Transcript is available from Greg Mitchell over at Editor & Publisher. One short excerpt:
[CR} Will capitalism be different?
[TG] I think capitalism will be different, and the financial system will be dramatically different. It’s already dramatically different. Again, if you look at the scale of adjustment and restructuring in the financial system, it’s already happened. It’s profound in scope already. So if you just look at the system today relative to what it was through three years ago in terms of the institutions that existed then, and their basic shape has changed dramatically. And there’s going to be more changes ahead. But I think it will emerge stronger. This will clean out a lot of the excesses and bad practices, and those that don’t get cleaned out just by experience and knowledge now, better regulation oversight, better rules to the game, enforced more cleanly, we’ll fix.
I’m still in the camp of giving some time for the new policies to have an effect. There’s allot of pre-judging and knee jerk reacting going on and patience is called for. The markets SEEM to be turning positive.
this is why we are where we are:
Jim Cramer Shorting Stocks, Manipulating Markets, Saying The SEC Doesn’t Understand
-On the truth: “What’s important when you are in that hedge fund mode is to not be doing anything that is remotely truthful, because the truth is so against your view – it is important to create a new truth to develop a fiction,” Cramer advises.
http://www.huffingtonpost.com/2009/03/11/jim-cramer-shorting-stock_n_173824.html
Cramer is self-destructing. He’s going to be on the Daily Show tomorrow night.
I don’t think there is any doubt that Tim Geithner’s inaugural performance was pathetic and his way of communicating incompetent, which led to an escalation of trepidation.
Cramer will survive, because that’s what he does. He’s always one of the 3 I watch, as I’ve written, not because I agree with him, but because he always ends up at the center of whatever economic storm is brewing. He’s a weather vane in that respect.
I think you are misreading what is going on with Cramer. Stewarts mockery has caused other outlets to sit up and take notice, and they’re starting to shine the light on Cramers illegal manipulation of the market for personal gain.
We’ll have to disagree. Cramer will survive. Let me add, that the scrutiny is long overdue, but he’s not stupid.
Stewart took Cramer and NBC/CNBC to task last night, oh, and Morning Joe too. It was hilarious.
On Geithner, I am withholding judgement. Can’t imagine that the administration would have fought so hard for him, if he wasn’t brillant. A great communicator? Not so much. But if I had to have brain surgery, I would rather have the the smartest-mfer on the block, rather than the soothing and TV-ready Sanjay Gupta.
Also, I think they are going to make major changes to our financial systems, and of course the greedy market/and or crooks, don’t like it. Its going to take their cash cow away.
I was up late last night, being a worry wart over stuff. So I watched Geithner.
I liked him in the end. And then I didn’t like him.
Here’s my sum-up.
He really does “get” it, sort of. He may be too much of an insider to really be astounding in global economy.
I agreed with him about his take on why nobody “got” this coming.
It was a kind of success delusion, due to the decade of growth under Bush.
Everything that goes up, comes down.
And then I was amazed by how stupid he sounded about Obama’s shotgun approach.
So, it was a wash.
I just figure that I sure am not a global economist.
I hope they are somewhat on target.
I always figure they don’t have to really hit the bulls-eye….just get close.
Cramer, very possibly, should be up on charges. He’s that much of slime.