http://www.youtube.com/watch?v=BVl9SQ-KVmE in this video cramer says forget subprime problems. they are meaningless. thank god for youtube so these guys will forever be shown how bad their calls are.
I remember him saying the sub prime fallout would have no effect on technology, however it does..... Also remember Ben Stein on Fox news months ago saying that the sub prime mortgages ONLY made up 1% of the mortgages, BOY was HE FU$KING WRONGGGGGGGGGGGGGGGGGGGGG.....
500 billion a drop in the bucket? That's the problem with Cramer, he's a bullshit artist. A professional liar.
I'll never forget when he said CAT was going to $120 once it broke $80. His sheep all bought it, held it above $80 for two days and the thing went back to $68. Could have gotten it at $63 when they missed their 3rd quarter earnings last year, which was about a month and a half before he commented on it. I could have sold it to all of his freaking minions at $80. Oh wait, I did.
As I've said many times, the real problem was, we had scum lending to scum. Had the Stock777 Plan been in effect, let the lowlife rent, stop all primary housing speculation, and hang the financial engineers from a tree at Wall & Broad, we would not be where we are today. I blame you.
We probably wouldn't be in this mess if the only loans allowed were 20% down 30 year fixed rate loans. Generally, the simplest things are the best things in life.