Oops -- Cramer's October 12 Unemployment Prediction: 'We Are Not Going to Reach 10 Percent'

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By Jeff Poor (Bio | Archive)
November 7, 2009 - 14:28 ET
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Drinking the Kool-Aid on MSNBC wasn't enough, even for CNBC's Jim Cramer, to escape the reality that Obamanomics isn't working.

Back on October 12, Cramer, to his credit, knew there were some problems with the $787-billion stimulus passed earlier this year. However, he felt it was necessary to pledge his admiration for President Barack Obama, Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke. But, Matthews asked Cramer if there would be something tangible to back up that praise.

"OK - let me ask you the question," Matthews said on MSNBC's Oct. 12 "Hardball." "Let's talk about how we keep score in electoral politics, that's how we keep score. Between now and next summer, when people begin to decide how they're going to vote in next year's election, will the employment rate be coming down by then?"

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At the time, the most recent unemployment figures showed a jobless rate of 9.8 percent. Cramer said the current level of 9.8 percent was the peak.

"Unequivocally," Cramer replied. "I think that we have seen the peak or are at the peak, and that next year will produce a lot of jobs. I'm very excited about that."

Matthews gave Cramer another opportunity to backtrack on his claim.

"We're looking at that peak," Matthews said. We just showed it up there on that card, 9.8 percent. Do you think it's going double, and then come back down, or go down from where it's at now?"

Nope. Cramer stuck to his guns - 9.8 percent was the top unemployment we would see (emphasis added).

"I think we are at the peak or within a point one [.1]," Cramer said. "We are not going to reach 10 percent. I have my neck on the line on that. But I think, Chris, that jobs are going to be created next year. But we really need help from Washington."

Unfortunately, Cramer was wrong. Department of Labor statistics indicated last week that the jobless rate exceeded 10 percent to 10.2 percent - the highest unemployment rate in the United States since 1983. Some economists, including Mark Zandi of Economy.com, think it could go higher, to a level of at least 11 percent.


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chop chop Jim, its your neck!

November 7, 2009 - 14:37 ET by ptson

Jim, stick to sucking up to Spitzer (customer #9) and other democrats and maybe they will forget your manipulation of stock prices, for the benefit of your hedge fund. Oops, you confession is on video isn't it? Well, what you going to do Jim? Just keep sucking buddy!

that was a REALLY dumb horse

November 7, 2009 - 15:43 ET by notonmywatch

that was a REALLY dumb horse to back.

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Cramer is wrong about a lot of things,

November 7, 2009 - 16:01 ET by traderjames

most notably, stock picks. The problem with listening to a crazy bald-headed stock picker on TV is that he will tell you what stock to buy, but not when to sell, and/or admit that he was wrong, which he often is.

I suppose the show was

November 7, 2009 - 17:30 ET by notonmywatch

I suppose the show was called "mad money". Truth in advertising?

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Graphical conservative commentary - animations & pictures for posting on forums: http://ubama.org/chu...

cramer is a self serving P.O.S.

November 7, 2009 - 16:51 ET by larry on LI

going against his touts is good advise.

He will still keep his job,

November 7, 2009 - 17:04 ET by ThisnThat

He will still keep his job, though. Although, IMO, I'd like to see the unemployment number tick up ever so slightly with his and mathews firings.

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"mmm, mmm, mm. Barrack-Hussain-Øbama↓." - The liberals coolaid drinking song

Same as the Obama clan and

November 7, 2009 - 17:33 ET by GregE

Same as the Obama clan and their 8% max if we got the $787 crapulous bill.  Only 27.5% off, and counting.

Please, oh please, let's let the government control our healthcare.

Kramer: "....But I think,

November 7, 2009 - 17:36 ET by GregE

Kramer: "....But I think, Chris, that jobs are going to be created next year. But we really need help from Washington....."

GregE:  "...to GET OUT OF THE FREAKIN WAY!!!!!!"

Cramer is real entertainment

November 8, 2009 - 06:06 ET by another_old_veteran

I watch a little of his show for the bright colors and goofy sounds as he spits out  his side show touts. The only thing missing is a big red clown nose and occasionally some of the standard carousel pipe organ music.

 

Conservatives outnumber Liberals 2 to 1 per Gallup

This clown told people to

November 8, 2009 - 11:04 ET by Free Stinker

This clown told people to buy Google so he's supposed to be a genius.

I wonder how all the other hundreds of stocks he's recommended are doing? 

 


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