Jimmy Cramer is an entertainer, not a financial advisor. He is getting a lot of ribbing about this clip above, but I have to come to Jimmy’s defense a little bit in this specific case.
In this clip, he is NOT saying that holders of Bear’s common stock are going to be fine, he is saying that Bear’s CUSTOMERS, particularly its RETAIL customers are going to be fine. He is saying that there is no reason to flock to Bear’s door to withdraw your funds.
Of course, he was right about that. So lay off him. There’s plenty of other reasons to ridicule him.
My fellow Ephs, take note of EphBabe Erin Burnett coming on at the end this clip to report the summary execution of Bear.
I don’t know if anyone has already pitched this, but I hereby make a public offer to Jimmy Cramer’s peeps to develop a concept and write some scripts for a kid’s animated TV show, targeted notionally at Nick, based on Jimmy’s manic CNBC persona. My twelve old son is apt to remark “SellSellSellSellSellSell!” I won’t disclose the whole concept here, but Jimmy, have your people call my people and let’s take a meeting.