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I first saw this at Money, Matter, and More Musings but I don’t believe I have ever seen Jim Cramer as mad as he was in this video.
For those that missed it, you can check it out below.
Obviously, Jim believes the credit crunch in the market is really bad and that many people will lose their homes in the next few years unless the federal reserves cut interest rates. I wonder though if he is just upset because he lost a lot of money in the recent market volatility.
For long term investors, remember that the way to go is to build a diversified stock portfolio and buy whether the market is going up or down.
Cheers for market downturn, and cheers for the market upswings because we have our lives to live.
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{ 5 comments… read them below or add one }
I commented about this on other sites too, but I agree with Cramer.
I do believe that a lot of people will lose their homes if rates aren’t cut.
Is it their own fault for falling for a teaser rate? Yeah! Should they have known better? Sure!
But that doesn’t change the fact that it’s killing the subprime market, affecting a lot of financial banks as well as families.
J2R: Actually, I think the problem is with many people with good credits too. Here in Southern California, there are many families that bought “too much” house for what they can afford because everything was fine when the market was booming.
I definitely agree with the fact that it’s their own fault for not knowing better, but greed is just normal human nature and it is hard for the general public to overcome. Especially when buying a bigger house makes your family’s lifestyle just that much better.
Cramer should tell us what he really thinks…
Shadox: So what do you think he is really thinking since you don’t seem to think what he said in the video is really what’s on his mind?
Cramer must have lost tons of money in this market, including his followers.
Wakeup, guys, he is nothing but a jerk.