When it is no longer just us bloggers but the MSM calling you out, the end of the run is near…
Micheal Lewis writes on Bloomberg.
“Three days earlier, on theStreet.com, Jim Cramer listed Bear Stearns common stock as a “buy” at $62. On his CNBC program that day, he showed his viewers a chart of Bear Stearns stock price and hollered, “Bear Stearns is fine! Do not take your money out of Bear.” Over that weekend — days when the markets were closed and there was no material news about the company — Bear Stearns was believed to be worth $2 a share, so long as the Federal Reserve assumed the downside risk of almost $30 billion of its mortgage securities…
TheStreet.com quickly removed Cramer’s March 11 “buy” recommendation from its page devoted to Bear Stearns. (The Cramer-obsessed Don Harrold’s YouTube account of all this is priceless.) And Cramer went back on CNBC to explain that he never intended for anyone to go and actually BUY shares in Bear Stearns — only that, if they happen to bank with Bear Stearns, they shouldn’t worry about losing their money (a public service to all those “Mad Money” viewers who use Bear Stearns as a bank.)”
This is a tough one for Cramer if for no other reason the actions of Thestreet.com altering its website.
If he had just been honest (he may not be able to), this would have blown over already.
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