‘Cramer Claus’ Has Harsh Words for Bernanke Six Weeks After Making Incorrect Energy Price Predictions
♪♫ ♪ You better watch out, you better not cry, you better not pout I'm telling you why - Cramer Claus is coming to town ♪♫ ♪
Yes, that's right - CNBC "Mad Money" host Jim Cramer "Claus" appeared on NBC's December 19 "Today" to tell viewers Federal Reserve Chairman Ben Bernanke was on his "naughty list."
"He is a guy that doesn't get regular coal - I'm giving him high-sulfur stinky coal," Cramer said. "He is in the end an academic who is over his head frankly. I hate to say that. He's a volunteer official who is trying to do his best. But he had his chance and he's lost it."
Cramer has been critical of the Federal Reserve over the past week for not cutting interest rates more than a quarter-point on December 11. When asked about the housing market by NBC's David Gregory, "Cramer Claus" threw another barb at the Fed.
"It's still losing money if you buy a house," Cramer said. "Probably another 18 months before we get to a bottom. All aggravated by a Federal Reserve that is very calm and placid under the guise of being prudent, but quite reckless."
But Cramer's not exactly batting 1.000 himself.
Six weeks ago, Cramer made the prediction that gasoline prices would hit $4 a gallon by this time.
"I still like oil," Cramer said on the November 8 "Today." "I think oil goes a little bit higher. It is monster. You'll be paying at the pump. You'll be paying $4 [a gallon] within the next six weeks."
At that time oil was trading at a little over $95 a barrel at the close of the markets on November 8. It has fallen to just to $91 a barrel since then.
But pump prices haven't come close to $4 a gallon in that time. According to AAA, prices ran up to $3.11 on average around November 14, but have fallen back to $2.99 as of December 19.