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This is March 2008. This is the height of the global financial crisis, you understand? When everything was liquidated, when everyone who tried to hide it saw that everything was coming true. Everyone knew what was happening. It can't be that this man, a former hedge fund manager, did all this. He was playing for relegation.
He knew, he knew about shorting. He knew about hedging everything. He couldn't possibly think, "Hey, guess what? This will all pass." However, he appeared on his show when it was at its most popular. And this is what he said. So Peter writes, " Should I be worried about Bear Stearns from a liquidity perspective and take money out of there?
" No, no, no. Bear Stearns is fine. Don't take your money. It's really nothing to worry about. No. Hey, it might be a bumpy ride for a while. Hey, you know, there's a lot of fear right now . So, you know , you know, you know, just wait out the storm or, hey, let's see how this plays out. No, we are literally in the epicenter of a hell of a financial system collapse.
Someone comes in and says, "Hey , dude, I'm worried about this. Should I take the money while it's still there?" So Peter writes, "Should I be worried about Bear Stearns from a liquidity perspective and take money out of there? " No. No. No. Bear Stearns is fine. Don't take your money. I just, really, if there's one conclusion other than that Bear Sterns is not in trouble.
I mean, they'd rather be absorbed. Don't move money with Bear, it's just stupid. Don't be stupid. Okay, so you understand what's causing the agony at this point. I know you talked about it. This is finance led by Bear Stearns after what is essentially a bailout from the Fed. Bear Stearns shares fell 90% this morning.
And it's not just talk about it. This is finance led by Bear Stearns after what is essentially a bailout from the Fed. Bear Stearns shares fell 90% this morning. And it's not just Bear. Almost every bank is falling sharply in morning trading today. Lehman, which is very similar to Bear in its dependency.
I'm not criticizing Cramer for making a mistake. I am wrong. Everyone makes mistakes. You can't be right all the time. Okay, that wasn't the main goal at all. The main thing was confidence. Some might say, "Well, he was just trying to stop the bank run. He was just trying to calm investors." No, nothing like that.
No, nothing like that. It was, it was, it was do everything you can to convince people to hold onto their money while we take everything we can before this bailout happens because the negotiations with the government are taking days. It doesn't just happen one morning when the government comes in and says, "Hey, you know what?
We'll save you, but we're taking control of everything." Or: "Hey, we'll buy you out." Hey, cool. Thanks to this , this process continues, and this is a big club, and you are not in it. I can't prove it. Okay, I can't prove it, but I don't think it's necessary. I think that public opinion is well aware of the fact that he was so confident, not just that he wouldn't go bankrupt, you're out of your mind .
On the contrary, it will be, it will be redeemed, it will all be redeemed. You will get all your money back. Do n't even think about it. It's pointless to withdraw money during this global financial crisis, when stocks have fallen 40% in the past week. It's pointless to even think about getting rid of your money.
No, no person with an IQ above 70 would think that without any hesitation. Yields fell by almost 30%. Large companies like Goldman Sachs fell by 8%, Citigroup by 8% . So this morning, the pain is felt everywhere. And as you know, all of this comes from the shock this weekend that JP Morgan, along with the Fed, were going to bail out Bear Stearns at $2 a share.
That's $2 per share. Two months ago it was worth $100 per share. So, yes. So , again, you know, it's not about blaming others for mistakes. I am wrong. Everyone makes mistakes. But to think that he wasn't an exiled Cossack... Do you understand what I mean? It's not that he was the only good one. There were other people too.
It was the whole industry. The industry wanted just one person to be that person. You have all these news organizations, all these companies, all these different "whatevers." None of them had their own stock expert. Why was there only one guy on one channel who was an authority on stocks? Because that's how it was intended.
You cannot have different opinions. You need one coherent thought. Remember how he invited Elizabeth Holmes and Theranos there ? Not everyone knew she was a fraud back then, but he never asked any awkward questions, right? It's like, you know, it's a design, and it's just what happens. You know, you find yourself in that position, and now he's become more of a meme, but he's still the guy that your parents and grandparents remember because that's how it was arranged.
That's why you're blocked from the start. Oh yes, Jon Stewart. I I I disagree with Jon Stewart on a lot of things, but I think a lot of people...I don't compare myself to Jon Stewart one iota. But there's one thing I respect about Jon Stewart: whether I agree with him or not, he was genuine and stood up for his beliefs, and I appreciate that.
I respect that in people. I don't know if you saw this. Now tell them where they buried all the toxic derivatives, which will be a very interesting sight when 10- year bonds go up. We have published a solution to this problem. This is not a "[ __ ] on Jim Cramer" day. It's just that someone asked me a question and it became relevant.
President, how did we get to this point, Mr. Kramer? It seems that on Thursday night on The Daily Show, host Jon Stewart criticized CNBC financial expert Jim Cramer. I can't reconcile the brilliant mind and market intelligence you possess with the insane delirium I see every night. There's a demand for that, and you give it to them, and I think...
there's a demand for cocaine and prostitutes too. Oh, but I'm too harsh. Oh, but if I say that, I'm a [ __ ] immature [ __ ] and who else...You can't talk like that. Jon Stewart doesn't do that. Oh, we adore Jon Stewart. He is so eccentric. He's like, "Oh, I have ..." he's like, he's really like me.
He is my spiritual mentor. They sat down. You knew what the banks were doing and still advertised it for months. There it is, right there. You knew what the banks were doing . No expert knew what the banks were doing better than Jim Cramer. No one. Caught him red-handed . the whole network was. And so now pretending it was some You're not a Jon Stewart fan.
Oh, sorry that damn Sean Hannity and Bill O'Reilly aren't on the air right now. That this was a crazy tsunami that happens once in a lifetime and that no one could have predicted is at best disingenuous, and at worst criminal. Like a prosecutor pressing an extremely uncomfortable witness, Stewart argued that the financial network, and by extension much of the business press, had created a false sense of financial security in the public.
Some will say: well, that's good, because you know, there were a few other moments when panic could have set in, but everyone somehow calmed the nerves. That's why we have stock market trading halts to keep everyone calm. Everyone lost everything. The only thing that calmed the nerves was slowing down the process enough so that those who knew could get out before the collapse.
That's all it did. That's all it did. Damn it. The longer I hold back, the more I sound like a damn leftist . The "bulls" and "bears" compete with each other. But as Stewart himself said , Jim Cramer wasn't the real target of his anger. A voice of experience you can trust. And CNBC is essentially a symptom of what has happened over the past year and a half.
It's a network with a very small audience , about 300. No, I say that because a lot of people who identify as left-wing don't understand how money works. So it's funny but very real people understand how money works but either refuse to act on it or use that knowledge for the wrong reasons one with a non-stop, sometimes hyperactive intensity focused on the daily movement of the markets it was another one of those days: up and down, up and down, and the reason they exist is because you guys are so easily provoked to do this every moment that tomorrow will be the wrath of Stuart so, again, I'm not attacking anyone or criticizing people for having wrong ideas.
You are guessing the future. Here's what you do. You guess what else. You are guessing the future. But there are two things. First, you have to let people know that you can't be so confident . And if you are sure, understand that there will be consequences. But in this case, they knew it would happen.
It was insincere. It was insincere. This was intentional. You can't say he truly believed that people should keep their money in Bear Stearns and that everything would be fine. This is impossible. This is impossible. Does he believe that with their coverage and lack of skepticism, most of the press painted one picture for Do you know how much he earned?
Well, I, I do n't know. I don't know. This is all just speculation, and, you know, damn it , I do n't know anything at all. But I wouldn't be surprised if he was guaranteed a contract until he died after he did it . The public, although knowing full well that the reality was completely different, that this was a game that you know is going on, but you go on air on a financial channel and pretend that nothing is happening.
In fact, says the New Yorker financial columnist , yes, it was, it was wild. Travels writes an article about celebrity bad behavior. A very serious question. Thanks for your You know, like I said , I don't blame Jim Cramer for the [ __ ] global financial crisis, right? But I mean , I don't even remember why we got into this [ __ ] topic. Why did we come back to this topic? What were we talking about?
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