Sunday, October 19, 2008

NYT profile shows now is not time to listen to Cramer; his bad advice has caused investors dearly

"Mad Money" Jim Cramer has been reduced to an entertainer on CNBC, not a worthy adviser on where to invest your money into the stock market.

He has too many buddies on Wall Street and too many posh dinner parties to attend. Like Rush Limbaugh, he is an entertainer first. To Rush's credit, he admits it. Cramer does not.

The former hedge fund provocateur made big bucks in his day, then came to serve we underlings with his wisdom. It has not served him well as of late, featuring two big Wall Street fatcats who claimed their financial institutions were prime for investment. Then they failed.

Cramer tried to make up for his grave mistakes by telling people over the past several weeks to get out of the stock market or lose 20% of their money. That got him criticism for trying to cause a stampede.

If you are wanting to know where to put your money, avoid Cramer. He has a lot to make up for and has yet to show that his wildness in giving out advice has sobered up for the times. Even before his problems, I didn't watch him. He comes off as a circus performer in a most serious business.

To read The Times' profile, go to: http://www.nytimes.com/2008/10/20/business/media/20carr.html?hp

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