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The Betrayal Of James Cramer By The Coward Washington District Of Columbia
Just out from the bald ex-Goldmanite.
Like It's 2008 All Over Again
by Jim Cramer
Talk about a market that breaks your heart when you trust it. This is so not 2010. It is a lot more like 2008 when the gains can't be held and those who buy high are obliterated by the end of the day.
And, like 2008, we don't even know what the silent killer is. New taxes? A new assault on capital by the president? More votes against Bernanke? A sense that the State of the Union will be about how rich people need to pay more? Robin Hood in Chief? Could Bob Prechter have done this with his bearish interview on CNBC? That would be amazing, since he has been bearish for ages.
I say, so what? Doesn't matter.
The issue, once again, is the irrelevance of earnings. The blunting of Apple (AAPL) and Google (GOOG) is remarkable.
The reversal in nearly all stocks is breathtaking.
And, of course, the bellwether of the moment, Goldman Sachs (GS) , not only failed to rally, it got killed.
Earnings, again, don't matter. Something in Washington clearly does.
It's just too hard not to sell into strength, and too difficult to buy into that first weakness.
Populism trumps price-to-earnings multiples, especially ones that deserve to be higher.
Ah, yes, the world's smallest violin... Note that nowhere in the above platitude (which somehow misses to highlight Cramer darling Citigroup which is now at its follow-on offering price) is it mentioned that it is these very people in D.C. who have provided the trillions in stimulus and curve invertion capital that have made all of Cramer's darling stocks shoot up in the first place. Stocks deserve to be higher? On what: one time, non-recurring stimuli, endless Quantitative Easing and government transfer payments? Or that there are no more shorts that can be spooked by Goldman upgrading the most shorted stocks?
And is there anything more kettle blackish than you calling Prechter something "for ages." Should we revisit that whole Bear Stearns advice you gave your ever decreasing viewers again?
Please Jim, stick to doing what you do best: namely, collecting a $1,872,000 base salary, and a target 2010 bonus of $1,287,000 and for what: for running TheStreet, which had a net loss of ($46.8) million on $43 million of revenue for the past nine months (and yes, Adjusted EBITDA of $2.6 million), straight into the ground. Good thing that "EBITDA" almost covers your compensation Mr. Cramer (just almost). In the meantime, don't hold your breath when the economy swoons into a double dip, and all your precious stocks and all your momentum chasing advice is exposed for the hollow sham it is.
h/t Hedged In
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I thought the quote was from the Onion...that it is really written by Cramer makes me almost sorry for him its so embarrassing.
Is he really complaining about a few percent drop in markets that happen to take down both good and poor earners after a 50-60 percent rallies in equities that took good and garbage companies like C to new heights? To quote Johnny Mac - "You can't be serious".
the only one stupider than cramer is moneymutt
I don't even understand why people are blaming this recent drop on news of any sort.
First, the technicals have been pointing to this drop, regardless of anything that came out of Washington.
For those that believe that technicals are voodoo, many companies are trading at P/E's too high to be believed since the end of the summer.
The dividend yield on the Dow is 2%. Historically low...
How can this idiot Cramer blame Washington?
It's in line with the long-term technicals, but out of sync with the short-term technicals, which is why it's surprising. I was expecting a drop like this to happen intraday; the short-term indicators were pointing to a continuation of this morning's rally.
Washington does have something to do with it.
When the market was at 666 Obama said: It is a good time to buy stocks.
Wednesday, he will have the state of the union address: The next day, market skyrockets.
The man is on a roll. He loves himself. He looks himself in the mirror and gives the fist and the YES! I am the president and the PPT will do anything for me. Gamble a bit tomorrow before close buy something.
I think that if anything, we'll just see a rally to the Fibs off of the last drop after the state of the union, making a lower low.
I'd put the eventual target from the next bounce at 1126-1130, before the move lower.
I wouldn't bet too much in the impact of his speech, but if the markets do go anywhere, that'd be my target. Otherwise, I can see his speech hurting the markets with all his wild policies more than anything.
Did he just say that P/E ratios should be higher?
Some days I wish I was as eloquent as Tyler. His prose just takes my breath away.
Agreed, but its the keywords that really get me laughin. I cant wait till we see "we are so screwed" used as a keyword again. =)
Tyler, I never knew your writing can be so caustically poetic. +Bravo!
It is hard to tell "Caustic" Tyler from "Sarcastic" Tyler. It is a subtle line...
"Analytical" Tyler and "Policy" Tyler are easy to tell... How many more Multiple Personalities can you guys count?
Caustic tyler is simply sarcasm tyler with the volume turned up. The guy's got self control. He doesn't give anyone a broken neck when a gentle light beating will do. Makes him 100 times more trustworthy than gitmo cheney or life imprisonment for throwing a shoe bush.
see rule #7
Just another sell-side gunslinger shooting himself in his bull ass. A reliable shill with only one goal........keep suckers in and buying.
How to make a million? write a book telling people how to make a million. or host a tv show doing the same.
TD make sure to print the threat that he and his lawyer send you.
TSCM's general counsel left several months ago. At this point, I'm not sure Cramer can afford representation.
Cramer once again the poster boy for Euthanasia. A repeat honor for him.
If Goldman Sachs was a used car dealer, Cramer would be the guy on TV slamming his cowboy hat against the ground and screaming "Buy one today". He's just playing his role. The fact that it's all lies and does damage to the economy in the long run by transferring the life savings of working Americans to the pockets of investment bankers and stock option rich corporate insiders is irrelevant. Cramer didn't create the system, he's just taking advantage of that time honored tradition of separating suckers from their money.
And Cramer is not in jail right now... why?
www.youtube.com/watch?v=HRa0B34jMOQ
PS: And yes, the SEC and others have admitted to me they know about this video.
cramer is such an idiot. He has lost more money for investors then anyone I know. His show is a farce and makes a sham of an already broken market. I do not know how he keeps his job and are those income figures correct. My goodness, to me he is worth a Twinkie Bar and a cup of coffee at Mcdonalds.
I just do not understand how he is kept on The Street to destroy investors. Just don't get it.
He's kept on for pure entertainment. His audience is the same crowd that used to watch Bozo the Clown back in the 1960's. Only now, they have money to lose.
Hey Bozo was cool, and I was 5, o.k.?
For your information I was also a huge fan of Soupy Sales - but sharp enough NOT to mail in the green paper with pictures and numbers on it....
i wouldnt mind so much if he would at least wear a big red clown nose while he does his show. maybe the big floppy shoes too.
How he sleeps at night is perplexing to me. I wish I knew?
so?ci?o?path: –noun
a person, as a psychopathic personality, whose behavior is antisocial and who lacks a sense of moral responsibility or social conscience.
This is why he looks so young no emotional stress about what he does. He's 64 yrs old
This is why he looks so young no emotional stress about what he does. He's 64 yrs old
This is why he looks so young no emotional stress about what he does. He's 64 yrs old
Who says he sleeps?
His is a deep psychosis. I agree it is fascinating to watch in real time minds like his (I don't watch his show ever, but he gets brought up enough on forums like this, that I always seem to get my dose whether I want it or not). Massive ego is necessary as are disturbingly high levels of detachment and selective memory.
In reality trading desks are littered with these types of dysfunctional brains. Parts of the equation actually serve them well in their vocation, such as the ability to forget losses and not personalize anything negative...ever. It doesn't translate well into other areas of life, though.
Trust me, he sleeps like a baby at night, falling into dream land with thoughts of how awesome he is and how much everyone loves him.
Indeed. Of the four primary human motivators; Money, Ideology, Conscience & Ego it is plain for all to see what the primary motivators of Jim Cramer are. Hence the reason he consistently refers to ideology & conscience. In this Cramer is not much different than Lloyd Blankfein. Both insist they are doing God's work while touting their donations to charity.
You're missing Sex (and Personal Loyalty) though.
As long as he continues to bring in advertising $ he will be kept. I would argue that CNBC as a whole, and certainly showbiz, is psychotic or enables psychotics. As long as the go-go stage show and bullish bias match an expanding market all goes unquestioned.
I find Cramer's ability to thrive on controversy interesting. My pop psychology take is Cramer minus the BS charisma and cheap flattery is dreadfully boring and plain.
"Just out from the bald ex-Goldmanite."
Bald ex-Goldmanite is as redundant as a crouton sandwich...
"Goldman Sachs (GS) , not only failed to rally, it got killed...Earnings, again, don't matter. Something in Washington clearly does"
You hit it on the head Cramer the Clown... GS PROFITS CAME from "something in Washington" via the taxpayer so it "clearly does" matter.
Now Bozo, ring your cow bell and play us a cartoon... GoGo Gophers would be an appropriate selection... and de-Bozo what's left of your hair on that three quarter cranial of yours during the cartoon...
I used to watch Cramer. He didn't appear to be stupid. Do you suppose he's retarded?
Jim Cramer is the male version of Elaine Garzarelli....
That scary Fro-wig would look better on Cramer... is she a bald ex-Goldmanite also?
I don't know if she is a client of Hair Club for Men. Spent the bulk of her career at Shearson Lehman. If you read her bio, she predicted ever market top and bottom going back to 1982. If that's the case, I'm not sure why she still has to work.
"And the wolf will dwell with the lamb, And the leopard will lie down with the young goat, And the calf and the young lion [a]and the fatling together; And a little boy will lead them. Also the cow and the bear will graze, Their young will lie down together, And the lion will eat straw like the ox. The nursing child will play by the hole of the cobra, And the weaned child will put his hand on the viper's den. They will not hurt or destroy in all My holy mountain, For the earth will be full of the knowledge of the LORD As the waters cover the sea." - (Is 11:6-9)
http://www.telegraph.co.uk/earth/wildlife/6750373/Tiger-lion-and-bear-fo...
http://www.arcforwildlife.com/the-pigeon-and-the-bunnies.htm
Hey,
Thanks Tyler for this extremely informative site. I just joined #zerohedge on the IRC Efnet server. I'm glad that there is now real time discussions taking place.
Thanks,
Mark Mitchell, CFA
cramer is a male ?
well said, I like the bozo post...lol
Sometime when you got Cramer on the screen turn the sound down and watch. What do you see with blinking lights stage set in the background and his wild gesticulations - the whole visual image? Think about it - - - - -
That's right!!! It's a kids show!
Howdy Doody on steroids!
And people actually listen to this nitwit for financial advice -
Strange World.
i would like to see his returns over the last 10 yrs for street . com trading account.
I feel compelled to raise an objection to the constant use of the Robin Hood metaphor by the Peronists running the asylum. Does no one remember that objects of Robin Hood's charity were the taxpayers and the object of his malfeasence was the governing nobility? He wasn't stealing from the rich, per se, but the rather the government.
The more accurate metaphor for all of the Keyensian Redistributionists would be Grendel, or maybe Dr. Evil.
go figure, ( the street.com ) stock was up today. what's up with the captcha, are you guys trying to screw with my head?
Does anybody know how much money has gone into this market in all forms covert and overt??
Do the best you can on the covert...
Barofsky @23.7 high end of possibility. Friend says 2 trillion,,I say ten times that...
I think Cramer crossed the line yesterday when in his rant he gave the impression that Obama might be assassinated. He really should be called out for that comment.
Assassination? Just another tool in the bankster tool box. Funny that Jimbo would actually say it, but its probably on the table at GS, DB, SocGen, JPM, BAC, WFC, ad nauseum. Nuke'em now OB before they get to you.
Snicker. The bald fool needs to be yanked off the air so something informative can replace it. Like a test pattern.
Unreal. Up 70% on govt $ and he still tortures people to buy buy buy.
Celebrity Deathmatch I'd like to see - Jim Cramer vs Billy Mays.
I say Mays would OxyClean his fucking clock. And he pitched decent product too!
A dead Billy Mays could whip Cramer!
all you bears..please SHOW me and POST the so-called stocks that are truly overvalued
I can't find them except for maybe amazon and some industrials
tech sector...all reporting great earnings
banks really are cheap on a 2 year out earnings basis. eventually no one is left to foreclose on folks
consumer products look fine
commodity stocks might be a bit overvalued as china pulls and interest rates go up
sorry, I just don't see it. i've been standing breathless for many weeks here as ER after ER comes out and 90% of companies reporting look like they are in very good shape and with a smaller footprint to do it. at any rate, companies like ford are hiring
oracle tonite announced a 2000 job hiring spree..good jobs
stop being so bearish...long term there are massive problems with the debt out there at every level but to continue to bash stocks while they deliver is pathetic
a pullback was needed..
Yeah Alcoa was a killer wasn't it? Great Earnings to kick off the season. Why did it go down 20% in a few short weeks?
Does that tell you anything?
It all depends on how you count govt money in earnings. Lets pull out all the govt guarantees on the financial sector and all the govt programs that keep them showing profits as 300,000 foreclosures occur every month.
If you believe the govt money will maintain it's value and that politics will maintain the crutches the financial sector relies on , then you have a Bull Case. It just so happens most here are a bit more pragmatic in that the US just doesn't have the funds left to play crutches anymore.
Then you have to look at govt spending as a whole and govt employment as a whole and ask how many of these public companies are dependent on the overt and indirect/covert stimulus to show these wonderful earnings. Because down here in small business land it's a bone dry hole .
Bankruptcies keep going up and so do the lies that the banks are telling. It's only fitting that the entire banking sector that lead this foolish rally should lead it right back down.
So, my picks are the entire banking sector or at least the 111 banks that make up 77% of the total assets of the entire financial sector. There is a big black hole out there eating money we will never see again, and your telling us everything is fine? Just a few problems in the Macro view?
Do you realize how much of the earnings are dependent on a few major sectors being kept up in the air? How fast would those earnings decline if the financial sector led another crash? If we had govt stats we could trust you might find more people with you if they were any good, but until shown otherwise, they are nothing but fiction.
I'll trade long as long as there are people like you. But I am hedged and ready to see FAZ once more in all it's brilliance after a 20-1 reverse split. Won't that be something and hey, I'll be long too.
I'll say this much for Cramer: At least he's not posting daily on ZH about buying small-cap Chinese solar stocks.
ROFL
NBC has some scary looking people on it
I just saw my first 5 minutes of Conan O'Brian and that guy would give children nightmares
O'Brian was so scary my first 5 minutes turned into 2
Cramer can't read a chart, but he can pick up the phone and call just about any CEO. (I've known some hotshot horserace handicappers who can't read the Racing Form, but they know every trainer by their first name, and that works for a while, but eventually the guy gets too big for his own good, and the insiders turn on him)
What do they call that in the spy business?
Turn on him? He is a useful idiot. Mr. Steele from Wachovia made good use of Mad Money a week or two before the company went under. All was well, Cramer felt good about it to recommend it, then kablooey.
http://www.youtube.com/watch?v=BfdJQzs44Z4
His Wachovia apology.
I still assert that Jim Cramer added to the bubble and was a major component of the creation. After his show aired the markets a massive increase in volume. The Dow went nowhere but up while he funneled much of mom & pop into the markets allowing them to believe riches were well on the way.
Time for Cramer to add a co-anchor to his kid's show
to boost his ratings. I nominate Ken Fisher. Ken could put a couple of gibberish-talking bull puppets on those
uncontrollable hands of his while Cramer mans the horns, music, and flashing lights.
I think you're all too quick to dismiss Cramer as an idiot who doesn't think about what he does.
This letter is actually very cleverly written. It fits in with the way that Cramer almost always presents information. It seems to present one point of view forcefully, but actually presents the opposite simultaneously.
In a month or so's time the market will be up or down, I think on that we can agree. If its up Cramer can point to his prediction and say, "See, I said the market should go up." If its down he can point to his prediction and say, "See I told you the market was being forced down."
Satirists need new material. The Cramer jokes have gotten old. There isn't anybody who doesn't realize that his public persona is a lame version of an infomercial by a TV evangelist. He isn't more credible than Jimmy Johnson or Tom Vu.
There is plenty of fresh comedy material available. Clips of the McGraw-Hill CEO saying something about the Apple tablet have circulated. The comedy is that he also claims that S&P funding by security issuers isn't a conflict of interest, but increases transparency. Conflict of interests can be eliminated with proper regulation and firewalls.
There is a new thread of revisionist history emerging to justify the Wall St. bailout using AIG as a conduit. The worst gloom and doom scenarios of late 2008 are revisited. One can only conclude that Lehman was allowed to fail to scare policymakers enough to justify the AIG bailout.
Remember his housing forecast.He is a metaphor for B.S.. However some will believe what they want no matter what they see.
I don't get all the vitriol over Jim Cramer. After all, what is he but just another Wall Street DB who inflates his own investing acumen for personal gain? Furthermore, I frankly don't believe he has much influence over anyone, except for maybe a few of his "home gamers", who will learn their lesson after plunging into Best Buy or Citi on his advice. All "home gamers" must first learn lesson one: In investing, everyone is a crook, but it's nothing to get exercised about.
who is Bozo, some sort of clown?
You're hung up on some clown from the sixties, man...
who is Bozo, a clown of something?
you're hung up on some clown from the sixties, man..
Great commentary. Vintage ZH. Thank you.