Sunday, March 8, 2009
Cramer
We had a banking crisis coming into this regime, but now every area is in crisis. Each day is worse than the previous one for this miserable economy and while Obama's champions cite the stimulus plan, it's really just a hodgepodge of old Democratic pork and will not create nearly as many manufacturing or service jobs as we hoped. China's stimulus plan is the model; ours is the parody.
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I enjoy Cramer in small doses. I read his autobiography as well as a less flattering portrait by a former employee. I think he is an extremely bright and colorful guy.
That said, he often can't see the forest for the trees. He panics when stuck in the maelstrom of a bad market. He made a sell call - "Sell everything!" - at the very bottom of the 1997 Asian financial crisis.
Much as I like Rick Santelli and commented about his limited perspective as a trader, I make a similar comment about Cramer. His perspective is that of a hedge fund manager. Since Obama has been in office for six weeks and the market has continued it's tanking trend, Cramer concludes he must be doing something wrong. He second guesses the presidents decisions. It is not unlike his 1997 call - exactly the wrong advice at the wrong time.
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