August 27, 2008

More Jim Cramer on housing, foreclosures, Fannie, Freddie and banks on the Today show



I don't care what a lot of you say, I like Cramer. He's an entertaining little monkey. And he was right about housing when he said "if you buy a house you're crazy" on the Today show a year ago (rewatch this classic). Oooh, the housewives and the six percenters didn't like that. But he was right.

He's wrong a lot, but he's right a lot too. Take him with a grain of salt, just another voice to consider. And he's a hell of a lot smarter than the likes of Mike Norman, Tom Adkins, Connie De Groot, Nicholas Retsinas, Greg Swann, Leslie Appleton-Young, David Lereah, Lawrence Yun, etc etc etc


18 comments:

Paul E. Math said...

This guy is no expert - he's a mouthpiece for Wall Street with a skewed perspective, seeing the world through the myopic lense of the ultra rich.

Cramer is helping Paulson to heighten the crisis so the Treasury has an excuse to bail them out. That is what he is arguing for: the use of taxpayer money to rescue the multi-million-dollar salaries of fannie and freddie executives and their whole parasitic ecosystem.

That's fine that you like Cramer. Yes, he's entertaining. But this guy and his viewpoint symbolize perfectly the corporate welfare, the privatized profit and socialized losses of a financial system gone mad.

Anonymous said...

"And he's a hell of a lot smarter than the likes of Mike Norman, Tom Adkins, Connie De Groot, Nicholas Retsinas, Greg Swann, Leslie Appleton-Young, David Lereah, Lawrence Yun, etc etc etc"

Granite counter tops are smarter than the collective above.

Get Real.

Anonymous said...

This guy was screeming on CNBC that his wall street/banker buddies would lose their jobs and death and destruction if bernanke didn't bail out. He's part of that corrupt system that will junk the entire United States to prop up these corrupt/bankrupt insitutions.

michael said...

so...if im right half the time and wrong the other half i am smart?

i think i would be just a hack.

Stuck iSo Pa said...

Good grief! Is that man on some serious $h*t, or what? He used to be the "Tony Little”, of the financial airwaves, always shouting and screaming, ranting, jumping up and down. Now he's boringly serious, not entertaining at all.

I want my “Mad Jim Cramer” back!

brokersleaveyoubroke said...

His facts are usually accurate but his conclusions are biased towards Wall Street. He makes his living on Wall Street so I would expect him to have a strong bias in that direction. He's right when he says that housing is a mess but his fix is for the fed to lower rares to keep the party going.

k.w. - Southern Ca. said...

Fanny Mae and Freddie Mac aren't going anywhere ... except to the toilet.

Here in the beach cities, bank- owned properties as well as forclosures are hitting the market hard ... and it's just getting warmed up here in my neighborhood, since these areas were the most heavily speculated.

Anonymous said...

I like him too. He's not perfect, but then who is? Compared to 99% of all other Wall St. experts, his opinions and info is more reliable.

I believe he truly does care more for the average Joe than 99% of all the others.

Anonymous said...

" michael said...
so...if im right half the time and wrong the other half i am smart?

i think i would be just a hack."

It depends. If you are a major-league baseballer in US you would be rich and in the Hall of Fame.

If a policeman, you would be dead.

Get it?

Anonymous said...

he was calling a housing bottom in october 2006. now he's calling a bottom in 2009. just because he came to his senses and realized that he was dead wrong does not make him smart. it's like calling a 100% chance of rain when you are in the middle of a rain storm.

Anonymous said...

Jim Cramer is a FRAUD. He will say something like "oh if you buy a house then you are crazy. Now is not the time to buy". Then on his show a week later he will say "in the housing market there are some really good buying opportunities". He does this with all other investment classes from stocks to bonds to precious metals, etc... He talks both ways so this way he will always be 100% right.

Tanker said...

Cramer openly declared, on his show, in December 2006 that there was no housing bubble. Any idiot can tell you the bubble is bursting AFTER it has happened. He's a fool who ran a hedge fund that got 20% returns when the market was averaging 20% returns.

mickeyc said...

If you like Cramer it explains your stock picking record. I can only assume buying GE and AAPL were Cramer recs now.
He is amusing only in the way that the housing bust is amusing. Millions of ordinary (financially unsophisticated) people losing their life savings is not overly funny.

Anonymous said...

Cramer is a fool. He declared, on his show, in December 2006 that there was no housing bubble. Any idiot can call a bubble AFTER it has already burst. He was a hedge fund manager who got 20% annual returns when the market was averaging 20%. Big deal.

When the DOW was at 14,000 last year he predicted 15,000. He proceeded to call bottoms at 13000, 12000 and just recently at 11,200. Eventually he may get it right.

Refuse to buy overpriced said...

Mid-March 2008 was a great time to buy precious metals.

Jim Cramer is a wise, ethical financial adviser.

Barak Obama will be a great President.

The bailout will not prevent housing price correction.

Bubble bloggers will someday bawl balefully in private, but . . .

Anonymous said...

"...Bubble bloggers will someday bawl balefully in private..."

Heh; never gets old.

I'd feel sorry for him sans the arrogance; because of that he is a consummate tool.

TheCrusha said...

July 25, 2008 on the Regis and Kelly Show

Regis Philbin: These are tumultuous times

Jim Cramer: I was incredibly negative a year ago. I came on July a year ago. I said don’t buy a house. Don’t buy stocks. I was very worried. I am now the exact opposite. Everyone else is worried.

I am feeling pretty darn good about things. Gasoline’s going down. It will be at $3.50 in 2 weeks. Your house price is stabilizing. Food’s coming down. I’m a buyer! I’m a buyer! I’m a buyer!

Regis Philbin: Is this the time to buy a house?

Jim Cramer: I want to buy not one house. I want to buy 2 houses. I wanna go…I’m going out to California in another month and a half. Prices were up very big there; looking at the Palm Springs area. Prices down 2/3rds. When are we gonna wait until we are down 100%?

Kelly Rippa: Isn’t it time for Regis to buy Joy that vacation home she’s dreamed of on the Florida beach? Isn’t it time for Regis?

Jim Cramer: Well, no. On the west side it’s already moved up. It’s too late. Can you believe it? East side, east side is there, 50% down. East side, I want you to go down with me and we go buy a couple. Go buy a couple!

Paul said...

I hate Cramer. Why, because when I was noticing that the housing bubble was building and eventually going to bust and that we as a society were going to suffer consequences for it, I went looking for answers. I tried the talking heads like on CNBC. I especially thought Cramer would have something to say, but no. I gave up and quit watching any of these shows and become an avid reader of HP and other blogs instead. That was two years before Cramer's famous melt down done on behalf of his cronie hedge fund friends and not the little guy mind you. So if I knew things were bad way before Cramer did, then why the hell would I listen to him about anything, especially investment advice! He was either stupid or disengenuous with his fans. I bet the later.