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Jim Cramer’s Meltdown

August 8, 2007
By Ken Worsley


Meltdowns in the US sub-prime mortgage market have quite a few people in Japan a tad more than a little worried. Of course, Americans might be a bit more stressed out about the situation. Last Friday, CNBC’s Jim Cramer showed how passionate he is about the issue. Watching this makes one realize how much less heat Fukui gets from the public dialog than Bernanke:

However, a few weeks ago, Cramer said in an interview on Street.com, “Sub-prime of the actual lending thing? Completely meaningless. I am now saying that if every loan in 2006 that was sub-prime blew up, $500 billion. If they all blew up, it would not, you would still not notice.”

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Comments

2 Responses to “Jim Cramer’s Meltdown”

  1. Contrarian on August 9th, 2007 7:15 am

    I think that this video is going to be posted on every financial blog except mine ;)

    First, let’s remember that the Federal Reserve has a dual mandate. Neither part of that dual mandate involves keeping reckless hege funds in business.

    Second, Cramer has always been a huge proponent of massive layoffs and offshoring. All of the sudden, he’s complaining about people losing their jobs on Wall Street. What an ass!

    Third, rates are low and all the other central banks are holding firm or raising. Say goodbye to the dollar if the Fed cuts rates.

    Finally, how callow was he to go on national television and call people fools and use the word ‘academic’ so derisively?

  2. Ken Worsley on August 10th, 2007 4:18 am

    I think that this video is going to be posted on every financial blog except mine

    Let me know if you need help figuring out how to post You Tube embeds… ;)

    I think the best part was that while he was doing this ‘Stop Trading’ segment and yelling and crying about how bad things were (for Bear Stearns), savvy traders picked up Bear’s shares at a discount and have seen them come way back - 115 later in the day and 124 this week. More trading and less ranting might have put him in a better mood.

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