This time CNBC "Mad Money" host Jim Cramer wasn't screaming at the top of his lungs "they know nothing" when he appeared on the "Street Signs" to discuss the Fed's decision to cut rates only a quarter-point.
In fact, there was no screaming at all.
"I'm no longer fiery," Cramer said. "They had their chance," he said four months after the big tirade.
On the December 11 "Street Signs," Cramer's mood swung 180 degrees the other way after the Federal Reserve cut interest rates only 25 basis point to 4.25 percent - viewed as a disappointment by the shock stock picker.
"I am very sad," Cramer said to CNBC "Street Signs" host Erin Burnett. "Well, there are days you can do that stuff [referring to his August 3 meltdown]. That was when it still mattered. Now there's going to be giant bailouts - not all talk about the kind of thing they negotiated. It just made [Treasury Secretary Henry] Paulson's job much harder, President Bush's job much harder. It just made everybody in Congress' job much harder. And everybody who works at a bank, much harder. Washington Mutual (NYSE:WM) has to refinance at a higher price. Fannie [Mae] (NYSE:FNM) and Freddie [Mac] (NYSE:FRE) - everybody's in more trouble."
Cramer, who has openly had a fascination with Burnett's attire throughout the history of his "Stop Trading" segment of Burnett's show, was full of criticism for the Federal Reserve Board.
"As I said, as I said the last time you wore that, these guys are academics. They're very far removed," Cramer said. "No need to pound the table. They obviously don't get it. They want to take whatever pain we have to. They're disguising their move. They think they're being prudent."
But, to lighten the mood, Burnett gave Cramer a giraffe tie that matched her dress, but he didn't play along.
"Holy cow, a giraffe tie - all the better hang myself with when the economy goes into recession," Cramer said. "It certainly ain't going to be my fault. I did my darn best."
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I watched CNBC at lunch
December 11, 2007 - 17:34 ET by Chris NormanI watched CNBC at lunch today. They were breathless in the various predictions of recession. Especially, Steve Liesman (nice name), who I have come to refer to as Eeyore, for what seems to be his always gloomy outlook.
Cramer is famous
December 11, 2007 - 17:43 ET by c5thenFor saying one thing and doing another. In an interview a few years ago, he admited to using his apperances on CNBC and CNNfn to either pump stocks he wanted to dump or talk down stocks he wanted to buy. If he seems like a used car salesman, that's because he is.
The day that "politician" became a career choice is the day we started losing the Republic. Let's get it back! Alan Keyes '08.
For the newbie investing in
December 11, 2007 - 18:33 ET by jdhawkFor the newbie investing in the stock market, Cramer's TV show and his several books on the subject are very informative. In keeping with his mantra, "There is a bull market somewhere, I am going to find it for you," he is always recommending that you buy something. And, that is where my criticism lies. Following the last rate cut, late October, he should have been advising his audience to go to cash or at least hedge their long positions. He did neither. Being long in the stock market isn't always useful.
He has been unabashedly for Fed Fund rate reductions. If he has had any effect on the Federal Reserve, then he has been helpful. With the cost of debt reduced, all capital intensive companies can borrow at lower cost. This is generally good for business.
So far as his comments this afternoon go, I think that he is right, to a point. Note, that regardless of whether the rates are cut, almost all consumer debt is tied to the Libor rate. The Libor is among the most common of benchmark interest rate indexes used to make adjustments to adjustable rate mortgages and unsecured debt instrumets such as credit cards. So, as a consumer and a purchaser of a sub prime mortgage, you still don't get a break regardless if the Fed Fund rate is cut. In fact, over the last month, the Libor rate has been trending up, but overall is down year over year.
In regards to Cramer's politics, I couldn't guess. I do know that he is for smaller government, less taxes, and is pro business. The reaon that I say this is that he has said these things on his show.
CNBC, even though it is part of a larger network that is ultra liberal, is the best business network on TV. As a DISH Network subscriber, I don't get the newer Fox Business News, so I have no basis for comparison. But, CNBC, beats Bloomberg hands down, in my opinion.
Cramer is an idiot who could
December 11, 2007 - 20:02 ET by Evil CapitalistCramer is an idiot who could not cut managing the hedge fund after one of his former underlings wrote a boot about the crap that happens between hedge fund managers, clearing houses and Wall st. If I recall correctly, the book was called "Trading with the Enemy". Cramer's post hedge fund portfolio returns are ugly - www.marketwatch.com has the article(s) on the topic. Basically Cramer was OK when he got to play in the border line that some people call front-running and playing inside game. Since he joined the un-educated public (his words) his returns are not beating the market.
If the Borg queen wins the
December 11, 2007 - 20:13 ET by rbosqueIf the Borg queen wins the election we'll see the MSM cheer-lead how great the economy is!
Hmmm Cafferty meet Ronald Reagan
December 11, 2007 - 21:37 ET by Lame CherryI will presume most of the children here were children when Ronaldus Magnus Reagan was President and running monetary policy.
Geezers and savers like me made loads of money off of great interest rates in bank accounts, the Stock Market went through the roof, allies own US debt with re investment and people had pretty good futures.
The Bush 41 and 43 with liberal Greenspan turned this into a low interest state with high domestic spending (non military) with Chicoms holding US debt screwing with our economy and buying up not US investment but oil across the globe.
This policy is horrid and only benefits the widening elitist gap.
This is not to let comrade Clinton off the hook as in the booms he allowed the Rockefellers to glean billions off the dotcom crash.
The United States with sound policy can have good savings interest for citizens in banks, low lending interest to consumers, a profitable Stock Market..........and with making an expanding wealth creating and not inflation creating economy and economy which does not have any debt to be bought up by friends or enemies.
I apologize for the French, but the cartels need to be bitch slapped to reality and informed they can have their little world ruling elite, capital in Jerusalem for their temple to sacred geometry and all their other little immortals for the mortals.........and still have productive masses who are happy and by God's grace producing Einsteins, Edisons, Fords etc... who were inventing the world out of problems peacefully.
There is now no economy. There is only a break the public wealth scheme to gain absolute control over nations through debt by making everyone dependent.
Until someone is placed in charge and puts collars around these mongrel bankers to get them all pulling the same sled which benefits all societies to brighter tomorrows, this is all going to end up not in peace and the final frontier of space dealing with greater populations but massive wars involving weapons of mass death.
That is what this is all about.
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