Friday, June 17, 2005

An overlooked bit of right wing nonsense: Jim Cramer and his ilk...

Well, when they realized at CNBC that nobody'd watch 'em because they went from John McEnroe to Tina Brown to Denis Miller- they decided to go back to their "roots" and put on ...a loud, pro-wrestling WWF reincarnation of their regular financial guy Jim Cramer to do a call-in show!

I caught Cramer last night and he was going off against Krugman and Roach of Morgan Stanley about the housing bubble, which he did not believe existed - because housing prices still had not appreciated in places such as where I live to the stratospheric heights of the Bay Area in CA. You can't make this stuff up.

Now Cramer himself strikes me as a charlatan of the worst kind: he was one of those guys recommending "Buy! Buy! Buy!" through the last days of the internet bubble. Even today, in what is indisputably a long term bear market, he focuses on "Buy" orders, and his notion of a "diversified" portfolio deals with stocks, not those fancy mutual funds, let alone ETFs, CDs, etc.

However, there is one thing on which I agree with Cramer: if he had inside information, he'd be able to make more money albeit illegally.

However, when you see disclaimers such as:

Past performance is not indicative of future results. Neither Mr. Cramer nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the show. The strategy or investments discussed may fluctuate in price or value. Investors may get back less than they invested.

Securities, financial instruments or strategies mentioned in this show may not be suitable for all investors. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as recommendations of particular securities, financial instruments or strategies that are appropriate for you. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned on the show.

(Emphasis mine)...after having seen Cramer's producer's put animated bulls with moo-ing sounds (do bulls "moo?") I can only hope that some ambulance chaser's paying attention.

Elliot Spitzer, where are you?

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