still doing the "i never recommended bear stearns" line. maybe not specifically on mad money, but the very same day (march 11) as his infamous cnbc mention, he had this doozy where he said to buy bear: http://www.thestreet.com/_rms/s/cra...eo/cramermarketupdates/10407225.html#10407225 <i> bear denies lack of liquidity, cramer what do you think? "bsc in a very difficult situation; i knew they were in talks to be acquired...my sources indicate that bear is totally solvent...my understanding is that bear is not in trouble...(citing lehman in '98 buying back stock when they had rumors)..." "the two points i want to make are that bear is not in trouble; i want to make that point vociferously..." "bear is now one of these companies that's selling well below book...normally with a brokerage i want to buy in the money calls...i'm a little gunshy at this point, but i know that i would buy a small position in bear options because it's too low, it fell too fast, and i don't want to buy a position when the stock is up." "everyone needs to understand that you can rumor stocks down but it's harder to do that when we're -8 on the s&p oscillator." </I> http://www.elitetrader.com/vb/showthread.php?s=&postid=1843667&highlight=cramer#post1843667
Cramer was in CYA mode last night. Notice how he made claim that Obama was fixated on him. If it were not such a sad story it would be laughable. The man needs medication. The media may be fixated on Jim Cramer and his screwups but rest assured Obama could care less about the little man. Have you ever noticed how Jim actually brings everything back to being about him. He really believes he is the center of the universe and all goes through him. Cramer even tried to come off as a representative of middle class in his commentary last night as he fought to not increase taxes on the rich.
I thought Cramer defended himself pretty well. He never said to buy BSC. At most, he said he might look at buying calls. He pointed out it was very dicey. I don't know what else he could have said. Seemed pretty accurate to me. He had no way of knowing it would totally blow up. The thing he needs to be apologizing for is supporting President Zero. He indeed looked like a fool writing that he thought Obama was a centrist. As for making himself the center of everything, Obama's attack dog Gibbs went after Jim by name. Pretty harsh thing to do to a big supporter, but Obama has a well-documented history of throwing past supporters under the provervial bus. Cramer is also totally right on how badly Obama is screwing up the economy and how insane raising taxes and imposing enormous additional burdens on the economy is right now. Or at any time, I would add.
The tape says you are wrong, either sincerely, or insincerely. Cramer said Bear Stearns 'is fine.' How could it be clearer than that? You seem willing to stretch the truth until the point where it is silly taffy. The all of ET, you make the call: <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/gUkbdjetlY8&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/gUkbdjetlY8&hl=en&fs=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>
<quote>" i would buy a small position in bear options"</quote> there's absolutely NOTHING unclear about that.
Of course you are right. He said it was fine. He was wrong. Plenty of people were. His whole point though is that he said people's money would be safe there. It was. He said he might buy a small call position. That is not exactly saying take a second mortgage on your house and back up the truck. I'm not a Cramer defender by any means. I just think the criticism is a bit unfair. Obama's program is killing the market, and Cramer is right, he should have held off on the hardcore socialism until the economy was stabilized. That's why he's being attacked. I don't give Jon Stewart or Frank Rich any credit. One is a leftwing commedian, obviously doing the White House's bidding. The other is an ex-movie critic with a long record of terrible judgement on just about any subject. Cramer, by contrast, was dead right about the mortgage crisis, dead right that Bernnake was holding rates too high, dead right that Geithner was the wrong pick for Treasury, dead right that Geithner's dithering was crushing the financials and he's dead right about Obama destroying the ownership society.
Big difference in buying a small call position as a flier, which is what he suggested, and taking a portfolio position. Anyway, is the standard going to be that anyone who ever made a losing stock pick not allowed to offer an opinion?
He did too say to buy Bear Stearns Stock.. http://www.capitalcurrents.com/ watch the video at 4:40...
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