Sunday, April 6, 2008

Cramer's Been Stealing From Me!

Oh my god, it just hit me yesterday when reading CNBC to see what not to do. Cramer, in a shockingly bearish tone, rants that we should fight any homeowner bill from the gov't because it is in fact, just a large tax rebate for the builders. He suggests that you should call your house rep and insist that they vote no on any such legislation. Stellar idea! Too bad I had it months ago. May I refer you to my archives, 2/7/08, "Not a Pot to Piss In." Fortunately, I had taken to listing the task of the day (TOD) with each post because I can't archive them. I think you'll see that the TOD is "If you actually put money down on your house, write your congressman about not bailing out sub-prime losers." Ironically, that post also mentions how CNBC had trotted Cramer out that morning to blah blah blah the bearish news of the day....Geez, man, at least give the Ax some credit. Isn't it enough that you get to control 2 of the top 5 financial websites?

Keep faith, however. I will continue the good fight! Oh, to pile on the homebuilders a little more, here's some more S. Florida anecdotes about how abysmal the market is. Centex has a community that was supposed to open in 2006, but due to the houses being built on former farmland and a gun range, elevated lead and arsenic levels were found. After treating the soil and lowering prices by hundreds of thousands, the original purchasers/investors of homes were invited back to "preview" their homes. Of the original 70, 2 came back. Two. Yep, let's give these guys $6 billion, please.

4 comments:

Anonymous said...

Back to Basics

Ax, can you give your bet on the finals for NCAA Mens B-ball. After all this is a betting blog and one that focuses on sports.

Thanks again

Anon

AX said...

Man, Kansas looked good yesterday. But Memphis has that wacky offense that no one else uses and they're scoring a bunch of points. going with memphis despite my hatred for Calipari.

Tiger Coach said...

Ax... Great analysis.

I look as Cramer more as a big mouth analyst. Do you in your heart of hearts really think that people make financial decisions based on what he says? Let's face it, Cramer is all over the place.

Buffet doesn't speak often, is usually right when he does speak, and seems to have earned the "trust" of his followers.

Imagine if Cramer started a leverage buyout company...

AX said...

Unfortunately, TC, I think there are many naive investors out there who take Cramer's word and books as gosphel and the only source of investment advice they use. If you go to TheStreet.com's stockpickr section, comments are usually references to Cramer's recent picks and ideas, scary!