Wednesday 8 April 2009

Cramer gets slammed again


Just weeks after ‘The Daily Show’ host Jon Stewart took Cramer to task for trying to turn finance reporting into a ‘game,’ famous bear economist Nouriel Roubini criticised the host of CNBC’s ‘Mad Money’ on Tuesday for predicting bull markets.

1 comment:

Guanyu said...

Cramer gets slammed again

AFP
8 April 2009

CNBC’s Jim Cramer has another feud on his hands.

Just weeks after ‘The Daily Show’ host Jon Stewart took Cramer to task for trying to turn finance reporting into a ‘game,’ famous bear economist Nouriel Roubini criticised the host of CNBC’s ‘Mad Money’ on Tuesday for predicting bull markets.

‘Cramer is a buffoon,’ said Mr. Roubini, a New York University economics professor often called Dr Doom.

‘He was one of those who called six times in a row for this bear market rally to be a bull market rally and he got it wrong. And after all this mess and Jon Stewart he should just shut up because he has no shame,’ Mr. Roubini said.

Cramer recently wrote in a blog that Roubini is ‘intoxicated’ with his own ‘prescience and vision’ and said Mr. Roubini should realise that things are better since the stock market hit bottom in March. US stocks have increased 26 per cent since.

Mr. Roubini said in 2006 that the worst recession in four decades was on its way. He has attracted attention for his gloomy - and accurate - predictions of the US financial market meltdown.

Mr. Roubini said the latest surge is another bear market rally and that Cramer should keep quiet.

‘He’s totally lost any credibility and he’s a buffoon. He’s not a credible analyst and he got it wrong six times in a row. Every time it was a bear market rally he said it was the beginning of a bull and he got it wrong,’ Mr. Roubini said in an interview with The Associated Press before he appeared at a Toronto event entitled ‘A Night with the Bears.’

‘Other people would just shut up and he keeps saying that same stuff. It’s just nonsense.’

Cramer has conceded he made some wrong calls, like most people watching the market. But he went on ‘Today’ last October telling people that if they needed money in the next five years, take it out of the stock market. Anyone who heeded that advice saved money, he said.