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Sickening: Cramer: "Stocks are Doomed, Sell Now"
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This Link is located in the Public Channel Housing Bubble and Bear Links.
Posted by ian 1 year 251 days ago (moneynews.com). Views: 119
Tags: jim cramer wall street housing bubble |
| Related Tags: finance stocks economics business video forbes bailout peter schiff |
It's sickening that he NOW comes to the conclusion that stocks are doomed, simply because his Wall Street buddies are losing their jobs.
Cramer, we have been bearish on this site for over a year, you are WAY LATE. Not only that but your logic is sickeningly simplistic as always.
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Jim Cramer, the often loud and always bullish host of a popular CNBC show, is now bearish.
Cramer frequently tells his audience that he believes there is always a bull market somewhere, and it’s his goal to help them find it.
“But this time is different; it’s doom itself,” Cramer recently wrote in New York magazine. “In 25 years on Wall Street, I have never seen things this bad.”
Cramer is a former hedge fund manager who delivered a compounded rate of return of 24 percent for 15 years at his firm, Cramer Berkowitz.
His investment advice is always very specific, and he is also clear about what he sees over the short term.
“Sell everything. Nothing’s working,” he writes.
“Revisit when the prices are adjusted for a big recession, soaring inflation, and a crushed consumer. Sell at 12,000 and come back at 10,000. Even better: short it,” said Cramer.
Barclays Capital agrees with Cramer’s assessment of inflation. It is now predicting that headline inflation will spike to 5.5 percent by August, and the Fed will respond by increasing interest rates six times before the end of 2009.
Cramer cites Wall Street layoffs as a sign of the troubles. More than 40,000 investment bankers and sales people are expected to lose their jobs at Morgan Stanley, Merrill Lynch, UBS, Citigroup, and what was once Bear Stearns.
“We’ve had some tough times: the 1987 stock market crash, the collapse of the once-all-powerful Drexel Burnham Lambert, the immolation of Long Term Capital, the post-9/11 calamity, and the dot-com implosion. Every one of these events rocked the Street, causing pay cuts and layoffs and creating a sense of doom.”
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ian said |
| 1 year 251 days ago |
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