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joshua’s journal

Market Meltdown?

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A guy that I think is absolutely brilliant, a market savant - Jim Kramer - practically shit his pants on national television last Friday afternoon by going on a belligerent tirade over what he views is the Fed's complacency concerning a potential upcoming major market collapse. See it for yourself here -



Its obvious that this guy thinks that we are in for some major league economic trouble, and his solution is for the Fed to cut rates. Some people are put off by Kramer because of his rough around the edges approach to his show, but keep in mind that this guy has been in the market for 25 years and personally managed hundreds of millions of dollars for Goldman Sachs. If he wasn't such an insider I wouldn't be alarmed.
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💬 9 comments

  1. chico ·

    Isn't getting worked up into a lather Jim Kramer's shtick?

  2. joshua ·

    Yeah, it is definitely his schtick, although the past few years he's mellowed out some. I've never seen him quite this bad before.

  3. drew ·

    wow. I've never seen him like this. And he makes sense. Well, not where he says he can't get a loan.

  4. bloticsblog ·

    That's his schtick, but this seems a bit more genuine. He's damned near foaming. I'm with you on the whole, "this insider's flipping out, so maybe we should take notice" thing.

  5. chico ·

    Liek-minded follow-up in a NYTimes blog:

    :::link:::

  6. dcoffee ·

    ouch.

  7. mrdeadlier ·

    I submit to you that what's more interesting is the fact that his co-host is dressed like a giraffe.

  8. chico ·

    A somewhat technical article in the Economist that discusses the international fallout from the anxiety over subprime mortgages in the US seems to add credibility to Jim Cramer's freak-out session:
    :::link:::

    Here's the concluding sentences:
    "Even cuts in interest rates ... would not necessarily address the underlying problem. Restoring faith in American mortgage markets, and the cornucopia of investments derived from them, is the bigger challenge. To do that, many had hoped this week that Fannie Mae and Freddie Mac, America's two government-sponsored mortgage giants, could step in and mop up some of the subprime loans that the private sector is too fearful to buy. But President George Bush appeared to dismiss such a response on August 8th, which may be another reason why the markets so suddenly lost their nerves once again."

  9. joshua ·

    I haven't mentioned it yet, but this Tuesday during the drive time All Things Considered on NPR, guess who was the A-1 story? Cramer - which I thought was interesting because I had heard/read about this in other media as well. He made a stink that I think is legitimate. Todays news? The Fed is dumping extra cash on a temporary basis into the bank system and there are rumors of an "emergency" meeting at the Fed to discuss possibly doing something with the interest rate.

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