George Chamberlin, a business columnist for the North County Times in California, writes Sunday that “Mad Money” host Jim Cramer wasted an opportunity when he talked about manipulating the stock market when he ran a hedge fund.
Chamberlin wrote, “I admit that Cramer has always scared me silly. Not that I would ever follow his knee-jerk recommendations on his TV show. But, unfortunately, many people do. He draws people in with his ‘boo-yah’ banter, and they jump at his every word on this stock or that.
“Here’s the problem: Most individuals are long-term investors, and they don’t realize that most of Cramer’s recommendations are for short-term moves in the market. The curbs along Wall Street are littered with people who thought they could make a quick buck by gambling in equities.
“Cramer has used the Internet — he was the founder of TheStreet.com — to make his fortune, and people are using the Internet to respond to his confession.
“It’s drawing comments ranging from those that want him to be taken off the air to those who think there is something to be learned from what Cramer said.
“What disappoints me the most is that Cramer is wasting a great opportunity. His popularity creates the chance to really do well by educating people on the true risks and rewards of investing. Cramer is an educated man —- law degree from Harvard —- with a powerful personality. His books and radio program are actually very good. What a shame it is all wasted.”
Read more here.
