"Does Roubini favor nationalization because he has people short through this RGE Monitor outfit? Is that what this is all about?"
- Jim Cramer on Roubini, May 2009
(my take - trust no one, especially perma-anythings)
May 22, 2009
And then Jim Cramer essentially accused Nouriel Roubini of being a crook
"Does Roubini favor nationalization because he has people short through this RGE Monitor outfit? Is that what this is all about?"
- Jim Cramer on Roubini, May 2009
(my take - trust no one, especially perma-anythings)
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24 comments:
By the same token, Cramer is a perma-bull because he needs a bull market to maintain his media presence and celebrity status. When the S&P 500 takes its wave three plunge to the 400 range, this clown will probably disappear.
Oh Jim Cramer the old drama queen. He's funny when he has a core meltdown but otherwise no one should pay too much attention to him. Really, the government should never nationalize any company. It should never bail out or subsidize any company either.
Here's what happens when we nationalizbailout Chrysler and GM and merge them into OM (= Obama Motors). OM will never have to turn any profit since they are getting plenty of government cheese to the tune of 30-40 billion a year. That will create an oversupply of cars and make it very tough for companies that have to turn a profit, such as Ford, to compete. Sooner or later Ford will go belly up and become another subsidiary of OM which then burns through 50-60 billion a year. Now we've created a company that is too big to fail (think jobs, unions etc.) and will never ever be profitable.
Same is true for banks. Why try to be prudent if you can be a high roller. If you win you get to keep the loot, if you lose the tax payer gets stuck with the bill.
It doesn't take a Nobel lauriate to see that an economy based on those principles won't do too hot going forward. This is a recipe for disaster. One thing Obama has in common with Bush will be that the economy will be in worse shape by the time he leaves office. By then China will be the dominant economic force in the world and our standard of living will have taken a substantial hit.
I don't trust starry eyed optimist who want me to believe that things are going to get better without giving me a list of fundamental reasons as to how this can happen.
What will this new house be built on?
Where will all these new jobs come from?
What will we manufacture?
For someone who is smart enough not to follow religious dogma, you sure are expecting us to believe in something intangible.
In other words, you expect us to have faith.
That is why they call it "Mad Money".
DP
Keith, if you're long right now I think you should be very picky of what you buy, even if you're starting to believe the incessant rants coming out of Cramer's @$$. There could be a couple winners in this crony market, like GS will go up even if the CEO is caught abducting and eating children, but this little Treasuries bubble is already looking long in the tooth, and if it craters, I think the pain will be universal.
Follow the bubbles...there will have to be a gold bubble after the tbill bubble.
jim cramer is a crook.He should be off cnbc.He is an embarassment.
short this market.
Outrageous behavior on Cramer's part. I have little respect left for Cramer, if any.
Who says Roubini is a perma bear? The short skirted, blonde barbie dolls / cheeleaders and frat boys of CNBC? The home of Larry "The GOP Political Hack" Kudlow? (IT'S GOLDILOCKS I TELL YA, GOLDILOCKS!) The home of the self proclaimed "Sad Clown" Cramer?
CNBC? OH! You mean G.E. Got it.
Roubini has time and again been a realist and constantly tells people that he's not a perma bear, not "Dr. Doom" or any other label that the moronic MSM like CNBC wants to hang on him.
Compare Roubini's record with ANYONE on CNBC. After you do that, I suggest serious investors watch Bloomberg. CNBC is for the dumb retail money.
Jim who?
That's rich; after The Daily Show...
after which he thumbed his nose at us all.
"...yeah, all right; now back to business as usual..."
So how's that unconditional Obama loving going for you Keith?
Rachel Maddow Goes After King Obama on "Prolonged Detention"Man, what a joke.
Have we worked out that both parties are controlled yet people?
-Gonzo
Let's see, if you followed Roubini's advise to date, you would have lost nothing. Cramer's, you'd be down about 40%.
Crook or not, give Roubini credit where credit is due. The man called it (and saved my ass).
"THIS TIME IS DIFFERENT"http://www.cnbc.com/id/30886432
A difference in degree (of debt) now makes it a difference in kind.
Throw the old cyclical economic models out. They've gone by the wayside, along with the old 20th century U.S. economy.
Uncharted waters for the USA economy. May I suggest a model that fits better? Hint: Think Argentina.
Well. I guess talking about Cramer is a step up from comparing the waterboarding of three terrorists with the extermination of six million innocent Jews.
Yep. This 21st Century American life sure is rough. Better up the dosage on those anti-deppresants.
Moody's. Standard & Poor. Fitch.
Located where? USA, USA, USA.
And where do they send millions in lobby dollars? K Street.
Yet they supposedly rate the credit worthiness of the very gov't they buy.
Anyone see a conflict of interest here???
18 months later, after trillions in a money bomb, after quarter after quarter of recession, the USA still has the same credit rating. AAA.
http://tinyurl.com/76kl99
Are they 3 blind mice?
Or are they 3 dirty rats?
Trillions in stimulus. Few new jobs. Silly, silly monkeys!!!
http://tinyurl.com/q3z9r5
Cramer was right
Then he was wrong
Roubini was right
Now I think he's wrong
When the data change, you must change, otherwise you get killed
Perma-anything is a really, really, really dangerous way to be
Why do we refer to the take-over of banks as 'nationalization'?
Noone ever called it that during the Savings and Loans crisis when the RTC was formed to take-over Savings and Loans, melt them down and sell them for scrap.
But now that we're talking about taking over the big banks to split up and sell, they have us all using this dreaded 'nationalization' word.
'Nationalization' would only be accurate if the intention was for the government to take these enterprises over and run them, which they don't. It's a totally inappropriate term.
Cramer calls it 'nationalization' because he is the puppet of Wall Street and a whore without a shred of decency or credibility.
What happened to SKF eating the world?
http://sootandashes.blogspot.com/2009/02/soot-and-ashes-ten-point-plan-to-stop.html
Do you think we shouldn't ban the ultrashorts now?
Thanks.
but for the fact it may take one to call one.....as*holes all..........
I's slap his ass with a defamation suit so fast it would make his head spin!!!
roubini had street cred when he was working his blog....he sold out and went to Davos...now Mish kicks his ass
Re: the new mandated cars. I can't afford to buy one at any price. I have a paid off car. I do not feel comfortable taking on debt for another car. Many other people have said the same thing. How are they going to get people to buy these?
They ALL talk their book, eos.
Anton Chiguhr
ps - I only listen to Seth Klarman, Buffett and a few others.
Keith - note that Paulson bought a ton of BAC.
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