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Cramer's 'Mad Money' Recap: Housing Nightmare Over


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2009 Jun 16, 2:03pm   3,007 views  11 comments

by smith5550john   ➕follow (0)   💰tip   ignore  

http://www.thestreet.com/story/10517523/1/cramers-mad-money-recap-housing-nightmare-over-final.html?cm_ven=GOOGLEN

OK, there you have it.  Cuz Cramer said so.  Time to shut down this site now Patrick.  It's time to buy a home now that everything is rosy.

#housing

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1   waterbaby   2009 Jun 16, 3:34pm  

he knew....bearstearns.....:(

uh oh.

2   cashmonger   2009 Jun 16, 3:57pm  

He is absolutely, positively full of shit. Suddenly everyone has jobs too?

I recall him telling people back in 2007 to walk away from their houses if they were 20% underwater.

3   jetdryvr   2009 Jun 16, 4:09pm  

Yea, I couldn't take it and posted this in yahoo (SKF message board)

Cramer on Crack?
17-Jun-09 12:27 am
Lets see....Just a few indicators here:
1. Unemployment-Going way up.
2. Forclosures and Pre-forclosures-New wave just started.
3. Hidden REO's by the banks: 600,000 houses in US, 80,000 hidden in California alone.(est Realtytrac)
4. Interest Rates: Going up in the last couple weeks(which aren't reflected yet in the starts yet)
5. Commercial property: Just starting to get ugly.
6. Prices: Still dropping in Cali. Check case-schiller elsewhere.

Boy, It sounds to me like it's time to buy up those bank stocks. Things are just fine.
BTW-I think Cramer painted himself into the corner. If he waited until it was past his June deadline then he was "wrong" on the original prediction. If he gambles (and says it's over) and it happens to start turning around then he at least has a chance of saying he was right.

The only caveat I have to all of this is: The current administration does have the printer, so even though I may be right, you never know the degree they'll go to to prop up the banks.

4   Cvoc13   2009 Jun 16, 4:44pm  

Crammer is Bright, and that is in part what bothers me about his calling this the bottom, and I don't feel great when one disagrees with someone that has that much experience, and insight. He either has more info then we do, OR His area the housing is done and the bottom is in. In ca. I don't feel like it is at all. I disagree with the master, Crammer, and I don't feel good about it, I have not worked at Goldman, I have not made millions / billions myself, and I have not gone Harvard as he has done all of these, so I disagree but I do so knowing I might be wrong, even though I think he is incorrect, and we are in the 5th inning.

5   der_mupf   2009 Jun 16, 8:49pm  

The $8K tax credit to 1st time buyers can be turned into $80K purchasing power via 10:1 leverage. Now congress is talking about expanding this nonsense to $15K for everybody regarless of income or prior ownership. So that's $150K of purchasing power. Of course prices will go back up once you throw that kind of money at it. The though questions are:
1. Is reinflating the housing bubble a good investment?
2. What will happen after the tax credit runs out and prices will continue to drop? Throw $30K or $50K at it?
Long term housing prices are correlated to income no matter how much money government throws at the problem. With rising unemployment and continued outsourcing that doesn't look good.

6   missgredenko   2009 Jun 16, 9:54pm  

Cramer's been dead wrong so many times I don't know how he still has a following. No one gets it right 100% of the time but he's had some real doozies.

The world governments have thrown trillions of dollars into the global economy so of course we're seeing some upward movement in the numbers. But fundamentals go unchanged. The bad assets need to be purged from balance sheets and asset prices need to be in balance with incomes but instead the tax credits and other programs are setting up new potential FBs. Doesn't look over to me, just slightly delayed.

7   elliemae   2009 Jun 16, 11:37pm  

Well, I for one am glad it's over. To all you nay-sayers, go ahead and live in your comfortable little worlds. There's been too much negativity on this site and I'm just glad I took no part in it. :)

But I'm gonna borrow as much money as I can and buy every house I see - and use a realtor in EVERY transaction - plus I'm going to run naked down the street tossing flaming hundred-dollar-bills into the air. Then I'm going to start a church, where we all pray to a bald statue of Cramer.

And to you doubters who ask yourselves "if he told you to jump off a cliff, would you do it?" My answer: "Yeessssssssssssssssssssss! (splat)

8   cwcarroll   2009 Jun 17, 12:17am  

Well, elliemae, then I think you should go out and do JUST that. Do it NOW. You'll make a lot of realtors happy. Lord knows they need it. While you are tossing burning bills around, we will continue to be judicious and save ours. With the coming wave of Alt-A/Option ARM resets... continued record unemloyment... still falling values... huge shadow inventory (manipulated by the banks)... growing fractures in the high end/jumbo market... and teasuries/interest rates on the rise... its hard to imagine any downside risk. Am thinking your coffee has too much caffeine ;-)

9   grywlfbg   2009 Jun 17, 2:32am  

Crammer is Bright, and that is in part what bothers me about his calling this the bottom, and I don’t feel great when one disagrees with someone that has that much experience, and insight. He either has more info then we do, OR His area the housing is done and the bottom is in. In ca. I don’t feel like it is at all. I disagree with the master, Crammer, and I don’t feel good about it, I have not worked at Goldman, I have not made millions / billions myself, and I have not gone Harvard as he has done all of these, so I disagree but I do so knowing I might be wrong, even though I think he is incorrect, and we are in the 5th inning.

Cramer is either stupid or malicious. Very little about getting/being rich has to do w/ hard work or capability. It's about being born to the right people at the right time, going to the right schools, etc. You think people who work at Goldman are somehow smarter than other folks? Hah. If they were smarter they would have seen the asset bubble coming and wouldn't need to go crying to their cronies in the govt for bailouts.

Cramer is a hack.

10   Vicente   2009 Jun 17, 8:12am  

Watch this 1997 Jim Cramer interview:

PBS Frontline: In the news Cramer vs. Stewart

So the snake oil he sells, the fantasy they want to addict you to, is the same as that of horse-racing. Pick the right horse and ride it to the finish line to riches

Jim Cramer: If you had bought Merck in the 1950's, just bought 10,000 shares of Merck, instead of buying US Savings Bonds, you would not ever have to work again.

This is a corrosive crazy notion that should be TREATED not promoted. There's nothing in there about doing hard work or bringing something new into the world. All you have to do is be some schlub with a few bucks who puts it on a horse named Fat Chance, or in his terms a pharmaceutical company. Or more importantly that you have given this money passively to Wall Street so they can play with it and skim off the top.

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