Backpeddle Jim Cramer, Backpeddle!

Personally, I think almost all stock prognosticaters are full of it. I’ve enjoyed Jim Cramer and he certainly sounds like he knows what he’s talking about. Ask him about some company with four employees making ankle bracelets in Hawaii, and he’s tell you that he just toured their plant last week and had lunch with their CEO, and who knows maybe he has.

Knowledgeable or not you have to admit that the reason that he has been a successful television personality (and that’s exactly what he is), has more to do with his jokes and scthtick than┬áhis knowledge. He’s the John Madden of the stock market. Boom, the S&P 500 is dropping like a rock! Pow, look at the Dow run! I don’t blame you. I don’t particularly want to listen to boring accountant types on television either.

Nevertheless, his recent performance calling the Bear Stearn fiasco is embarrassing. First he’s yelling at the top of his lungs no to sell the stock, then he’s claiming that he was really talking about their depositors and not the owners of their equity. Really Jim, then why did you show a graph of their stock price and claim that they were a likely takeover target. If you’re dead wrong, and he was, can’t you at least admit it?

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