(UPDATE - I'm gonna bump this video for a bit longer. It's just that good, and that honest. You gotta believe CNBC and others will make Cramer back away from these comments Monday, and he probably will. But card laid, card played, and this cat is out of the bag...)
Mark this day - August 3, 2007. The day it all unraveled. The day the center could no longer hold.
Even Jim Cramer completely lost it today.
And I think we all know why.
I didn't know what housing panic would look like when it really started to hit.
Now I do.
Everyone watch this video.
This is housing panic.
And get ready.
Sorry, Jimbo. The Fed ain't gonna cut.
Here's some highlights:
SHOUTING:
"HE HAS NO IDEA HOW BAD IT IS OUT THERE. HE HAS NO IDEA. HE HAS NO IDEA. I'VE TALKED TO THE HEADS OF ALMOST EVERY SINGLE ONE OF THESE FIRMS IN THE LAST 72 HOURS AND HE HAS NO IDEA!!!"
"AND BILL POOLE HAS NO IDEA WHAT IT'S LIKE OUT THERE!!"
"THESE FIRMS ARE GOING TO GO OUT OF BUSINESS!!!!!"
"THIS IS A DIFFERENT KIND OF MARKET AND THE FED IS ASLEEP AND BILL POOLE IS A SHAME HE'S SHAMEFUL!!!!"
"WE HAVE ARMAGEDDON"
At this point the video ends and I've gotta believe Cramer went out to his car and did some blow with Kudlow.
211 comments:
«Oldest ‹Older 201 – 211 of 211I liked Cramer better when he had the glaze in his eye and the smile on his face of a person saying "What freight train?
more from Cramer :)
Please laugh.
http://www.youtube.com/watch?v=Pd5zAbDKZEg
i think he was too passionate to be scripted. he spoke about the way he really feels and asked what he really wanted. i am not sure if cnbc wanted him doing this or not.
I just watched part of the video where Cramer tries to explain his "outburst". Cramer was just panhandling the Fed for lower interest rates. It was no different than watching some bum begging for quarters at a bus stop.
IF rates go down by as little as 1/4%, I'll exptect to see $6.00 per gallon gas within the next year. A a gallon of milk, up to $7.58. How about a loaf of bread for a day's wages? I wouldn't discount it. Be careful with that printing press, Mr. Bernanke. It can and WILL bite.
MrCoffee
"Invenory being reduced has the same effect whether by people pulling homes off orselling. End result is the same, less supply."
That's not true.
Houses are illiquid. You can pull them off the market, but eventually they'll go back on the market after the foreclosure -- when the overloaded homedebtor can no longer make the payments.
All that "shrinking supply" you keep talking about hasn't left the market long term. . . it's just left the market temporarily before it returns as a bank-owned property.
Cramer blowed up gooooood!!!!!!
He loves the easy money and wants the Fed to torch the dollar.
I predict South Carolina secedes again...
Bernanke can either save housing or save the dollar.
Considering the Fed's entire business model is supplying dollars to the planet, which do you think he's going to choose?
Sorry Keith, this weasel (and all his buddies) are playing the fear card. They are shorting everything...all he is doing is adding to the theatrics.
This does NOT mean however, that the financial markets won't collapse, quite the contrary.
FYI: Cramer's meltdown has been posted on Drudgereport.com
It's pretty nifty that the video was posted on Drudgereport (with still image) and text in red (Aug 6th -- 3 days after the blogs).
This might make a good bunch of people think.
FYI I sent the link to Drudge and said he better post it (seriously)
Probably a few others did too
For you sitting at home thinking you can't have an impact - yes you can. Just step up and lead. Do something. Especially on this issue.
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