But today the Haterade is being poured by the bucket onto Jim Cramer, and I've had about as much as I can take. You see, there are two deities in the Geek crowd to which they will never disagree, and follow with near religious fervor: Steve Jobs and John Stewart. The Daily Show, a comedy/variety news spoof program, has become the Geek Generation's CBS Evening News, and Stewart is their Dan Rather. If he says it, it must be true.
In reality the comparison is fairly justified. Like Rather, Stewart has an obvious political angle and fabricates news to push his agenda. In reality it's just to get ratings and be humorous. He can take any guest and turn an interview into a Friar's Club Roast in 10 seconds flat. This is what he did to Jim Cramer Thursday night.
Now, Cramer brought it on himself. Taking good-natured jabs at The Daily Show will get this response, and honestly the publicity (of which there's no bad kind) has been good for both of them. Regardless, there is now a multi-million-strong group of young investors out there who will never take anything Cramer does seriously, and will be worse off for it.
There are three people who really know what's happening in the market: Cramer, Trump, and Buffet. All three called the crash in 2007, and warned everyone. Very few listened to them. Fortunately I did, and moved everything in my 401k accounts that I could into cash/Money Market/Stable Value accounts. As a result I lost almost nothing in this crash, and am now poised to jump on the recovery and likely double these accounts. Most of the Cramer haters are just bitter because half their retirement savings are gone now.
But don't take my word for it. Financial Site Mint.com has a great tool to graph your investment performance and compare it to the S&P 500. So, if you disagree with me or Cramer, I have one thing to say: I'll show you mine - will you show me yours?
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4 comments:
So, just b/c he called the collapse in '07 he should get a pass on having helped the market to falsely inflate '02-'06? I mean, where was your boy when mortage companies started selling off loans in chunks and pieces and investment firms hid bad debt?
Do you have any sources to back up your statement? It's easy to say that he did all those things, but I backed up my claims with links - I'd welcome links showing him encouraging the bad mortgage and loan practices. In the meantime I'm sure I'll find links to the opposite. ;)
Sorry, I have a REAL job, where I do work...maybe tonight I'll give you some links- he's out to make a buck too, don't be a lemming yourself- pot-kettle-black.
Everyone keeps saying that he's just out to make money, ignoring the fact that he has no personal or corporate stake in the market - the only involvement he has is in a charitable trust. He's made his money years ago and got out of the business when he went on TV. See if you can say that about any other fiscal pundit blathering on today.
I look forward to links, if you can find them.
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