I give Cramer credit for his Stop Trading Fed Rant (aka the "Rant heard around the world", but one good deed is not enough to save the man for all his other bone headed calls. The problem: Cramer is just too talkative of a guy. He wrote at The Harvard Crimson, so he clearly is opinionated, likes being the center of attention, and likes getting his thoughts heard. That's all fine and good, but Jim constantly feels the need to make predictions and forecasts (seriously does Mad Money need to be on TV everynight?) Jim's sporadic "shoot from the hip" financial analysis doesn't fly in today's complex socio-economic world. Of course, his Wall Street career certainly gave him a bit of god complex (ironically Jim admits his wifey's TA skills saved his fund from the 87 crash...surprisingly he panicked).
Anyway, here are Jim's thoughts on subprime in June 2007:
"No more than $500 billion [in suprime losses]"
"Only 10%-15% are corrupted [defaults]"
"I couldn't believe how few defaults there were. Only 150,000 defaults? We are a big country."
"The [housing] fallout has only been with New Century Financial"
"WE ARE BLOWING AN ISSUE OUT OF PROPORTION"
The lesson to Jim (and anyone else that likes to talk a little too much):
If you don't have anything meaningful to say, don't say anything at all.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment