Posted on 10/01/2008 1:53:43 PM PDT by TruthRespecter
CNBC's Mad Money showhost Jim Cramer made an on-air apology last night (9/30/08) for recommending Wachovia stock just 2-weeks ago. His recommendation followed a Mad Money appearance by Wachovia's CEO Robert Steel. On Sept. 15, the day Steel appeared on the Cramer's TV show, Wachovia stock closed at $10.71 per share. On Sept. 29th, it closed at $1.84 per share. Youtube likely has the clip showing Steel's appearance. And last night after Wachovia's implosion, comes Cramer's apology: "I let you down, because I wasn't skeptical enough."
Compare Cramer's "I let you down because I wasn't skeptical enough" statement with America's subprime mess...replacing the persons involved above as follows:
Replace Wachovia CEO Robert Steel saying "we're still strong, everything is a-okay" with current Democrat leadership, epitomised by House Financial Services Committee Chariman Barney Frank (D) saying in response to Republican-led efforts pressing for reform and scrutiny over Fannie and Freddie -- specifically, Barney Frank helped quash preventative reform efforts saying, "No, no Fannie and Freddie are just fine, there's no crisis".
Let Cramer represent past Voters whose votes for Democrats have kept the "too-easy credit" movement alive (even initiated it), grew it, and rebuffed Republican efforts to rein it in before it got out of control. "Votes to keep these guilty Democrats in power have let America down...because they weren't skeptical enough".
Think about it.
People still listen to Cramer?
And needless to say, he's pushing hard for the bailout for all his old buddies. What more do you need to know.
This Cramer guy did the same thing with Bear Stearns and no one is talking about that. He told people to buy BS at $60 a share and then next day it was at a buck!
. ..is Cramer a Democrat?
People still listen to *anyone* else?
Lessons learned from this fiasco: do your own due diligence. Relying on the opinions of others is never wise, as they cannot possibly have your own best interests in mind, or care as much about your assets as you do.
. ..is Cramer a Democrat?
Is Cramer supporting the socialist bailout?
Of cause he is a democrat.
He encourages retail investors to do exactly what they should not be doing: stock picking.
If they listen to Cramer they deserve to lose their money.
Cramer was Eliot Spitzer’s roommate at Harvard.
Thank you ; In addition to being a democrat, he is a whoremonger.
My first thought after reading this is that Cramer was trying to get buyers in the market so that he or his chronies could sell a large amount of shares.
His former roommate Spitzer would’ve at a minimum investigated him for that, maybe arrested.
I’m skeptical about Cramer and I don’t apologize.
Totally agree. Plus he encourages stock timing, as if the Joe's that listen to him have access to the pros real-time info and systems. He's got a horrible track record.
Beyond 'looking like one'/lol. . .I had not paid him toooo much attention. . .
Yes. Big fan of Dodd too.
See here: http://www.newsmeat.com/media_political_donations/Jim_Cramer.php
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