Is Jim Cramer Crazy?
If he isn’t, how can you explain this video? He is basically explaining how he regularly broke the law to manipulate the markets.
[youtube]http://www.youtube.com/watch?v=ZWVmlxhk-tU[/youtube]
Tags: Free Market, Stock Market, The Economy
Yes.
Seriously… Cramer is a fool – who might just find himself in very hot water – but his talking like this gives valuable insight into Wall Street’s mindset. They didn’t care that what they were doing was wrong/illegal because they felt completely secure that there would be no consequences for their actions.
I don’t think he’s crazy. I think he was simply doing what everyone else is doing but was dumb enough to just come out and say it.
Dora is right — they were untouchable. BushCo made sure of it.
In his comments Cramer notes that some (very few) steps are illegal, and the SEC could find and fine them if those steps are taken. The rest of the steps appear to be technically legal.
Short selling by its nature is a dark science, and its practitioners walk a fine line, typically in the shadows.
The rest of his steps are likely 100% legal. That said, they depend on lazy reporters (no shortage there) and fearful/gullible investors (no shortage there either).
Don’t get me wrong, I think that Cramer should come with a Surgeon General’s warning, that following his advice is likely to be hazardous to your financial health.
Actually, Paul, I read what he said is that it was illegal to “foment” and the rest of the time he described how he fomented and excusing himself by saying that the SEC was clueless and therefore couldn’t enforce the laws.
He also perfectly described how the right-wing noise machine works. If you don’t like how something is going, make up a lie and push it until it becomes conventional wisdom.
5 of the dow 30 stocke are already selling below 10 bucks a share, ones a penny stock, that`s enough to drive any wallstreeter crazy. Not only that but who would have thought that good things like downsizing, outsourcing, lower pay, reduced benefits, replacing 1 full timer with two part timers would leave the consumer with record debt and little or no disposable income causing the world economy to tank.
How were wall streeters suppose to know consumers and workers were one and the same. no wonder they are losing it.
He is a criminal and should share the jail cell with Madoff!