It’s real. I’m real. Jim Cramer tells the truth. I tell the truth. He says it’s all fiction. Just like I knew it was fiction.
I hope you watch this video if you want to see what our country’s economy is heading for. It’s not looking good.
Why isn’t the Securities and Exchange Commission getting more involved in the whole banking sector writedown situation? Especially since the numbers are likely to get worse, not better? That’s what Jim Cramer, CNBC’s resident stock guru, wants to know.
“It’s all fiction!” he declared during a forceful exchange (see it in full in the accompanying video) on CNBC’s “Squawk Box.”
“How can we have these levels of fiction in financials after Sarbanes-Oxley? How do people get away with this? How do they live with themselves?”
{ 7 comments… read them below or add one }
It’s about time that someone told it like it is…I applaud cramer for being that guy! I’ve been trying to say it, but I don’t have the following nor the format. Hat’s off to cramer!
I watched the video.
I would appear as though the meltdown has only just begun.
Too bad Cramer is always such a puppet for these guys BEFORE the sh*t hits the fan (he did it in the dot-com bubble too). Now, he’s Mr. Defender-of-the-little-guy, after populist sentiment has turned.
Merrill Posts Huge Loss; Chief Says Firm’s Capital Is Adequate By JENNY ANDERSON
Published: January 18, 2008 (NY TIMES)
“Merrill, the nation’s largest brokerage firm, posted a $9.8 billion fourth-quarter loss, almost matching the deficit reported for the period by Citigroup, a company three times Merrill’s size. The loss at Merrill, which exceeded analysts’ forecasts, reflected $16.7 billion of write-downs on mortgage-related investments and leveraged loans.”
http://www.nytimes.com/2008/01/18/business/18merill.html?_r=1&th&emc=th&oref=slogin
I have followed Cramer for years.. always thought he was full of sh@t…until I heard “The Truth” in his rant yesterday..(sounds like he has nothing left to lose)… We are all in trouble
53 trillion in trouble..
look out below.
How can we find out if we qualify??
Helena,
There’s no program yet, it’s still just a proposal. It’ll be awhile before details come out if it does.