The secret behind Cramer's outburst...

[cwcwmack]

the damaging quote from Cramer: "This is the greatest wealth destruction I’ve seen by a president."

Let me translate this into English:



I'm a slimey, parasite financial trader and modern day robber-baron. I abuse this Ponzi scheme to make outrageous amounts of money by producing artifical value and fake worth. I'm really offended that Obama has put an end to the scheme... waaaahhh!! How will I make a living?

[Rosa Luxemburg]

1. hopefully the markets will be cleansed of such people

Cramer could be out of a job!

[TheCoxwain]

2. Dosent matter ..he has enough money to last 10 lifetimes

[Baikonour]

3. Wealth destruction? WHAT FUCKING WEALTH?!

[TahitiNut]

7. Exactly. The UTTER FICTION of 'market capitalization' has been a cancer for along time.

Now we see what happens when, instead of basing the 'market value' of all shares on the sale of the last few, they try to sell more than a very small fraction. That fiction has been used for exchanging shares in mergers and acquisitions and using stock like CURRENCY for far too fucking long.

The rubber hit the road in bonds and other 'innovative securities' when the FASB demanded mark-to-market -- and WOW, did they start screaming then!

[AirBaud]

4. has that bozo gotten anything right?

How does he stay employed as a "guru"?

[polichick]

5. Well said - that's pretty much what I was thinking as he said it.

[beac]

6. I can see the bumper sticker now:

Obama Can Be Hazardous To Your Wealth *



* and they will no doubt be slapped on by the same fockwits who used to decorate their Range Rovers with a similar one that had "Polo" in place of "Obama."

[iamthebandfanman]

8. Hes a douche, who cares!

hes a thief and a liar who told people to make decisions THAT MADE HIM MORE RICH.

which you would think would be illegal since he was being payed to give 'Good' advice so that people could attempt to make money at home...

since he intentionally misled people, thats not 'taking a risk'... thats being scammed!

the lil bastard needs to lose any and all ties to any kind of means of getting his 'advice' out to the public

[Cha]

9. "Destruction of wealth"!! WTF

did bushites do to our Country? Bankrupt! Destroyed it..now that's fucking Destruction of Wealth, cramer.

And, first and foremost he took our blood and that of Iraqis.

[cwcwmack]

10. and

even if it IS destruction of wealth.... it's OK.

It's not real.

A stock should be worth the number of outstanding shares/the net worth of the company + value of dividend payments.

When the market strayed from this formula... this mess started.

[TheWebHead]

11. just to ad another side to this

this talk that it doesn't matter the stock market is down is rather delusional. 50% of people have money in the stock market, others rely on pensions who are invested... Many others find employment based on the ability of companies to grow through acquisition with funds obtained through secondary stock offerings. Most of this downturn came after the budget came out, and focused largely on healthcare, utilities and defense, which are usually considered defensive in a bear market... Not this time.

The healthcare cutting is particularly worrisome to those who campaigned so hard for stem cell research. The moves in the Obama budget have decimated the stocks in the sector, which is largely dependent on a healthy stock price to fund research, with drug co's investing in biotechs developing new drugs and to do that stem cell research. It kills the ability of biotechs to raise money in the private equity market and stems innovation and prevents job growth.

As for utilities, the common component they have is high debt levels, and if there is legislation related to cap and trade which drags their earnings on top of the drag they have from foreclosed homes that don't use power and shuttered businesses that don't, their ability to further fund new electricity is eroded and their very existence is thrown into more doubt due to the requirement to pay down their debt.

When confidence is sapped in the U.S., people who have money will take it somewhere that investors are being treated with more respect, especially when there are other countries who have and will continue to grow at a faster pace, such as China and Brazil. So instead of people innovating in this country, they will pile their money into countries where they feel the environment is more on their side.

[PretzelWarrior]

13. blah blah blah. check the other world markets

I think you're not aware that this is a worldwide phenomenon.

[TheWebHead]

20. we've underperformed every major world market

the majority of the drop coming since the release of the budget, and year to date we're doing the worst... Brazil is flat, and China's market is up 20% since January 1st. The drop is on a percentage basis nearly equivalent to what happened in October and could signal another large drop of consumer spending and another wave of eye popping layoffs, prompting more foreclosures, and continuing the cycle. Now is not the time to make the business environment more difficult and add more pessimism, but unfortunately that's what's been happening.

[SemiCharmedQuark]

21. What do you propose?

[TheWebHead]

22. I propose we dial down policies which cause money to flow out of the market

we are running huge deficits and will continue, we have a gigantic debt. The stimulus package should have had $500b targeted at infrastructure and the electric grid. There should be a simultaneous 10% corporate tax cut while removing much of the methods corporations use to avoid taxes, even if you add 5% of that back in a few years from now.

During the campaign, both candidates were asked about scaling back their goals given the economic conditions.. neither really provided an adequate response, and Obama's current course is pedal to the metal which is a bit tone deaf to an economy that is on a deathbed.

[SemiCharmedQuark]

23. Why wouldn't corporations respond negatively to having loopholes closed even w/ a corporate tax cut?

[TheWebHead]

24. some might

but on a net net basis, it would overwhelmingly be positive. If you look on quarterly reports, most businesses pay at or near the full rate. Obama has already said the corporate tax rate is too high.

http://www.reuters.com/article/reutersComService_2_MOLT/idUSTRE51M75M20090223

[Unsane]

12. Cramer basically admitting he does this (YouTube)

http://www.youtube.com/watch?v=vfWSRuNm6do

[Geek_Girl]

14. Wow he's basically admitting he's a lieing sack of shit!

I always knew that fuck stick was a market manipulator how the fuck does CNBC get away with putting someone like that on the air.

[Uzybone]

15. Wow

this is worse than I thought. When I saw him say that people should buy overvalued stocks I thought that was bad.

[ChimpersMcSmirkers]

16. ROFL. Cramer is such a putz. Cramer's buddies, if not himself are pumping and dumping.

His picks are generally crap. I've made a few bucks shorting some of them when the initial herd is done buying.

http://www.slate.com/id/2158497/

His whole reputation is built on illegal and insider trading. I found his collusion with stock researchers in order to short bad reports quite interesting. Of course former SEC Chairman Cox covered for him.

http://en.wikipedia.org/wiki/Jim_Cramer#Trading_With_The_Enemy

[Dr Fate]

17. In what way has Cramer established any credibility? What has he been right about?

For instance- over the past 8 years, did he rail against any of Bush's failed policies- not after the fact, but before they were implemented?

If not, then he must be a hack.

Strange how everyone who was 100% wrong for the past 8 years thinks they have such golden advice for the guy who has been right.

[ChimpersMcSmirkers]

19. It's ironic that freeps aren't big fans either, LOL.

http://www.freerepublic.com/focus/f-news/2172947/posts

[BeyondGeography]

18. I can't take this guy seriously ever again after that line

Ever.

[wackywaggin]

25. Cramer from kudlow and cramer is unstable.

He would be a street person if he hadn't married into money!!