A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
Who is more stupid MBS investor who gave the poor their hard earn money and now those poor speculators are walking off with no regret or the stubborn average working stiff home debtor who brought into the ideal that buying a home was a good investment even if it meant getting a subprime loan? You cut back on everything and still don't want to give up your hope because you believe that your home price will go back up immediately after you sell your home so you say to yourself why not liquidate.Selling your assets is usually a more drastic measure for dealing with cash flow problems, but you convince yourself that there would be less things to move during the eviction process. So you talk to your creditors who have an interest in your assets and they gave you their permission.You know that when selling assets you can not overlook the income tax consequences of capital gains so you remind yourself to put aside some of your proceed for tax. So you sell unprofitable assets first. Excessive personal assets (boats, campers), TV, stereos, unused clothing. Then you consider downsizing like selling family pet, furnitures, or kids' toys but only after doing an in-depth long-term financial analysis of the impact of these corrective actions. But if you go back to renting a house don't you need all of those thing you just liquidated.
cramer is so full of crap and it's obvious in that video. he's worried about the low income people who will lose their homes? in the clip they showed on the Colbert show he only mentioned his friends that will lose their jobs. I wonder who those are?
I saw this last night on TV and I hardly stopped laughing throughout the entire thing. My wife was getting annoyed with me. I told her that Cramer is better than most comedians.I got the feeling that the way Cramer was talking, he was acting as if he would get an electric shock if he said something out of line.After it was done, I told my wife that he was beefing up the "poor people are gonna lose their homes" argument whereas on Friday he was spouting the "all my rich friends are gonna lose their jobs" argument. Then I told my wife those "rich friends" can all go f**k themselves for all I care, since they've already f**ked everybody else.
Armageddon. Sounds like a good name for a new housing development. Armageddon Gardens?Armageddon Vistas?How about "Armageddon Tower" for a condo project?
Cramer nows that the US defends its agression by calling it "humanitarian" and wants his "friends bailed out" under the guise of helping the poor.I wish he would come clean and tell people how little he really cares.
Cramer is renting BTW.He sold his house.
Now the whole Cramer meltdown makes more sense, looks like he was hoping to force ECB's to jump in with credit by threatening to create a US panic fed rate decreases. why else would it make sense to be telling people to walk away from their homes
Hey Cramer, the make-up artist left a little white powder under your nose. You better clean that up.
"Cramer is renting BTW."he's too busy to own a house! if he had one, he'd probably never be there.
Today is my birthday!When I blow out the candles tonight I'm going to close my eyes and wish for a complete and utter rout of the housing market. I want 2000 prices back, and all the uneducated, unskilled real estate parasites to go back to working low level service jobs.Happy Birthday to me...pwnd
I watched MAn Money last night, and Cramer admitted on air that he is RENTING!!!!!!
Following are the 10 stocks Cramer recommended in his watershed article entitled 'The Winners of the New World' dated February 29, 2000:724 Solutions(SVNX)Ariba(ARBA)Digital Island(ISLD)Exodus(EXDS)InfoSpace.com(INSP)Inktomi(INKT)Mercury Interactive(MERQ)Sonera(SNRA)VeriSign(VRSN)Veritas Software(VRTS)"We are buying some of every one of these this morning as I give this speech......Most of these companies don't even have earnings per share, so we won't have to be constrained by that methodology for quarters to come.....I love every one of them, just as I loathe the rest of the stock universe."Do your own research on these puppies.....it's a valuable lesson for serious investors....and to think he is now a leading investment guru....well, it takes one's breath away.
Jim Cramer made is money the old fashion way: he cheated. He has made allusions on the air to methods employed by himself and his colleagues to move markets in whichever direction he pleased. He is no great stock-picking genius. He is a world champion cheater.Here's another thing: I absolutely HATE the phrase 'losing their home' or any of its many variations. It's not like FBs are going to become homeless, okay? They are just going to be living somewhere else, just paying a landlord instead of the bank. They will still have a home, just not the one they are in right now.After going through foreclosure you are no less materially well-off than someone who never had a home. If you're going to cry for someone who 'lost their home' then you should cry for everyone who rents instead of owns. Yes, Jim Cramer rents and no, not a person in this world should cry for that cheating, lying, stealing crook.
Keyser Soze is dead on. The point everyone needs to recognize here is that as the audience was cheering for Cramer and Colbert was making a joke of the whole thing, when asset price inflation (housing, stocks) turns to deflation, it will be a real hurt for most people and a scary time. People will not be laughing or cheering. Cramer will still be rich (although off the air again), as will Kudlow, Abby Cohen, Greenspan, Bush, Paulson, etc., but many people will lose their homes, their retirement funds and their savings. Cramer's rant aside, he did not warn people about the historic bubbles in stocks and housing, and he is just continuing to lead the lambs to the slaughter. How big of a bear market will we need for the MSM to re-publish Cramer's 2000-2001 calls. I think Abby Cohen's call was S&P 1650 by end 2001. How'd that go? Yet she's still seen as a guru. S&P losing to treasuries for 8 years. CNBC will not be mentioning that very often.And as HP keeps trying to get through to people, housing will not turn until fundamentals (debt vs. income, prices vs. rents, inflation adjusted prices) come back in line. We are still so far away from that, and I think still in the denial phase (although maybe finally getting close to fear).
I pray to God that no person is bailed out of their stupidity by the fed. Idiots, all of them. Let them rent an apartment, if that's all they can afford.
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