Man, it's one thing to be wrong. It's another thing to be THIS wrong.
Jim - nice to see you (finally) come around. You lost people some crazy money with this terrible call from last year. I faintly remember him having the Orange Man on once too and glowing all over him (no pun intended). I guess they had a falling out...
So Jim, when did you finally figure it out? Right after you sold your beach house (for a big loss)?
(Original youtube video got pulled - go here or housingdoom for the video)
Jim "Walk Away From Your House" Cramer followed up on yesterday's shock video, and is now telling people who "made a bet and lost" to not compound the error, and to simply walk away from the mortgage and default.
He says especially in housing markets that have already fallen 20% to 30% like Phoenix, the Inland Empire, Sacramento, Las Vegas, Denver, Southern California and more, where homebuilders and REIC are hiding the extent of the price crash via the use of incentives.
Why lose money each month he asks - and answers with "you might as well rent".
Dear god I think Cramer is reading HousingPANIC. Hi Jim! Boo-yah!
HP Memo to the Banks, Hedge Funds, Lenders, China and others caught holding the bag: You are completely f*cked now. People aren't gonna be paying back the loans. It's over. The Great Housing Ponzi Scheme is over.
