Cramer Called Bear Stearns "Fine" Just A Week Ago

What a difference a week makes. On Tuesday, March 11, Jim Cramer assured "Mad Money" viewers that Bear Stearns was doing fine. Specifically, he remarked:

"Bear Stearns is fine... Bear Stearns is not in trouble. Don't be silly... don't move your money."

Watch the clip:

Cramer later tried to defend his position by calling into CNBC. As Gawker reports:

"Mad Money" host and bug-eyed madman Jim Cramer went on CNBC today to clarify his statements from last week about Bear Stearns, when he urged people not to move their money out of the firm. As we pointed out earlier in his defense, he was not referring to the company's stock, and his advice was actually perfectly sound. "Do you know what would happen on this show if I came out and said I want everyone to take their money out of X bank?" he ranted today. "Jim Cramer causes a run on X bank!" As it turns out, the run on the bank happened anyways.

Comments

[Rocky4356]

Cramer is a fake. Maybe now he will find a real job. Really he is becoming very boring

[eniobob]

Seems like a a lot of you come to believe that he dosent know his arsss from a hloe in the ground

[Condi]

I don't watch him regularly, but a few weeks ago he predicted an imminent 2,000 point drop in the Dow.

I'd sooner take advice from Suze Orman.

[winningticket]

Cramer is the same idiot who wanted the Fed to slash and burn interest rates. The US Dollar be damned.

[Ohjin]

I am more concerned about the return of my money than the return on my money. Mark Twain

[ntmessage]

What Cramer actually said and how it is presented in the title of this post are completely different.

The email he was reading was quite specific. Someone who had an account with Bear Sterns and wanted to know if they should pull their money out of the account, likely either a savings or brokerage account. He only said that there was no reason to pull the money out of the account. This email was not, as presented a buy sell recommendation of the Bear Sterns stock.

What this really proves is that we must get someone who is literate on financial issues in the white house, whether it is related to the economy or the national debt and deficit.

[BeyondGoodAndEvil]

Cramer is a liar and a fraud and this latest Bear Stearns incident proves it. He's a hopeless judge of character, and he's a hopeless stock picker. He needs to change his meds.

[sparkey]

You have to wonder if Cramer sold his stock in Bear Stearns last week. I seem to remember someone else a few years back who kept saying that there was nothing to worry about in his company while selling all of his stock. I think that company was called Enron.

[the964kid]

Kramer is an idiot. Period. While he was telling the public Stearns was fine a week ago Kramer was probably doing what all upper management Stearns officers were doing: selling their own shares at the fake propped up price. So Im sure Kramer didn't lose any money in Stearns. This is why main street doesn't trust wall street.

[ReasonIsMyReligion]

Cramer is entertaining, but Cramer can't beat an asset-allocated array of index funds.

BOO-YEAH!

[Rule Of Law]

test

[BillOfRaleigh]

After listening to Cramer's defense it's comforting to know that he favors a non living entitiy 'x bank' over the interests of paying viewers who happen to be living human beings.

So who does he think his audience is?

[mojopo]

Not fair, Bill. You're asking a greedy money grubber to put names and faces on actual people, and we both know that makes him uncomfortable. It's not about us, really. It's about them, their beliefs and what they need. You big silly - you really expect responsible, ethical behavior from Wall Street? Please.

[dadw5boys]

THEY WERE SO FINE THEY TOOK HUGE STOCK OPTIONS AS BONUSES IN DECEMBER.

SEE THE INSIDER TRADING FOR BEARS AND STEARN IN DECEMBER. OVER $40 MILLION IN BONUSES.

[robeson]

Perhaps he was selling.

[abbiehoffmansghost]

So what? Cramer is not know to be some intellectual giant to start with. If you're dumb enough to actually take his words as gospel, well, you deserve to be slapped.

[GenXer]

He is a moron.

[Rule Of Law]

all I can say, Abbie, is I wish you were still alive.

[abbiehoffmansghost]

Tell me about it, it's hard to raise.....­ah.....Cai­n with wings on.