Jim Cramer

I hate to be late to the Cramer bashing party, but I thought I'd take my turn anyway in spite of, or perhaps because of all the financial carnage around us. I have just found him so consistently irritating, so consistently wrong, more harlequin than investment professional and such a shameless self-promoter. Is "Mad Money" about educating the public, or is it an infomercial designed to promote the Cramer cult, to sell books and to amuse the "slack-jawed troglodytes" out there who tune in after playing marathon sessions of Dungeons and Dragons?

Cramer is not someone you can rely upon for sound investment advice. The record will show that he has been both cheerleader in bull markets (1 year ago) and neurotic fear monger in down markets (now). His recent alarmist utterances about descending to the depths of another "Great Depression" are deeply irresponsible. It's one thing to call Fed chief Ben Bernanke names and to carry on like a wild man, shouting "They know nothing!", and to gleefully paste (sorry...split infinitive) corporate CEOs up on his "Wall of Shame".

It is quite another to keep saying that we are on the verge of another Great Depression and are about to go back to subsistence farming and living in caves. Funny as this may sound, one of the main reasons we are seeing the wrenching volatility and massive point swings on the Dow, credit markets locking up and the yields on Treasuries going negative is because of panic. Most Wall Street watchers concur that when you could hear that giant sucking sound of money leaving money markets a week or so ago (bound for safety deposit boxes or the redoubtable mattress) we were witnessing a 1930's run on the bank, "Y2K" style.

So thanks Jim, for pouring gasoline on the fire. Just as Harry Reid should be castigated for making that totally irresponsible remark about a major insurance company being on the verge of bankruptcy (last week), Cramer should be told to "...put a sock into it". What value is Cramer adding by warning that we are near Great Depression part 2? This borders on yellow journalism and only serves to cause more people to panic. And panic, after all is one major reason financial markets are in a catatonic state.

What everyone needs to do now is pause for breath, and maintain their composure. I grant that Cramer can be entertaining, in a "Bo-Bo the Clown at the state fair" kind of way. He gets credit for his enthusiasm and for getting so many people interested in the stock market. Without a doubt, millions more Americans are involved in our financial markets due in large part to Cramer's Mad Money show on CNBC and to his many books on the subjects of trading and investing.

That he has played Pied Piper, however and led his flock of lemmings off of a few cliffs in the last few years is beyond dispute. Perhaps this is one reason he will not publish any kind of an index of his recommendations is somewhat suspect (I know, I know.........the lawyers); but still. He was nearly rhapsodic about such stellar companies as: Crocs, E*Trade, Sirius and a host of other stocks that have gone "ker-flooey" since he turned somersaults recommending them. Oh, and then there's Google (GOOG).

Last year, every time GOOG would hit yet another high, Jim would say it was going higher. If it hit $600, then it was going to $700. When it hit $700, well then it was going to $800. At that rate, the stock would be at $3,800 by now........that is if it weren't for this little crisis we are going through. Granted, Jim was not the only Google cheerleader on the Street last year. I just wonder how scientific his recommendations are or have been. To that I am sure he would counter, "Hey! The trend is your friend."

Well then who needs Cramer? If all you need do is follow a prevailing trend, I mean: a monkey could do that........................speaking of which, what ever happened to the monkey on http://www.cramerwatch.org/? I have been tempted to time his show, Mad Money, in order to see just how much real analysis and advice he gives up in the 60 minutes allotted. I haven't had the time or patience, but I would venture this guess: when you subtract the commercials, the countless "boo-yahs", the frat house buffoonery and the shameless book "promos" you are probably left with a 20 minute show; if that.

I have no doubt that people have made money trading with Jim. I also am certain that people have lost a lot of money by acting on his advice. If you watch his show for comic relief- and these days that is just what we all need- then OK. If you watch his show looking for sage investment or trading guidance I'd suggest watching Fast Money instead.