I'm conflicted with Cramer. I think he's entertaining. I understand he's upset since all his Wall Street buddies lost their jobs. But he's right about deflation. He's right that Bernanke screwed the pooch. And he was right when he said over a year ago that you'd be stupid to buy a home.
September 19, 2008
Jim Cramer, who correctly understands that the we're seeing massive deflation right now, throws Ben Bernanke and the Fed under the bus
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Sorry Keith,
But Cramer was the only one yelling the sky is falling...at least on television.
when I knew something was wrong with the housing market I googled housing bubble (No one agreed at the time) I found your blog...a few years ago.
My husband and I make 50,000 a year each. We were looking for a house in the area around 150,000 to 180,000. I thought that was about right considering our student loans, credit cards and saving for retirement and 2 small children we would have to put through college..Well the only house at that time we could find in that price range was a very high crime area and that was in south jersey..
When we spoke to a mortgage company we were approved for 400,000 home..What the? Our realtor said you can take an interest only loan, everyone is doing it.
My husband and I said no way...After reading your blog we have decided to wait....and wait...and we are still going to wait. I think I will wait until the banks start to sell off the houses after aquiring all the default loans. Do you agree?
"We're better than yesterday, because everybody has CLOSED!"
LOVE IT!
There will be no deflation. The government will print money like there's no tomorrow, and prices will rise left and right.
Except for your house. That will drop.
Jim Cramer- idiot, liar. The same guy who said two or three days before Bear Stearns went kaput, that it was fine and Jim dandy.
As for "throwing the Feds under the bus"- what ? Apparently the Fed's greatest error was not screwing with the market more. That's hardly under the bus. He's another Wall Street/ share holder socialist.
Whether you like Cramer or not
he saw this commin!
Jim Cramer is Wall Street's way of adding insult to injury.
He doesn't just ask for a Bailout - he DEMANDS a bailout, screaming like a demented baboon/chimpanzee hybrid on crack.
Use one definition of inflation/deflation on the way up, and use another definition on the way down . . . BOOYAH
Privitize the gains, socialize the losses . . . BOOYAH
Cramer is the grotesque Rasputin of American Capitalism's decadence. First one up against the wall when the revolution comes. Future generations will find it hard to believe such a creature ever really existed.
Glad to see you finally wake up, Keith. I've been telling you deflation is coming for 6 months, and all you do is beat the drum of gold and inflation.
What is about to happen here will look like both, because of all the dollars being printed.
Get out of ALL asset classes, including gold. Get into a currency that will not go into the toilet, and stay in it as cash.
Cramer's opinion changes with the wind. Last night, he had Pute Homes CEO on his show. Clown Cramer said you can't live in stocks, so it might be a good time to buy a house!
Fool.
My husband and I said no way...After reading your blog we have decided to wait....and wait...and we are still going to wait. I think I will wait until the banks start to sell off the houses after aquiring all the default loans. Do you agree?
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I'm not Keith, but yes you should wait. It may take another 3-5 years for prices to deflate to the mean, but believe me, all your friends who are locked into serfdom are at their wits end, and secretly wishing they were renters instead of renting their homes from the bank...er renting from the government.
I heard banks are now holding forclosures listings back by three months because they basically have so many going into forclosure they can't keep up with all the paperwork, because they cant determine who's holding the paper!
When that broker said to you that "everyone is getting the interest only loans" they are absolutely right- everyone was getting these loans. Now just imagine 80%-90% of these loans going into forclosure. The amount they dont pay gets attached to the back end of the loan, and when that number reaches say 20-30% the entire loan will reset, adding it all back into the monthly payments.
Please, can you get a free trial subscription to his Real Money site and realize this guy is a buffoon that doesn't know what he's talking about? Google Don Harrold to expose Jim Cramer as a faud, or this ...
Jim Cramer
Housing bottom
8/27/2008 12:34 PM EDT
I cant believe there are still clowns out there saying that i called multiple bottoms in housing. I have said very clearly that 2009 is the year when housing will bottom. I believe 2008 is when the housing STOCKS bottom. Big big difference. Believe me, i know this. I had to buy a house because my lease is up, i know it isn't a great time, Why the heck do these silly websites that abound say that i am right now calling for a bottom in housing when i have been far less than thrilled that i have to buy a house NOW? Liars.
So check out this transcript from the Regis and Kelly show from July 28, 2008. Not only is he wrong about Palm Springs, it hasn't dropped 66%, but if he's now forced to buy a house. Why was he screaming he's buying two houses a month ago? Was he forced to buy TWO houses and then feel so good about it? He's a clown and he will spiral down soon. His site is not as good as it once was.
July 28 ...
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!
Jim Cramer is a bold faced LIAR. Beware if you follow his advice, you will lose money. He picks more bad stocks than good even when he's coming close to the S&P 500 when it's going up. PatentGuy, you're definitely right, he was touting Downey Savings and Loan, along with Thornburg Mortgage which is now $.36 a 99% drop. Jim is a Monday Morning QB who only beats his chest when he's right. And he makes so many predictions he's bound to be right some time. Now he's claiming Real Estate has more to fall and he's forecasting a drop in 2009. But this is what he said on Regis and Kelly just last month. Why would anyone listen to or like this guy?
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!
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