You would be mistaken.
People like Jim Cramer are experts in equities and investing. But they get paid because people enjoy watching, listening to, or reading material written by them. They don't get paid to be right.
Case in point is Mr. Henry Blodgett. Remember Mr. Blodgett? He was the one who was pumping dot com stocks during the millenial NASDAQ bubble on national TV while he was privately emailing confidents about how ridiculous it was to buy these same companies.
Now, after having multiple 'come-to-Jesus' moments, he is writing and speaking about all things investing.
Donald Luskin was wrong about the biggest market movement in our lifetimes. He said there was no recession right before Lehman Brothers went under:
“[A]nyone who says we’re in a recession, or heading into one—especially the worst one since the Great Depression—is making up his own private definition of recession.’” —Donald Luskin, The Washington Post, Sept. 14, 2008
Jim Cramer, in classic form, gave this costly advice to some poor sap:
“Peter writes: ‘Should I be worried about Bear Stearns in terms of liquidity and get my money out of there?’ No! No! No! Bear Stearns is fine! Do not take your money out. … Bear Stearns is not in trouble. I mean, if anything they’re more likely to be taken over. Don’t move your money from Bear! That’s just being silly! Don’t be silly!”
—Jim Cramer, responding to a viewer’s e-mail on CNBC’s Mad Money, March 11, 2008
Remember the reason given by conservatives as to why Obama started pulling ahead of McCain ? It was the markets! Tanking markets helped Obama get elected. Now, Luskin is saying that Obama is causing markets to tank.
Now Cramer and Luskin are both blaming the Dow's drop on Obama. I do believe as they do and even Krugman that he is moving too slow with regards to resolving the solvency of the banks issue. However, last I checked, he has been in office for about 45 days.
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