Friday, February 27, 2009

JIM CRAMER DRAWS A LINE IN THE SAND BETWEEN US AND WALL STREET

I like Jim Cramer, but his latest stunt is shameful. We now know where Jim Cramer stands ... well I guess we always knew where Cramer stood. He is after all, Mr. Wall Street.
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I did think he was going to stand up to CNBC and not politicize his show; guess I was very very wrong. Ok, I'll stop whining and get down to business. Jim Cramer has sold out to corporate. The minute his show became Cramer versus Obama, it was over.
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September 2008 wasn't on Obama's watch, it was on your watch Jim, and on Wall Street's watch. Fess up!
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Let's go back to the 90's when everything was rosy and wonderful ... uh uh. Tech stocks, Internet stocks, Real Estate stocks ... everything just about came up winners. Microsoft split 16,000 times (just joking people) and hit record highs. A whole bunch of people who were in the stock market made a boat load of money.
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What goes up, must come down. Making a boat load of money, I guess wasn't enough. A bunch of banks/mortgage companies/mortgage brokers/etc. decided to create all kinds of really bad mortgages. Sub prime (pay option, interest only, hybrid) loans, fee ridden loans, let the borrower purchase w both a 1st and 2nd mortgage, and when folks who had run out of money a long time ago, hit their credit card limits, the banks decided to create even more horrendous stuff and almost everyone was allowed to take out mortgages with 100% LTV (esp. Citibank/Citicorp Trust/Citifinancial).
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Greed was everywhere! Create whatever kind of financial instrument crap was everywhere! Wall Street was giddy and ponzi schemes flourished.
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Eventually the bubble burst, greed and corruption were exposed and the world reeled and plunged. Well Jim Cramer, you were a part of all this mess; but now it's politics and kiss your CNBC media conglomerate's "be..." Ya'll get my drift.
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2 comments:

Elaine said...

**********You absolutely must read this:
"Why the U.S. Has Launched a New Financial World War -- and How the Rest of the World Will Fight Back"

http://www.alternet.org/story/148481/why_the_u.s._has_launched_a_new_financial_world_war_--_and_how_the_rest_of_the_world_will_fight_back_

Anonymous said...

CRAMER CREAMED ON JON STEWART SHOW http://www.thedailyshow.com/watch/thu-march-12-2009/jim-cramer-extended-interview-pt--3