Jim Cramer Part 2

Famous Cramer Quotes:

"No! No! No! Bear Stearns is fine.....Bear Stearns is not in trouble.....Don't move your money from Bear. That's just being silly. Don't be silly." (CNBC, Mad Money, March 11, 2008.)

"It's time to buy, buy, buy!" (CNBC, Mad Money, June 13, 2008)

"Whatever money you may need for the next 5 years, please take it out of the market right now, this week." (NBC, The Today Show, October 6, 2008)

And this from the New York Times on September 30, 2008:

"...Mr. Cramer later told his TV audience to buy Wachovia, calling it one of only a few potential 'winners' in the $700 billion bailout...."

Jim had his "buddy" Robert Steel, the CEO of Wachovia, on Mad Money and pronounced that the $10.71 price of the common stock was a bargain. Within 2 weeks it was $1.81 (source New York Times, October 19 2008). Cramer has defended his rant about Bear Stearns by clarifying that he was not referring to the common stock, but to withdrawing money from Bear Stearns brokerage accounts, presumably due to SIPC protection. Yet SIPC protection only goes up to $500,000 for cash and securities (with only $100,000 in cash protected); and to state that Bear Stearns was not in trouble....well.