Wednesday, March 19

Jim Cramer's bear mistake

As many already know, Jim Cramer (that annoying guy that needs a sedative) of "Mad Money" told everybody (lead from an e-mailer's question) to not worry about their money/shares in Bear Stearns (BSC). "...never did hit their now notorious $2-a-share, Fed-supervised "take under" price. Bear shares bottomed at just under $3 on Mar. 17 before they surged to as much as $8.50 on Mar. 18. Of course, this is all so much cold comfort to anyone who got in at $170 last year (or even $70 last week)." -BusinessWeek While in his defense, "You'll see that he was referring to withdrawing money from brokerage accounts held with the firm -- Money held with the firm is safe. That's all that he was saying. I can't see anything to suggest that he was saying that investors should buy Bear Stearns stock. He was just answering a viewer's question." -BloggingStocks

"Of course there's no way to know what that investor wound up doing, but last Tuesday Bear Stearns was still trading for $68.24. Unfortunately, there's no law against loudmouths who make all kinds of declarations that turn out to be sooooo wrong." -NewsBusters I only can see his show for about 5 minutes. But it is entertaining. I have seen him be interviewed by both Conan O' Brien and John Stewart, he proved to be just as jittery and stubborn as he is on the show. He is a nice guy, we are all human, we all make mistakes, it is just funny how things work out. Like NewsBusters say, we don't know if the investors did follow his advice. Oh, Jimmy, maybe you calm down a bit more, you wouldn't find yourself in a neverending 'you were wrong' parade.