The market is so funny right now it beats any sit-com on TV. But at the end of the day, it's gonna keep going down, down, down and down.
When the credit bubble collapses, people don't have jobs, CEOs confidence collapses, consumer spending totally dries up and the wealth effect disappears, it doesn't matter if the fed pauses or even lowers at this point. Our economy is toast, and so is the market.
Anyone see Cramer pump Countrywide and say there's no housing bubble? So the minions rush in and buy it this morning and boy, they're getting killed already. But just wait.
Countrywide Financial has been unfairly hammered as Wall Street wrings its hands over a supposed housing crash, Jim Cramer said Thursday on CNBC's "Stop Trading!" segment.
Cramer said that contrary to media hype, the housing market is not crashing
August 04, 2006
Traders AM: Yippee!! Unemployment up, GDP tanking - Buy!! Traders PM: Oh, crud, people losing their jobs, economy going to hell - Sell!!
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30 comments:
"Oh, crud, people losing their jobs and economy going to hell"
I understand what you’re trying to say, however your gleam for the subject is disgusting.
Did you know that families, including children are going to be kicked out of their homes? We know this is going happen, but you’re happy about it!
You make me sick!
it's not my gleam - re-read. I was quoting hypothetical market traders.
I couldn't be more pissed that we got ourselves into this situation
don't worry keith, dude just a realtor looking for someone to blame
Why are we discussing self-promoting Hebe day traders like Cramer now?
Cramer flip flops every day.
One day it's a sell. The next day it's a buy.
He's a pleaser. He's got a lot of people to please.
You can't be honest when you are controlled by others.
Who puts money in Cramer's pocket? Pump and dump, anyone?
keith and cramer are kindred spirits....disagree?
Keith certainly seems to be a Republican, Israel-supporting materialist.
My sister works for Countrywide...she was asked by her manager to file fraudulent loan documents...the pressure is on. She is in one of the most stable housing markets in the country.
This is going to end badly. One of the precursors to the market crash of 1929 was a 25% decline in residental housing building permits from 1921-26.
keith certainly is a Democrat, hispanic-bashing anti-materialist
Markets can be slow to realization of the sometimes obvious, but when they do figure it out...watch out. Right now traders and "experts" only care about a pause because of the last 17 hikes and how painful each one was. Hey it is painful medicine for an economy that had an absurd dose of the addicting drug of liquidity. I need to go throw another dart at Greenspan.
TU-TU GO DOWN THE HOLE.
Hilarious. I just had to laugh that the markets were up this am based on bad employment numbers 'becasue that means the Fed is done tightening'. Well, it looks like it will be a mad rush to the exits and they have already started.
I can see them on the floor at the exchanges.....peering at each other nervously, all of a sudden one guy twiches and another drops a trading slip and they all haul butt to the exits.
BRAHAHAHHAHHAA!!!!! SELLLL!!!!!!!
Cramer doesn't understand that the game has changed. He sure doesn't know anything about the housing bubble. How can he think at all? His head is filled up with ticker tape.
And then cash that paycheck with no guilt what so ever. Both need a huge punch right in the forehead.
"Right now traders and "experts" only care about a pause because of the last 17 hikes and how painful each one was"
Traders cannot understand why the market is not dropping like a rock. They are trading the trend but know the market is way too extended. These guys are generally bearish. When the market rises on bad news most talk about PPT, manipulation, TOMO, etc... I think it is propped up by large infusions of 401K and Gov't TSP saving plan money. That money is controlled by the fed and the banks. The game is rigged.
I admit to a certain "glem" at the thought of people who leveraged the safety of their family for a SUV, JetSki and other needless junk! My grandparents DID loose their house in the great depression because my idiot grandfather put all the family's money in Insull (the Enron of the 1920's) and lost it. . .my father had to drop out of college, and my grandmother went to work in a department store. . .they made it, and my father said it was the best thing that ever happened to him. . .he taught our entire family - "If you can't afford it don't buy it!!" 80% of the stupid American public need to be taught a financial lesson!!!
Sam Insull did a hell of a lot more good for the country than did Ken Lay or Jeff Skilling.
From Insull, we got actual construction of real electric utilities. Insull was bankrupted in the Depresssion but acquitted of all charges. Jeff Skilling's own mother didn't believe his son's innocence, and he's going to the slammer.
Sam Insull's electricity companies lowered rates. Enron's (and others') jacked them up by illegal manipulation.
From Enron, we got a 30 billion dollar debt stuffed onto the taxpayers of California---sorry, Kaleefornya---thanks to a Bushista Federal Energy "Regulatory" Commission who refused all relief during the crisis.
Sam Insull, completely impoverished, died from a heart attack in Paris subway station.
Ken Lay, still wealthier than almost everybody else, died from a heart attack in an Aspen luxury home.
Sam Insull, Wikipedia
Insull correction. . .
My grandfather was the idiot, not Samuel Insull. . .I should have said - Internet Stock of the day. Even a good company like Insull (although overextended) went down in the 1929 crash. . .As long as we are doing some financial history, there should be a shrine to Michael Miliken at every Cell Phone tower (sorry Keith - mobile tower) in the country - his junk bonds built the entire wireless system.
Say what you want, but it was Cramer that was dead on with the tech bubble and bottom
I also laugh at how market updates throughout the day try to explain every damn change in the Dow, S&P or Nasdaq. First they say that everyone's happy with the lame employment numbers, then suddenly everyone has an epiphany and thinks the economy may be getting worse than expected, so the market goes down. Based on the information we get, you would swear that the market is either manic depressive, or that investors forgot what happened yesterday, or both.
:market is either manic depressive
No, that's it. It's manic depressive which is why we have breakouts followed by a retracement and then a repeat.
That's why different traders trade different times and markets. The psychology of trading the opening bell is a lot different than the late afternoon/closing period vs the overnight positions or currency/forex time zones.
"Michael Milken at every Cell Phone tower (sorry Keith - mobile tower) in the country - his junk bonds built the entire wireless system."
He was quite the man.
Dogcrap said:
'Say what you want, but it was Cramer that was dead on with the tech bubble and bottom'
Are you joking? Or, weren't you there.
Cramer was touting tech stocks during every suckers rally on the express elevator down from NasCrap 5000.
Cheers, Haggis
Cramer, Countrywide, Crap. I worked for Countrywide for nearly three years. I watch Cramer regularly. Both run off air and nothing more. Countrywide was the biggest house of cards I've ever seen!
Cramer recommended a laundry lost of tech stocks just days before the tech crash.
He is a scum bag of many sorts.
I look forwaerd to seeing him in a perp walk
dogcrap,
get real cramer has always been part of the cnbc hype machine... he did not call the top or the bottom of anything...what a joke.
I think there is a new book out on the life and accomplishments of Sam Insoll did you read it? Was it a good book?
You all should remember the purpose of Cramer's show.
He is primarily an entertainer!
Sort of like Pee Wee's Playhouse, except for stocks... an older, balder, more manic Pee Wee with all his crazy buttons, bobble heads, and antics.
Boo Yah!
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