Brouhaha over the Booyah: Timing Reveals All
Jim Cramer has drawn a surprising amount of media fire the past few days over his manipulation comments made all the way back in December. (I first mentioned this in our Christmas linkfest -- 12/24/06)
Why the very belated ire?
Mike Panzner makes a few interesting observations in Ringing the Booyah at the Top?. Mike and I discussed this earlier in the week, and he has a fascinating
theory: Every bull market has it's icon, and Cramer is this bull's
So why now, rather then back in December when it first uploaded to TheStreet.com site?
The timing is what makes this "revelation" truly revealing about those who would hang Jim: This is not so much about Cramer, as it is about a major shift in sentiment. The hostility is coming through now that the markets look vulnerable. Prior to the market cracking in February, no one much cared.
The same sort of action covers why Enron and Worldcom went from shining examples to Pariahs so quickly: Once money is lost, people forget the decision making process and only focus on the outcome. For investors, that is precisely backwards -- they should be process oriented, but they are not. It isn't how a ballplayer does in any given at bat that matters, rather, the on base average, total hits and runs scored over the season is what counts. However, the angry mob doesn't care about such things, they only want their pound of flesh -- and some payback.
If Cramer is the symbol of this Bull run, then as soon as it began to falter, the lynch mob came out. IMHO, it is oh so very telling about human nature and the behavior of
Has ever two more absurd words been spoken in sequence then "Rational Investor?"
One other thing: I thought Cramer "confessed" to far worse things in Confessions of a Street Addict
The infamous video:
CRAMER REVEALS A BIT TOO MUCH
NYPost, March 20, 2007
Jim Cramer draws fire over manipulation comments
Reuters, Tue Mar 20, 2007 6:55pm ET
Jim Cramer's big mouth
His revelations only confirm what dupes average investors are
MarketWatch, 12:03 AM ET Mar 23, 2007
The Least I Owe You
RealMoney.com, 3/22/2007 6:29 AM EDT
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I wonder what his buddy (and prior hedge fund limited parter) Elliot Spitzer thinks of the revelatory rant?
It's about time that the "manipulators" get spanked. Naked short selling (with no intention of actually borrowing real shares), planting lies, slander, and misinformation are all commonplace...especially from the dark side. They don't have to live by the same "rules" and laws the longs do! Regulations meant to stop illegal shorting has been utterly toothless. Why is planting an intentional lie, or MISinformation about a company any less agregous than buying on insider information?
In fact, Barry deserves much credit for raising this issue...depite being a writer for Cramer's site. I'd love to see you sink your teeth more into my points raised above. A "level playing" field demands it!
Posted by: Frankie | Mar 23, 2007 8:15:37 AM
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