What is Digg?Warning: The Content in this Article May be Inaccurate
Readers have reported that this story contains information that may not be accurate.257 Comments
- RaysinX, on 03/17/2008, -16/+153This is taken out of context he is actually saying that you don't need to take money out of your Bear Sterns ACCOUNT.
buried as inaccurate
On a side note, the fact that he even has opinions on all of these individual companies is impressive in itself, and although his picks in the "lightning round" are often criticized, his picks in his opening segment are outperforming the market - platinumrod, on 03/17/2008, -1/+87Actually, the question was whether or not to pull money from a Bear Stearns account, NOT whether to sell its stock. Since the FED guaranteed all Bear accounts, that money was and still is protected. So Cramer was right, but people still think he was talking about the stock. He clarified that today on CNBC.
- canewediggit, on 03/17/2008, -14/+99just saw his response to this call; he's claiming the question was about the bank, not the stock. he said the response was fine because if you had your money in the bank, it was/is guaranteed so you're ok and his statement had nothing to do with the common stock.
- airiox, on 03/17/2008, -13/+63This is ridiculous. The FCC is a joke. Bears was valued at 3.5 billion according to their stock price just a few days ago. Now JP Morgan buys Bears for a shanty town price of 236 million. "Biggest Theft in History"
- imacommi, on 03/17/2008, -21/+58I'm not a big fan of Cramer but this is was really hard to predict. I can't remember the last time a bank the size of bear went down. Things are going to continue to get worse.
- dksupremacy, on 03/17/2008, -6/+42You automatically fail if you buy a stock you know nothing about......and asking other people what to do with it.
- pappaj333, on 03/17/2008, -8/+42Buried as Inaccurate.
The question was about liquidity and getting your money out of there. It's a FREAKING BANK people.
The title is wildly in accurate.
He might have been more clear at the time, just to avoid confusion. And in theory, anyone pissed should be pissed at his clarity, not his accuracy.
But he was completely (and stunningly... ie, "takenover") accurate.
Thumbs up to him. Thumbs down to the original digger. - maeon3, on 03/17/2008, -7/+38Cramer was talking about money IN the accounts which are FDIC insured. He wasn't saying to not sell the stock. He said the stock was in good condition though. But nobody is perfect, sometimes you pick a loser.
- inactive, on 03/17/2008, -31/+53A fool following Cramer's advice, and his money are soon parted...
- slapded, on 03/17/2008, -7/+28timberrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
- DuffyDirect, on 03/17/2008, -4/+24i like how this thing went down and suddenly everyone who posts on digg has an opinion and is an investment managment expert
- inactive, on 03/17/2008, -2/+20He says nothing about stock. Did you watch the same video linked here? He's talking about moving your account away from Bear Stearns.
- colincornaby, on 03/17/2008, -5/+22FCC as in the people who decide what we can watch on TV? http://en.wikipedia.org/wiki/FCC
- inactive, on 03/17/2008, -3/+19....than can you explain to me why is Cramer showing a stock chart while talking about someone's "bank account"?
- Shorties, on 03/17/2008, -2/+17Well in his defense (Hey I don't like him either but lets be fair) he did say they most likely would be taken over in the clip.
- ornellasm, on 03/17/2008, -5/+20hard to predict=! impossible to predict, Jim Cramer has had huge successes in the past and huge failures (like in this case.) To say no one should predict how a stock does is asinine.
- jdh24, on 03/17/2008, -2/+16zero. bear stearns still has its own stock
- hc5831, on 03/17/2008, -3/+17It's clear he is talking about money in the bank, not the stock. Attention to detail people...
- jstohler, on 03/17/2008, -15/+28If it's hard to predict, then Cramer should be trying to predict it. That's what's wrong with people like this: they take things that are inherently unknowable and pass them off as fact in order to make money themselves. (In Cramer's case, as a TV "expert.") It's *****, and everyone needs to call him on it.
- 47f0, on 03/17/2008, -1/+14To be fair... he did say "If anything, they're more likely to be taken over.", which was accurate. And he was talking about a classic "bank run", which is still possible, and still a danger, even with the Fed backing the money.
- quigley0, on 03/17/2008, -2/+15Yeah, i am not a Cramer fan, but, i did get the feeling he was talking about moving money from my account.
- kevcool, on 03/17/2008, -4/+16"Bear Stearns is not in trouble" coupled with "candidate for takeover" clearly point to the fact that he was talking about Bear Stearns common stock - rather than a custodian of your money. Of course your money is safe with every custodian (at least $100k of it) due to Fed-backed insurance.
- rabidrabit, on 03/17/2008, -4/+16I do remember him talking up Etrade as a great buy right before it crashed.
- econoar, on 03/17/2008, -2/+13JPM is trading at 40...Bear Sterns at 2...so you get 1/20th per share...so not 100...about 4
- wild, on 03/17/2008, -4/+14Like 4.
- iheartboobs, on 03/17/2008, -3/+13buried as inaccurate
- tdog138, on 03/17/2008, -2/+10I thought Cramer can't personally hold any equities, due to his TV contract. That is why he runs his "charity" portfolio. He had to completely get out of the stock market when he left Goldman Sachs and moved into journalism. Or am I wrong?
- heystoopid, on 03/17/2008, -2/+9Nice to see you failed economics 101 , like the TV dude and suddenly forget about the $38 billion dollar non repayable bad debt on the books thus the net worth was in the last three years went from zero, nada , zilch to minus mucha lotta wall to wall non repayable overvalued yankee dinero ?
Nice to see your did not bother to look up the company's filed annual stockholders report and balance sheets , perhaps you should read them and rephrase your comments again !
The '06 report would indicate that some where between 2003 and 2004 the companies board of directors and internal audit committee totally lost the plot and embarked on the program that ended in the debacle it always was going to be !
The companies external audit note on the '06 report speaks volumes as to the impending disaster of an implosion , as it merely cites US Government regulations and nothing more , the last sentence in the final paragraph is very telling indeed ! - airiox, on 03/17/2008, -4/+11Yeah sorry, lol. So many FTC, FEC. All those federal agencies that want to ruin America get me confused.
- jstohler, on 03/17/2008, -5/+12Cramer: "Hey, there's a fire in the building! Everybody should jump out the nearest window."
You: "Wait -- there was no fire in the building, but you caused a mad panic in which a lot of people got hurt."
Cramer: "Don't blame me -- you should have checked it out for yourself. You should thank me for opening your eyes to the possibility that there might have been a fire." - dbt10, on 03/17/2008, -1/+8Cramer himself says that they will get bought out.. CLEARLY has nothing to do with the stock price, rather than the money stored in the bank... a big thumbs down to every smug pretentious person who has no idea what Cramer's context was and like assuming that he's a member of Illuminati. It's people like you who bring down markets by reducing expenditure at every small shock in the market, or who create bigger problems by borrowing with no ability to pay back loans.
Yes I'm slightly bitter haha. - airiox, on 03/17/2008, -3/+10FTC... My bad. Also if you take in account it was selling at $60 as recently as a week ago and $80 less than a month ago. It should be valued at 7-10 billion instead of the 3.5 I previously stated.
- inactive, on 03/17/2008, -7/+14Here's the deal about Cramer: If you need his advice, then you still somewhere deep down inside believe that you'll get rich quick playing the market--which is of course, almost never the case. If you don't need his advice, then you already know that playing stocks is the second best way to lose your money (the best way being a poker table in vegas).
To put it bluntly: if you're watching him for anything other than mild entertainment, youre screwed. - Renian, on 03/17/2008, -2/+9Benjamin Graham just lol'd in his grave.
- gossipninja, on 03/17/2008, -2/+9buried as inaccurate, this was a question about liquidity and money in an account, not in bear sterns stock. he was dead on about the takeover (which doesnt take a genius to guess). I am no huge kramer fan, but his answer was correct, to not drain your account due to market woes.
- inactive, on 03/17/2008, -0/+6Everybody on Digg is an expert on EVERYTHING. Didn't you know that? I knew that because I am an expert on human behavior. Just like everyone else here.
- theskyisblue, on 03/18/2008, -0/+6Um.. sorry but Cramer talks about stock picks, not putting your money into a bank. Hence why there is a stock chart showing a descending channel for BSC common stock. They are an investment bank, they structure portfolios and deals for individuals and other companies. You can't get a Bear Stearns checking account.
- glitchbit, on 03/17/2008, -5/+11..digg reflects why so many people don't invest money..
THIS CLIP IS NOT ABOUT INVESTING!! (digg users can't even tell when cramer is not talkinga bout investing)
This clip is about someone wanting to take their money out of their bank because they are afraid of losing all their money they have in their bank account with this bank. If you know anything at all about banks then you know ALL USA banks are garuanteed to pay you back at least $100,000 due to the FDIC. - KC311Man, on 03/17/2008, -2/+8Are half you people even watching the clip? He's not even talking about stocks. He never says "Don't Sell Bear Stearns!" as the title implies. What the hell?
- inactive, on 03/18/2008, -2/+7It's an investment bank. He is talking about the ***** stock! Why are you lying, what do you have to gain?
- econoar, on 03/17/2008, -2/+7Because they sold for $2 a share...that was expected
- ernieoporto, on 03/17/2008, -2/+7100 $2 shares.
- jefuchs, on 03/17/2008, -2/+7In other news: A New York contractor warned the city that Bear was about to collapse due to inadequate supports, but was blown off.
- inactive, on 03/17/2008, -4/+9Buried for not being able to differentiate between moving your investment account to a new brokerage house, and selling your stock.
Nowhere does he mention anything about shares of BSC other than showing the price graph. - fredjoe, on 03/17/2008, -1/+6Title is inaccurate as has been pointed out, but it also sounds like Cramer called it when he said they will likely be taken over.
- ecape7, on 03/17/2008, -1/+6EPIC FAIL
- quoderat, on 03/18/2008, -0/+5Bear Stearns is not a bank, and as such, is not FDIC insured. See here: http://www.chron.com/disp/story.mpl/business/56276 ...
- Cowboy1015, on 03/17/2008, -2/+6Ahh hello??? That's stupidest excuse! He's talking about the stocks. He's show is about investing in stocks. I'm glad stopped watching his show.
- patapoof42, on 03/17/2008, -3/+7Inaccurate. "Should I remove my money from Bear Sterns" (as a client) vs "Should I sell my Bear Stern stock?" He said the first. If you can't see the difference, then I'm sorry.
- ornellasm, on 03/17/2008, -0/+4sorry, I had never really used it before, just seen it in passing. I probably should have looked it up before using it.
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