* Bernanke panicked, and took rates down too far for too long (hmmm... why does that sound so familiar?)
* Commodity prices went to the moon, while the US dollar collapsed
* Bear Stearns, Countrywide and IndyMac went under, while Washington Mutual (who Cramer mentions at the end) falls to the brink of insolvency
* All the financial and REIC stocks got murdered, and hundreds of thousands of bankers and REIC lost their jobs
* Home prices fell like a rock
* Pro athletes and year-round-golf in Phoenix couldn't save the day, and idiot realtors on commission still stuck with ramen for dinner
* Angelo Mozilo STILL hasn't been arrested
Watch the video again, think about what's transpired these past 12 months, and get your predictions in now on what the next year looks like
Love him or hate him, that Cramer sure is entertaining... I loved this video that day, and it's even better now, aging like a fine wine...
August 01, 2008
It's been one year since this infamous live Jim Cramer CNBC meltdown (and youtube fame). Think about all that's come to pass since then...
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``Come on down and visit us in the vomitorium!!'' the auction-rate desk's managing director, Frances Constable, wrote to a co-worker in August, as demand began to dry up.
Erin would make an excellent patient-care supervisor in an insane asylum...
Does Cramer know his bi-polar mental condition is treatable?
Sorry to stray off-topic, but I didn't want to bury this in Open Thread. We must abolish the Department of Homeland Security!! All this Sh*t in the name of preventing terrorism...just who are the terrorists now?
Travelers' Laptops May Be Detained At Border
No Suspicion Required Under DHS Policies
By Ellen Nakashima
Washington Post Staff Writer
Friday, August 1, 2008; Page A01
Federal agents may take a traveler's laptop or other electronic device to an off-site location for an unspecified period of time without any suspicion of wrongdoing, as part of border search policies the Department of Homeland Security recently disclosed.
DHS officials said that the newly disclosed policies -- which apply to anyone entering the country, including U.S. citizens -- are reasonable and necessary to prevent terrorism. Officials said such procedures have long been in place but were disclosed last month because of public interest in the matter.
Sorry, Keith...I think that wine turned to vinegar.
Why Prices Will Keep Falling
http://findingbottom.blogspot.com
He was right on, if you live in a fantasy world (which is easier to do than you might think by the way).
I'd tap Erin as well as Kendra Todd. Imagine a 3-way with the two of them....damn that would be hot.
What a whining crybaby he is.
Cramer = DOPE!
Peter Schiff takes on the joker Alan Greenspan
"Love him or hate him"....the latter.
He is a clown, but he called it right on many levels.
Basically, looking back what happened is the Fed failed to stop the bubble when Greenspan told everyone to take on ARMS and lowered rates too far. Then when the fit hit the shan, he then sat around, did nothing, and let confidence in the Guberment detriorate further to the point where even the guys that did not take on bad debt ended up getting hurt.
Then, once the election year politics entered the fray, Bernanke over does it and STILL did not address the source of the problem. By this time it was too late, confidence, the number one ingredient necessary for Credit market functioning, was broken beyond repair. The fed could not stop the momentum now. Add to that, Paulson's weak stand on the dollar, and the Bush Administrations lack of integrity in a time of any crisis, and you have the perfect recipe for armageddon.
At this point, I think the best stimulus to the credit market is a complete flattening of the housing market, a completely new administration, new fed chairman, and some INTELLIGENT leadership.
Credit is fundamentally a measure of confidence, and right now confidence in EVERYTHING from asset values, to Washington leaders is DEAD. Restore confidence, and you begin to heal credit markets. Period.
Still like that giraffe print dress Erin has on. Cramer? I think Rick Santelli has him pegged.
Interesting that the post starts with a discussion about Bear Stearns.
Poor investment bankers. I'm going to cry myself to sleep tonight, I feel so bad for the investment bankers.
* Angelo Mozilo STILL hasn't been arrested
_______
And.......he won't be.
At this point, I think the best stimulus to the credit market is a complete flattening of the housing market, a completely new administration, new fed chairman, and some INTELLIGENT leadership.
______
Sure, but the levels of corruption are broad and deep enough that the game is gonna stay rigged.
Honest politicians (like Ron Paul) will continue to be marginalized.
Bank on it.
cramer is a criminal liar. the only reason he was upset is that some of his hedgefund buddies were on the wrong side of the market during that time. that is the only reason he got wound up. now he says they are doing the right thing. what? bail outs are right thing? for who? his people as he calls them? who are his people? this man shouldn't even be on television. he called a bottom this week and the market has dropped another 250 points since that call and not a word about it from this big mouth creep. but they were singing the praises of cramer all day today about his little blow up and also they were telling us to not worry about those job numbers today.....yeh right. cnbc is the biggest bunch of liars on television except rick santelli who was telling them today what he really thought. this network is obviously conspiring to lie to us about how bad things really are, therefore a man like cramer remains on the air telling lies and offering up bad advice.....
Anonymous Oh what fun said...
He is a clown, but he called it right on many levels.<<<
are you kidding?
Cramer has a ego ,that is for sure .
He thinks his rant cause the Feds to take action . Cramer never gets down on his friends at Wall Street that created this house lending mess . He reminds me of a little baby crying bail out Wall Street ,so I can continue to be a big man on television . The man has no morals.
Recently he said words to the affect that taxes would be raised to bail out the banks . Who is he kidding ,money is needed to bail out Wall Street . Cramer wants anybody but Wall Street to pay ,meaning the very people he talks to on TV about investing are the very people he want to bail out the
greedy pigs.He is not a true friend to the middle class and the college kids . If he told the truth about the Wall Street pigs ,(which he never does) ,than he would be a true friend to the people that watch his show ...never happen .
It is amoral and unjust to want the wrong parties to pay for the crimes of others ...that is Cramer,and thats Congress ,and that is Dodds and the whole group/
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