July 31, 2007

And then Jim Cramer got religion, gave up, and told sheeple to walk away from their homes as housing moves to crisis stage



Home prices crashing

2/28 timebomb about to blow

Housing falling apart nationwide

"Dramatic decline in home values" expected

The end is here. Now panic sets in.

hattip (again!) to housingdoom - great work

88 comments:

Anonymous said...

Lol, yeah I saw his videos on thestreet.com about 40 mins ago.

I kept thinking about how this guy ridiculed sub prime as a non issue in Jan, Feb and March.

Even as of June he dismissed any significant Wall St. impacts.

You gotta love how this guy pivots his opinions on a dime, and then cites how he is 'misunderstood'.

Anonymous said...

...
....
.....
Who is that and what have you done with the real Cramer?

Anonymous said...

From pump to dump

Anonymous said...

Boo-yay!

guy n. cognito said...

2/28 100% default rate, no distinction between prime and subprime = all equally worthless when your house is dropping 20%... he should've prefaced all that w/ "i've sold all my real estate" instead of sneaking it in at the end.

smitty said...

so, was the "drop interest rates 1% and the market will turn" quip on the money or what?

rcochran said...

Have a listen to Rush's "The Big Money". The words are great!

Jim Cramer is "the fool on television getting paid to play the fool"...

jims fanboy said...

this guys about creating classic videos. It's all about eyeballs, not truth. last week, his website proclaimed: "I want to make you rich, very rich!"

keith said...

He has to declare if he owns a stock when he makes a recommendation, but doesn't (or didn't) declare his real estate holdings when making calls about housing

See the problem there? Not just with Cramer but with all MSM reporters?

It's dot-com all over again, this time dot-condo

After the 2008 Senate hearings, journalists will have to disclose whether they "own" real estate or rent when doing stories on housing

Cramer pumped until he sold his real estate, now he dumps big-time

I bet he reads HP

SPECTRE of Deflation said...

Cramer always looks he's on crack, but his comments are correct. The problem is that Jim moves around quicker than a Mexican Jumping Bean, and ultimately I guess you could say he was right after he was wrong so many times.

His comment concerning the FED cutting 1.00% from the Funds Rate and everything will be well is laughable. Jimmy Boy, have you looked at the Dollar? We are in a different place than in the late 1990's, and the FED can't cut rates without risking a run on the Dollar which is far worse than blowing out all the excesses like the garbage it is.

Illegals Everywhere said...

How many 2/28 loans were made?

100% Default WOW!

BTW Keith, Great Reporting for the past week..

burn baby burn said...

Booyah Bitches! I used to live in Baltimore and there is no place in that sh!t hole town that is worth living so, I do not know what he is talking about. The only people in Baltimore that have any money are the drug dealers and the fed workers from DC. Come 2008 all that fed money is going to dry up. There are over 60,000 IV drug users in Baltimore. The whole west side has been written off.

james said...

When was that video made?

brass balls said...

Let the banks take the losses.The hell with personal responsibility these days.Classic ponzi scheme here.We have too many widgets now.

Anonymous said...

As usual, if you're hearing it from Cramer, it's already too late. Horse already left the barn.

Mark in San Diego said...

I was out this afternoon, came back and watched this, and am speechless. . . .nothing more to say - the end is here - the Fat Lady has sung. . .

Ben Dover said...

My username says it all...
BEN DOVER!!!

Better grab some lube, a BIG one is coming your way.

Anonymous said...

This looks & sounds doctored & seems too blunt & too extreme of a reversal on the part of Mr. Cramer to be genuine.

Anonymous said...

I liked the point he made that if the Fed would cut interest rates, the whole thing would turn around and values would soar once again. (a) The Fed isn't going to do that and (b) it still wouldn't help those who can't pay or refinance their mortgage anyway. "No I sold all of my real estate holdings," says it all.

sucker said...

The underlying point he is making is that, rather screaming is, FED SHOULD DROP THE RATES. and everthing will be fine

Anonymous said...

dot-condo I live that

Anonymous said...

Excuse me! The person that has been the most duplicitous and behind the curve is Cramer. The reason I quit paying any attention to him two years ago (along with all of CNBC) is because of his refusal to admit that there was a housing bubble and Credit Crunch. Now we find out that he really was in tune with it. His fans should hang him by his you know whats and bar-b-que his butt. He is now lower in my book that Larry kudlow and that is hard to do.

Anonymous said...

I hope he reads HP and realizes that real informed people think he is a complete idiot!

borkafatty said...

Keith it just get's better and better everyday...don't it.


http://tinyurl.com/39a89v

Anonymous said...

Have a listen to Rush's "The Big Money". The words are great!

Jim Cramer is "the fool on television getting paid to play the fool"...

Right on. I love Rush and two of their songs are "right on the money" where housing is concerned - "Big Money" (Big Money got no soul) and "Subdivisions" (nowhere is the dreamer so alone) - Rush Rocks and Cramer sucks - he looks like he's on drugs.

Smug Bastard

rip saw said...

He reads the blogs and then spouts that crap on the MSM as if he has an original thought in his head. That just goes to prove that all the stupidest people are making all the stupid decisions with all the money. They can't eff things up for themselves though, because they can always get more money free for the asking. It makes me sick to watch the waste, graft, corruption, and injustice. He is a walking, talking, clusterf@ck on wheels.

Anonymous said...

WOW, its all real. On thestreet.com this video is part of a whole series that is about the market but focuses in on housing, and he is blunt and brutal regarding the whole thing!!

Magon said...

Shifting from leg to leg, arms crossed in front; scratching his arms.

I swear he looks like he needs a fix.

chris g said...

Somebody needs to create a YouTube video, piecing together all the BS soundbites of Cramer over the past several months. Start with his phone interview with Bob Toll on the Mad Money show (I believe it was late last year) and end it with quotes from the video here.

Funny how at the end he says that Moody's about-face is "facetious", when he should take a good look at the mirror. And he's going on and on about how the one square mile he is standing on, is the only place in the country where prices are going up. Thank God for video recording on the Internet.

buyerwillepb said...

Wait a second.

Cramer thinks if the FED drops interest rates by just 1% that suddenly we are off to the races again.

Hmmmm. Houses are still over 100% overvalued here in San Diego, but a 1% break (what's that, like $100-$150 less monthly payment?) is gonna make me pull the trigger and commit financial suicide?

It's the prices, stupid, not the interest rates.

Anonymous said...

oh gee, is this the same guy that said he used border line legal ways of manipulating stock prices when he was a fund manager at goldman sachs?

such truth........i guess.....

but didn't he also say in a youtube video that has since disappeared from the net, that when you have to , you make up a convenient truth to take the place of a real truth in order to fool other people when you are attempting to make a stock price move in the direction you want it to?

so now he is telling us this convenient truth. how nice of him. where has he been all these many months.....

so what is he saying now? is he a bear or is he a bull??????

Anonymous said...

>>>>From pump to dump<<<<


are you sure about that? shouldn't it be from pimp to punk?....

Samuel Adams said...

Cramer is an idiot. Housing Doom has this vid with someone posting a previous one where he called subprime a nonevent. Of course, we all know that Alt-A and Prime are in trouble. LOL, I had to deal with a customer today who was extremely difficult and told me 2 ft of conduit for her air conditioner made her home unsaleable. Panicky, she sounded. Oh, and she is a real estate agent trying to sell her home that is in a country club.

At any rate, I think that Cramer's advice stinks. I know Dave Ramsey would say so. Keep your car and credit cards but walk away from the house? I guess if you are stuck in an ARM you cannot get out of that might make sense IF you cannot sell or even short sell. Screw the car and the credit cards. Sell the overpriced car and buy something that is paid for. Credit cards? They might call you a lot demanding money but that is it.

Screw you, Cramer. My mortgage is fixed, cheap. No car payments and NO CREDIT CARDS!

Anonymous said...

"I bet he reads HP"

there were some oddly familiar phrasings there. 100% junk? Only two or three square miles of properties gone up YOY in the entire country? All sounds rather sweeping. Cramer slips in a lot of jargon without explaining it - is that supposed to make him seem more expert? Anyway, good to see another MSM unvarnished report.

Paul E. Math said...

I wondered what was up until he made that comment about all these problems going away if the fed drops the overnight rate.

I disagree that lower rates will save housing. Not in real terms, that's for sure.

But Cramer knows how stupid we humans are. Most Americans don't really understand the concept of inflation and the difference between real value and nominal value.

The effect of inflation on those who own assets is mixed. But it sure is a bitch to those who actually work for a living, who rely on wages and salaries. Every day your income goes down a little more until one day you wake up a slave in the land your parents fought for.

GenX said...

With the stroke of the pen the fed can reverse this from happening by lowering the rates one full percent .Cramer is trying to set up the next great stock STORY market hype..If the feds reduce the dollar will tank ..Inflation will go haywire. Why would the majority of American citizens who were reaspnsible have to bail these greedy sobs out..To save Jp Morgan? Goldman Sachs? all the rich clueless wetnose traders who think the stockmarket is always going up and spend the weekend in the Hamptons? If the fed reduces rates while the world raises rates the US Dollar is screwed..Milk will be 10 gallon..The poor will be poorer and wall steeters will be fat rich cats. The end of the empire.Its time to pay the piper for the years of open spigot money and live with the consequences now rather then later. America in the end will be stronger.

sam said...

Was this dubbed or does dude seems pretty wasted in middle of day. I like him, he needs to get back with his sponsor buddy Kudlow. When those guys are talking about the miami market, it's not about condo's, you know.

Anonymous said...

Laura Vella said:
The cat is out of the bag: Jimbo "Shill" cramer baits then switches his listeners on buying real estate.

I explicitly remember in the Summer of 05', he said: "you can't go wrong with real estate!", "buy as much as you can, it's ALWAYS a good investment".

Today, he's telling listeners to walk away??? What about the IRS income for (heloc,mew) that needs to be paid back?? No free ride for these homeowners.

To top it off, he sold ALL his real estate.

How can anyone believe what this smuck says?

Anonymous said...

no distinction between prime and subprime just because a home value has decreased 20%? this guy says whatever he thinks will generate revenue for him. I think what he really means is that if you have lost all of your equity and you think the home will lose more value then perhaps you should walk away.

The guy and talk. Not so sure on the thinking part.

Anonymous said...

Cramer says to get out?

Must be time to get back in.

Anonymous said...

Guy said:"he should've prefaced all that w/ "i've sold all my real estate" instead of sneaking it in at the end".


LauraVella said: Agree, that was such a blatant statement - and topped it off with saying he sold all his RE....

That was so wrong...

Anonymous said...

"From pump to dump"

Exactly. Cramer and the entire CNBC outfit is one giant pump-and-dump operation. They're out to manipulate the public, not inform them.

Anonymous said...

LauraVella said:

I'll bet he does too.

Anonymous said...

Cramer vs. Cramer.

Once again I'm going to emphasize...he is so full of fukin crap.

Anonymous said...

2/28 ARMs were last week's news.

3/28 ARMs are also half dead.

All types of option ARMs will soon be dead.

Home loan options will soon revert back to the 30s.

Option #1: 30 year fixed loan.

Option #2: Cash on the dash.

Option #3: Squat in a burnt out Arizona home.

gwk said...

your sons and your daughters are beyond your command and as Mr. Dylan said when I was a young man growing up in the 6o's the times they are a changing

Anonymous said...

On the cover of www.economist.com

"How to deal with a shrinking population"

Another myth busted that was supposed to save the world real estate bubble. LOL.

When the baby boomers are all dead:

Option #1 - 5 Free Houses For Every American.

Option #2 - United TacoLand of Americas.

Options #3 - United Rice Paddies of America.

Anonymous said...

Let me give you a little inside information about God. God likes to watch. He's a prankster. Think about it. He gives man instincts. He gives you this extraordinary gift, and then what does He do, I swear for His own amusement, his own private, cosmic gag reel, He sets the rules in opposition. It's the goof of all time. Look but don't touch. Touch, but don't taste. Taste, don't swallow. Ahaha. And while you're jumpin' from one foot to the next, what is he doing? He's laughin' His sick, fuckin' ass off! He's a tight-ass! He's a SADIST! He's an absentee landlord!

Shakster said...

F$#K Cramer.FBs need to do all they can to keep their homes.
It's just another trap.If they walk away they can still be on the hook for the losses(Shortsales),and evryone will be on the hook for foreclosures.
The Banks have their fingers crossed that the FBs walk first.This means the chances of being held liable for fraudulant contracts diminish greatly,and the banks can place the blame on the buyers without fear of recourse.
The IRS will of course ding alot of FBs for the difference in price of the Short sales.the IRS ,and the banks are connected at the hip,and if you read your banking contracts you will get the Idea.
FBs need help right now,but are afraid,confused,and are in a state of anxiety that has them thinking that walking is their only alternative.The contracts can all be renegotiated with the investors that these loans were sold to.The buyer ,and investors can improve each others situation greatly.The bank,(Lenders) effectively should be pursued by the homebuyers,and investors for fraud,as well as disintermediated.Cramer is a shill,and the banks would certainly love it if all FBs took his advice.Fight them ,FBs.

Anonymous said...

Not to crash your thread but you should know that the NAR has started their own blogs..

http://talk.realtor.com/

Exciting Stuff, lots of participation from the public NOT!

Anonymous said...

cramer says now, that ben bernanke should do the right thing and lower the fed rates by one percent....he says that this action would make everything get much better....etc.

so , isn't that the reason why we are in this mess in the first place.?

Agent #777 said...

OK, as of my post, Keith's #9 post is the last one I see. But surely between #10 and mine, someone has pointed out that about the time he talks about walking away from the house because it is fungible, that the audio and video are not matching! It might be real and just some kind of glitch, but I doubt it. I mean, in my opinion the whole thing just gets ridiculous after that comment. I think after that point in the clip the whole thing is being dubbed with another voice.

Additionally, the ENTIRE thing could be a hoax, but I think that the first part might be genuine. Cramer is paid to TALK, not to provide profitable investment opinions - people would do well to remember that. I mean, even just the first part is a completely different opinion than what Keith linked to from Cramer earlier this month.

james said...

Wow. He just blamed everything on Bernakae. Who's name I don't know how to spell.

zoiks said...

Cramer is such a clown.

He was pushing the homebuilders hard back in November. Then February or March he was yelling to sell the HBs. I can come to grips with the fact that he's a clown. What I can't come to terms with is that so many people continue to give a rat's behind what he says.

That said, it is quite funny for him to come out as uber-bear on housing like that. Plow under the homes in the Inland Empire? 100% default on the 2/28s??? Yikes.

I like the end: "I've sold all my real estate." Translation: "Sorry, bagholders, and good luck with that."

Anonymous said...

I agree. Cramer is just doing what every trader does. He is talking his "book". Now that he has sold all his real estate, he is predicting a major decline everywhere except one square block in N VA and So. of Houston in Manhattan. He then adds that a rate cut by BB will change his forecast. Who cares.

keith said...

Anyone a drug expert? Does it seem like the news is so bad now that Cramer is on something?

Here's another freak-out video from Cramer where he's basically saying the homebuilders are going bankrupt - HOV, KBH - he says he doesn't see how they can stay solvent unless the fed cuts 100 basis points

http://tinyurl.com/3yt6kb

Anonymous said...

Even as of June he dismissed any significant Wall St. impacts.

You gotta love how this guy pivots his opinions on a dime, and then cites how he is 'misunderstood'.

July 30, 2007 11:20 PM
=================================
You dont really think Jim Cramer is a self sustaining entity do you? Cramer is a mouthpiece for certain financier interests who have made him into the loveable, bald, financial guru who dispenses sound market advice to the suckers.

But none of these Wall Street stiffs are anything on their own.

Anonymous said...

http://cramerwatch.org/


cramer losing against the monkey.....

Agent #777 said...

OK, actually the thing has gone haywire earlier than that, but in any regard, I take issue with another point he made. Nashville, Knoxville and Charlotte have gone up 40-60% in the last 18 months. I know, because I have been watching!

Anonymous said...

Bernanke got bigger fish to fry

http://suddendebt.blogspot.com/
2007/07/different-kind-of-credit
-crunch.html

A Different Kind of Credit Crunch

It is quite obvious that we are in the initial phases of a major credit crunch. However, this is not a "regular" credit contraction, where the Fed tightens in order to prevent or lower inflationary pressures. No, it's truly different this time.

As I have often laid out in previous posts, banking is not what it used to be. Credit institutions no longer loan money; rather, they act as salesmen of loans they have previously packaged and securitized as CDO's, CLO's, CPDO's, etc. The real lenders are the buyers of such securities. This process, combined with the waterfall tranche structure of asset-backed securities, allowed for credit conditions to become ultra loose, irresponsible even. Bankers did not care about loan quality, since they could turn even junk into 80% AAA-AA bonds, with the remainder off-loaded to the dozens of new yield-hungry hedge funds that were cropping up daily.

But just because there were buyers for such products (for a while), it did not mean that borrowers could service their debt. Quite the contrary, in fact. As the weakest individuals and companies were offered more and more debt without their incomes rising commensurately, it was only a matter of time before they would get into deeper trouble, faster. When this became obvious, the bond buyers suddenly disappeared; after all, they were just portfolio investors and unlike experienced bank credit officers they did not want, or have the ability, to gauge each borrower's creditworthiness inside those pools of thousands of loans.

In this crunch, the entire credit process is shutting down fast. It is not the cost for the use of money that is rising, but the cost of risk, i.e. the bond buyers are questioning the safety of their principal and this is the most potent deterrent to lending. The signs are everywhere: for example, if KKR and Cerberus can't get funding, then 99% of all other buy-out funds won't get any, either and the trillion-dollar-a-year LBO business is out of business - at least for now.

decaffeinated said...

Keith,

Looks like he's high as a kite on some kind of upper (speed?).

Anonymous said...

OK, actually the thing has gone haywire earlier than that, but in any regard, I take issue with another point he made. Nashville, Knoxville and Charlotte have gone up 40-60% in the last 18 months. I know, because I have been watching!

July 31, 2007 7:10 AM

==================================
The interesting thing about Charlotte NC is that it is "ground zero" to the derivatives explosion with BofA holding over $20 trillion in off balance sheet derivative obligations.

I ran for Mayor of Charlotte against Pat McCory (still mayor) in 1997 where I attacked BofA (then Nations Bank) and the derivatives gambling economy of Charlotte.

Anonymous said...

keith said...
Anyone a drug expert? Does it seem like the news is so bad now that Cramer is on something?

Here's another freak-out video from Cramer where he's basically saying the homebuilders are going bankrupt - HOV, KBH - he says he doesn't see how they can stay solvent unless the fed cuts 100 basis points

http://tinyurl.com/3yt6kb

July 31, 2007 5:21 AM
===================================
AL-QQUAFFER,

did you actually watch his showlast night? what he said was basically I am going to tellyou what the doom and glooom crowd issaying, ie a rundown of everything HP says. But and this is key, he said numerous times that he does not subscribe to that.

Look I'm not defending him either way, but you are misrepresenting what he is saying.

Anonymous said...

Anonymous said...
OK, actually the thing has gone haywire earlier than that, but in any regard, I take issue with another point he made. Nashville, Knoxville and Charlotte have gone up 40-60% in the last 18 months. I know, because I have been watching!

July 31, 2007 7:10 AM

--------------------------------

I drove through Charlotte 2 Saturdays ago. I was listening to a radio station that had one of those on-site commercials with one of the DJs broadcasting live from a home development. I can't recall the name but they made it sound like it was uppitty up, exclusive, etc and off Highway 4something. Anyway they pitch was come out today and today only (of course) the builder is giving away 50% on all upgrades. I though wow, if builders need gimmicks like that in Charlotte I know the boom is officially over nationwide. Charlotte and Nashville were the last holdouts and even they are starting to tank.

keith said...

Cramer might be on crack, or worse. Seriously.

He says one thing on thestreet.com tv, and 100% the opposite on mad money

weird.

sam said...

"Anyone a drug expert? Does it seem like the news is so bad now that Cramer is on something?"

Yes. Drug and housing expert. Just say no.

I always suspected that Kudlow and Kramer met in rehab. Don't know if this is true.

But Kudlow WAS a major cokehead in the 80's (prob into the 90's) and was fired from multiple big firm jobs before cleaning up. Look at his nose- it looks like it was surgically recreated from a couple of toes or something.

Kramer could be on something here, maybe just a little booze (mixed with pharmaceutical grade speed), or his behavior might just be the legacy of doing too much LSD back in college.

SPECTRE of Deflation said...

Panic Over Option ARMS Is Just Noise

By Jim Cramer
RealMoney.com Columnist
8/15/2006 9:10 AM EDT

This headline from 2006 says it all. Cramer is more full of shit than a Christmas Turkey!

Sheeple are Smart, Banks are stupid said...

"brass balls said...
Let the banks take the losses.The hell with personal responsibility these days.Classic ponzi scheme here.We have too many widgets now."

The banks and Wall Street SHOULD take the losses. They caused this, and continue to cause it! This would be simple to fix - MODIFY LOAN TERMS. It's really that simple. The fed dropping interest rates would not stop this because most of these 2/28 loans track to the LIBOR not the prime rate. So what if the fed cuts rates, are people going to buy homes with a big HELOC? The troubled Mortgages track mostly to the LIBOR, so it would not solve any problems unless the Brits reduce rates. If the stupid banks would simply just say "ok, you have been paying 5% on your 2/28 without missing a payment, just continue paying the same amount." The banks have less foreclosures, the investors make a return instead of a loss, and it cuts down on foreclosures and inventory, saves neighborhoods from delinquent properties just lowering everyone elses values, and allows the country to reset back to normal homeostasis. Now, there will still be people that will walk, and miss payments, but it would cut down dramatically on the number of good borrowers that were just taken by surprise by this market, and are still capable and willing to pay thier current pre-reset mortgage. Most of the defualts are at the time of reset, NOT on the intial mortgage. Simple accounting and less focus on GREED in Wall Street and banks would contain this problem dramatically.

This is so damn simple to fix. Then deal with the stupid homebuilders that refuse to stop buildng homes no one wants by tightening NEW loan standards. This would keep folks in their existing homes, and since most who bought already did, it would still put the pinch on the Homebuilders and hopefully they would capitulate or go out of buisness.

I dont' know why the obivous, common sense solution is so out of reach for the greed heads.

Oh well, I guess the feds and the REIC are so diluted that they can't see the forest through the trees.

Anonymous said...

But Kudlow WAS a major cokehead in the 80's (prob into the 90's) and was fired from multiple big firm jobs before cleaning up. Look at his nose- it looks like it was surgically recreated from a couple of toes or something.

Kramer could be on something here, maybe just a little booze (mixed with pharmaceutical grade speed), or his behavior might just be the legacy of doing too much LSD back in college.

July 31, 2007 2:42 PM

================================
Drugs and Wall Street have always mixed well together.

Anonymous said...

JIM CRAMER BIO:
In 1987, Cramer founded his own hedge fund, Cramer & Co. (later Cramer, Berkowitz, & Co.), working out of the offices of hedge fund pioneer Michael Steinhardt's Steinhardt, Fine, Berkowitz & Co. The fund's early investors included Eliot Spitzer (a Harvard classmate), Steven Brill (Cramer's old boss at American Lawyer), and Martin Peretz.[1] A year later, Jim married Karen Backfisch-Olufsen, who was a trader with Steinhardt's firm. Cramer retired from the firm in 2001, which is now being run by his former partner Jeff Berkowitz.
================================
Michael Steinhardts father "Sol or Red" Steinhardt was the top jewel fence for organized crime leader Meyer Lansky.
Steinhardt would later take over the democratic party (DLC), where he made sure that the party never returned to the party of FDR/JFK.

Anonymous said...

JIM CRAMER LIVING NEXT DOOR TO TED BUNDY'S VICTIMS.
Journalist
After college, after a two-month tenure as the key operator at Congressional Quarterly, he worked as a journalist at the Tallahassee Democrat in Tallahassee, Florida. Living almost next door to the Chi Omega sorority house and Florida State University, he was one of the first on the scene after serial killer Ted Bundy attacked four women, killing two of them in 1978. After Tallahassee, he worked at the Los Angeles Herald Examiner as a spot news report, covering "basically anyone who died violently in California."[3] While covering a shooting in San Diego for the Examiner, a burglar cleaned out both his bungalow in L.A. and his checking account. For the next nine months, he lived mostly out of his car, with a .22 pistol and hatchet for protection.[4]

Following this experience, Cramer moved in with his sister in Greenwich Village. His sister was studying to be a lawyer and encouraged Cramer to become a prosecutor. Cramer helped to found American Lawyer magazine and then decided to go to law school.[5]

More recently, Cramer has been a contributor to New York magazine since 2000.[6] He is also an occasional contributor to Time magazine

Anonymous said...

The video is real according to my deaf wife who reads lips...

Anonymous said...

Oh, and you didn't see the real ending if you didn't see it on thestreet.com.

Cramer said he did a firesale on his last property, a beach house he sold over the weekend for a $200K loss, but he thinks it was worth less than he sold it for...

kilgore said...

This is the same "Cramer" who was screaming "there IS NO HOUSING BUBBLE!", and screaming it LOUDLY, as recently as October 2006. Go to Youtube for the clip.

Anonymous said...

Hold up a second here.

When John Kerry flip flopped all over the place about the war you Democrat socialist scum were orgasming all over yourselves. Kerry evolved you said. Kerry was intellectually mature enough to change his views. Same with Hitlery. She can vote for a war and be against the very same war next day. You left-tards complain like little bitches that Bush never admits a mistake.

Yet here is Cramer changing his mind about housing and he's a drug addict.

What a bunch of hypocrites you all are.

Anonymous said...

Yet here is Cramer changing his mind about housing and he's a drug addict.

What a bunch of hypocrites you all are.

July 31, 2007 6:19 PM

==================================
Cramer is a drug addict no matter what he says on any topic.
Does that clear up the confusion for you?

SPECTRE of Deflation said...

Fed won't ride to rescue of upset markets: Poole

By Rex Nutting
Last Update: 1:30 PM ET Jul 31, 2007


WASHINGTON (MarketWatch) - Financial markets understand that the Federal Reserve will not respond quickly to a typical financial market upset such as last week's sharp stock sell off, said St. Louis Fed President William Poole on Tuesday. Poole said the best policy for the Fed in cases of market turmoil is to be cautious and try to understand the reasons for the volatility. The Fed should only act "in due time" if evidence accumulates that the market upsets threaten to cause price stability or low unemployment, or when financial-market developments threaten market processes themselves, Poole said. "If the market believes that the Fed is always primed to adjust policy, then market participants will spend more time trying to second guess the Fed than trying to understand what is happening to business and household behavior," Poole said in a speech prepared for delivery at the University of Missouri.

Someone pass this along to Cracky Cramer. It's not their job to save us from ourselves Jimbo. 1.00% cut...ROFLMAO!

Doktaire said...

Wow, that was amazing, she keeps trying to get a glimmer of hope out of him and he is adamant, this is a crisis, isn't this guy well watched, mainstream, damn there must be millions of people in a state of total shock right now.

Doktaire said...

Keith make sure you cover the proposed increase in the National Debt limit to $9 trillion, we should start taking bets for when we hit the big 10.

stuckinthecity said...

No way! I just wonder how much CNBC pays hime bec he's alot more optimistic there......

Anonymous said...

Nice rearview mirror on that Bentley behind you, Cramer!

Anonymous said...

No, I love to hear the morons calling Cramer, all excited, yealling Boooyahh. What a bunch of fools! That's right, sheeple, go get advice from MSM...you guys are geniuses!

If you believe anything you watch on CNBC or Fox News, you should get a brain.

Ron said...

Boo....my Tool song lyrics didn't pass the censors! Damn I know all the kids love to blog about RE, but jeeze it is just a word, and btw the most used and versatile word in the English language.

Anyway....

http://tinyurl.com/y5up3g

Best song for the RE crash.

Anonymous said...

That was wall street holding the FED hostage. Essentially they are saying, cut interest rates or else we will ask millions to walk away from their mortgage. Non-violent terrorism if you ask me.

John Singer said...

Cramer says, "Burn you homes down because they will be worthless soon!" Please, but if his record is as good as with Google then we may have a problem http://www.stocktagger.com/2007/07/jim-cramer-google-inc-goog-track-record.html

stockTagger said...

Quick, everybody sell you homes!

Sellin @ Da Drop said...

Dear God, I think I will slash my wrists now. I live in the area he mentioned needs plowing over: INLAND EMPIRE in SOCAL. And I am trying to sell my shitshack right now :-( My only consolation is that I bought pre-bubble, non-toxic, never took out cash equity and have over 200k equity padding. This area is so F-D!!!!!!!

Anonymous said...

Is this the video that the 'street.com' ordered youtube to take off its site?