Cramer: “HE HAS NO IDEA”.
Bernanke: “I HAVE NO IDEA” (14 months later).
First of all Cramer had no idea either.
When the first subprime guy went down in feb 07, he went prattling on for 5 months about subprime being contained and it was only going to be 200 billion.
2nd, what we are facing is not just subprime but the big 3 blowing up, china’s growth cooling, europe blowing up, hedge funds overspeculation, fraud at some banks, incompetence at other.
So Bernanke may have been right about subprime. He just did not see all the other blowups coming.
Cramer has no idea either. Has he gone to rehab for his speed habit yet? Only explanation for his delusory advice.
Is this the Cramer who said buy Bear Stearns. LOL -- he obviously had no idea either.