Oct 14, 2008 10:47 AM
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New York, 4:50 AM
Sat Mar 20
50 posts in the last 24 hours
Last week Jim Cramer set off a firestorm when he appeared on the Today show and recommended that investors take every penny they'd need for the next five years out of the market at once. If you were foolish enough to heed Cramer's advice and you sold your holdings late last week, you would have missed out of yesterday's historic rally, of course, proving once again that Cramer's track record predicting the markets is about as distinguished as George Bush's record charting the war in Iraq. But it gets better. Instead of owning up to his mistakes or simply suggesting his advice may have been a bit rash, he's changed his tune once again. According to Cramer, we've reached "the beginning of the end of the crisis." Video after the jump.
Cramer's conversion took place in a matter of hours. Before Monday's rebound, when he recorded this video, he was still bragging about how last week's enormous slide in the Dow supported his recommendation that investors sell their stocks, and he described himself as a "seer." By the time Cramer hit MSNBC on Monday afternoon—and with the Dow up hundreds of points—he was ready to proclaim we'd reached the end of the crisis. If you watch the entire video he recorded for TheStreet (which he records in his normal speaking voice, not the manic trader he plays on CNBC), he suggests that he might just turn it all in and go back to managing money. We officially second the idea!
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