Jim Cramer on November 6, 2008

Evan Soltas sent me the following Jim Cramer blog post, from the day I referred to in the previous post:

TheStreet.com’s Jim Cramer says the paltry half-point cut means we’re headed lower once again.

Wrong!

The European Central Bank needed to move in lock step with the Bank of England. It left us hanging with a half-point cut.

That means we’re sunk again.

The near-term tug of war just got uglier. Without the ECB cutting as much as the BOE, we have no reason to buy.

Period.

Last night, in a meeting with a bunch of hedge fund managers, there was uniform agreement that the market has to be bought with huge rate cuts, that you need to ignore the near-term Cisco (NASDAQ: CSCO) (Cramer’s Take) (to use the generic version of crummy earnings) and go with the Wells Fargo (NYSE: WFC) (Cramer’s Take) offering that will make it so lending will come again and demand be spurred.

Without ECB and BOE in lock step with huge cuts, we go down. The persistent bid — made up of the room full of people I was with last night and their ilk — needed big cuts.They didn’t get one.

They will sell.

Cisco overshadows BOE because ECB didn’t go along.

So we’ll go lower slower than we would have otherwise.

If someone can find a video of his CNBC discussion on that date I’d be greatly obliged.

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7 Responses to “Jim Cramer on November 6, 2008”

  1. Gravatar of Lars Christensen Lars Christensen
    19. January 2013 at 06:20

    Scott, Jim Cramer has absolutely no credibility on this issue – back in 2008 he was calling for both the fed to hike and to cut.

  2. Gravatar of RebelEconomist RebelEconomist
    19. January 2013 at 06:42

    @Lars Christensen, interesting if true, but I doubt it. Do you have any evidence that Cramer called for a Fed hike in 2008? I would be amazed if a stock fanatic like him had EVER called for a Fed hike, let alone in 2008.

  3. Gravatar of Mike Sax Mike Sax
    19. January 2013 at 08:12

    Of course, Cramer is most famous for going after Bernanke for not cutting enough on Squawk Box with Erin Burnett. He really went off that day. It was great.

    “He has no idea how tough it is out there, no idea! No idea! He’s nuts, their nuts!”

    http://www.youtube.com/watch?v=rOVXh4xM-Ww

  4. Gravatar of Mike Sax Mike Sax
    19. January 2013 at 10:08

    Ok I guess you saw the video-LOL. Anyway I did watch it at the time and it was awesome. In those days there was money to be made in the market-when it dropped as well.

    Oh well, memories..

  5. Gravatar of Lars Christensen Lars Christensen
    19. January 2013 at 12:33

    Rebeleconomist, I might be overdoing it here – but he was surely going back and forth. One week he was strongly against monetary easing – the next he was against it. I am sure you can find it if you want to go through all his shows, but I frankly is no fan so I don’t want to waste my time on that.

  6. Gravatar of ssumner ssumner
    20. January 2013 at 07:22

    Lars, When I praise a quotation, it should NEVER be interpreted as overall praise for their views in general. So you may well be right.

  7. Gravatar of 2013 NOVEMBER AFR 2013 NOVEMBER AFR
    21. January 2013 at 08:33

    [...] TheMoneyIllusion » Jim Cramer on <b>November</b> 6, 2008 [...]

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