNBC’s Jim 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”
So how does he keep his job? My take is that he’s so good at making people do dumb things that the feds pay CNBC to keep him on the air. In this case, he likely got a few billion ‘invested’ in that horrible bank, thereby saving the government some money in their bailout.
Bottom line - he’s useful.
He keeps the market moving. Without that there is no arbitrage. Value markets don’t need that. Trading markets do. If nobody goes to the Casino it goes broke, the house always wins and so does Wall Street.
Cramer is a tool.
Writers write and talkers talk. If nobody reads or listens they are out of a job. Same analogy for brokers.
They may all be closer to the fire than we are but their crystal ball is just as cloudy.