Informing the Latino Community Online on Issues Impacting Your Life

March 14, 2009

Face it Cramer: No More Credibility Whatsoever for You!

I don't know how to read financial markets and their future (Else I’d be rich), nor I dare to want to do it.

A good proportion of Americans invest (Much wealth has been created like that and disappears like that) by trusting the American financial market, otherwise known as Wall Street. Many investors (You might be one of them) follow Jim Cramer's show, "Mad Money" on CNBC for market advice on selling or buying stocks, mutual funds, so on and so forth. I confess I have watched it sometimes but to me it sounds like a foreign language, so I don't pay much attention to it. Except for the common words, he's often heard throwing at the audience: "Buy" or "Sell" this or that. That I can understand.

Anyway, as you may have heard already by now, Cramer is recently under a fire due to a feud with another famous TV Show host, Jon Stewart from the Daily Show, for his (Cramer) deceiving advice on his show about financial markets. Especially regarding Bear Stern’s financial condition at that time when it was about to go bust-- we all know how that story ended and that of many other similar banks in this country.

If you look at the video I posted before this post, you can see clearly how passionately Mr. Cramer voiced recommending investors to keep Bear Sterns, and moreover, promoting the good standing status of the market on Wall Street. That was right at the beginning of 2008(One month into the date of the beginning of the American recession, which we weren't told officially until a year after by the last administration). As you know, A few months after we started all learning about the roar and outcry of investors on Wall Street and financial giants going bust and begging the federal government for $.

I’m sure that what Cramer does for living is very difficult and can’t imagine being right by most measures most of the time. I don’t believe no one out there can do that. However, someone as brilliant as this man is, should have some decency at least not tainted by $ to accept his fallacies on the financial markets. It seems now he can't face up to the fact that he was wrong and due to this, many people who followed his advice from his show, have lost their $ on the market over the past year. People who kept their $ with Bear Stearns and in many others, have only see it evaporated over after Cramer’s claim to keep Bear Sterns in their portfolio. One of my friends, who is a young hard working dude, has seen a loss of over 12K in the past year in the market. That’s a lot of $ for average working class folks like us.

I tell you this is what I hate about deceitful financial Wall Street "geniuses” like Cramer. They should remind you of the past administration’s handling regarding pretty much everything that went on in this country for the past eight years. They are deceitful, confronting, and in denial about being wrong and causing more damage to others. They can't stand being wrong and worst of all accepting and facing up to the public about it even though they rely on our trust to earn a living. Unfortunately, I hate to say it, but it may be an implanted systemic value of this society: never to accept you are wrong and face up to it. You know, that's immoral when your words affect other people’s pockets and lives! It should not just apply in the case of only elected public official’s domain, but also across the board with these financial public advisers who make claims which have a tremendous impact on the public welfare.

Shame on you Mr. Cramer! Not for being wrong, God knows we all have been, but the shame should come for not facing up to it and accept it in front of your public! I can’t imagine if you still have the nerve to continue with your show in the same manner, you have done it up to this point. I can't imagine people will continue watching your show for financial advice and rely on you. No credibility whatsoever.

No comments:


Your Ad Here

Thanks for Visiting

Copyright Claim & Disclaimer

All content including images, instructions, ideas, designs, working and information posted on this Blog are Copyright of Latinos y Latinas Online Blogera. This does not apply to third party content borrowed from other sources, e.g. the White House's weekly address borrowed from their official YouTube channel, and others (including articles, videos, and more). Aside from that, all content we share is for non-commercial and personal use only. Original content written by members(Authors) of this blog is strictly prohibited to share for other than personal purposes. Please do not copy this content (text, pictures, others) and claim them as your own. If you would like to use any content on this blog and belonging to Latinos y Latinas Online Blogera, for a purpose other than personal, please email, latinosylatinasonlineblogera@gmail.com for permission. Latinos y Latinas Online Blogera doesn't claim credit for any images featured here unless otherwise noted. I try to give credit when I can. Most visual content is copyright to its owners. If you own rights to any of the images on my blog and do not wish for them to appear here, please contact me, and I will remove them as soon as possible.