Jim Cramer

http://www.nytimes.com/2008/10/20/business/media/20carr.html?pagewanted=1&em The Media Equation Jim Cramer Retreats Along With the Dow ...After years of selling the stock market as a reliable path to riches, Mr. Cramer came in for some brutal criticism recently from viewers and competitors. In March, he said Bear Stearns “is not in trouble.” After Bear Stearns tipped over, he wrote in his New York magazine column that the bottom had finally come. “I feel the bear has been tamed, and the worst of the clawing is over,” he said. And on Sept. 15, he hosted his friend Robert Steel, chief executive of Wachovia, and suggested that its $10.71 share price was a bargain. Two weeks later, it was at $1.84. On Oct. 6, he went on the “Today” show on NBC (which, like CNBC, is owned by NBC Universal) and said, “Whatever money you may need for the next five years, please take it out of the stock market. Right now. This week,” he told a surprised Ann Curry. “I do not believe that you should risk those assets in the stock markets.”... I have endless respect for Jim Cramer. I did not have any particular use for him, until one day on Meet The Press, or some other Arthurian quest (i.e., round table ) TV show had him on with the Secretary of Energy, and Cramer sat by incredulously as the Secretary proceeded to speak nonsense about Methanol. With Mr. Cramer, one should always know where one stands, and should feel good about it. This is much superior to one's relationship with such excrescences as Larry Kudlow, whose claims to the bon ton of investment, pretensions to blue bloodedness, and general condescending, paternalistic contempt for everything not in compliance with his agenda are truly worthy of retribution.