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How To Think About Jim Cramer’s Insane Confidence--Even For A Crazy Person--In Bear Stearns

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How easy would it be to chalk Jim Cramer’s horrifically bad guidance to a Mad Money emailer last Tuesday to keep his money in Bear Stearns up to Jim Cramer being just plain clueless? I don’t know, very? But let’s think about this for a sec. JC’s given what’s known in the business as “shitty investment advice” in the past, that’s an incontrovertible fact. But has he ever been this off? As far as we can tell, he’s not officially retarded—or Tim Sykes. So what was it then, that made him tell “Peter,” “No! No! No! Bear Stearns is not in trouble. If anything, they’re more likely to be taken over. Don’t move your money from Bear”? Once again, the answer lies with Eliot Spitzer’s love of whores. As you well know, JC was very shook up about not being brought into the inner circle of Spitzer’s prostitution ring. He was in no position to be giving counsel about anything. Once the shock of the betrayal, or as he’s been referring to it among friends and colleagues “My Personal Crying Game,” wore off, Cramer came to his senses and said the common stock was “worthless” on Friday. What we're trying to say, Peter, is that you should cross “Uncle Jim” off your To Maim List, smear some red lipstick on your mouth, and start thinking about how to make Spitzer, and not James, pay for your losses (sources in his pants tell us Silda’s already gone for the obvious, so you’re really going to have to think outside the box on this one).
Oops - CNBC's Cramer Said 'Don't Move' From Bear a Week Before Collapse [Business & Media Institute]