The Betrayal Of James Cramer By The Coward Washington District Of Columbia

Tyler Durden's picture

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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moneymutt's picture

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".

 

Anonymous's picture

the only one stupider than cramer is moneymutt

Master Bates's picture

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?

Missing_Link's picture

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.

Oracle of Kypseli's picture

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.

 

 

 

Master Bates's picture

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.

chet's picture

Did he just say that P/E ratios should be higher?

ReallySparky's picture

Some days I wish I was as eloquent as Tyler.  His prose just takes my breath away.

VegasBD's picture

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. =)

Daedal's picture

Tyler, I never knew your writing can be so caustically poetic. +Bravo!

Problem Is's picture

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?

Hephasteus's picture

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.

Rainman's picture

Just another sell-side gunslinger shooting himself in his bull ass. A reliable shill with only one goal........keep suckers in and buying. 

 

Gold...Bitches's picture

How to make a million?  write a book telling people how to make a million.  or host a tv show doing the same.

Zippyin Annapolis's picture

TD make sure to print the threat that he and his lawyer send you.

long-shorty's picture

TSCM's general counsel left several months ago. At this point, I'm not sure Cramer can afford representation.

Ripped Chunk's picture

Cramer once again the poster boy for Euthanasia. A repeat honor for him.

Anonymous's picture

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.

MarketTruth's picture

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.

monopoly's picture

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.

Anonymous's picture

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.

Anonymous's picture

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....

Gold...Bitches's picture

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.

putbuyer's picture

How he sleeps at night is perplexing to me. I wish I knew?

Anonymous's picture

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.

Anonymous's picture

This is why he looks so young no emotional stress about what he does. He's 64 yrs old

Anonymous's picture

This is why he looks so young no emotional stress about what he does. He's 64 yrs old

Anonymous's picture

This is why he looks so young no emotional stress about what he does. He's 64 yrs old

Anonymous's picture

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.

Miles Kendig's picture

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.

Anonymous's picture

You're missing Sex (and Personal Loyalty) though.

Anonymous's picture

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.

Problem Is's picture

"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...

Anonymous's picture

I used to watch Cramer. He didn't appear to be stupid. Do you suppose he's retarded?

Astute Investor's picture

Jim Cramer is the male version of Elaine Garzarelli....

Problem Is's picture

That scary Fro-wig would look better on Cramer... is she a bald ex-Goldmanite also?

Astute Investor's picture

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.

arnoldsimage's picture

"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)

Anonymous's picture

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

Anonymous's picture

cramer is a male ?

Anonymous's picture

well said, I like the bozo post...lol

vainamoinen's picture

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.

Anonymous's picture

i would like to see his returns over the last 10 yrs for street . com trading account.

Anonymous's picture

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.

delacroix's picture

go figure, ( the street.com ) stock was up today.   what's up with the captcha, are you guys trying to screw with my head?

Anonymous's picture

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...