OLD Media Moves

Roubini and Cramer share words

April 8, 2009

Bear economist Nouriel Roubini criticized CNBC “Mad Money” host Jim Cramer, who rang the opening bell of the New York Stock Exchange on Wednesday, for predicting bull markets.

Rob Gillies of the Associated Press writes, “‘Cramer is a buffoon,’ said Roubini, a New York University economics professor often called Dr. Doom. ‘He was one of those who called six times in a row for this bear market rally to be a bull market rally and he got it wrong. And after all this mess and Jon Stewart he should just shut up because he has no shame.’

“Cramer recently wrote in a blog that Roubini is ‘intoxicated’ with his own ‘prescience and vision’ and said Roubini should realize that things are better since the stock market bottom in March. Stocks have rallied 26 percent since.

“Roubini said in 2006 that the worst recession in four decades was on its way. He has attracted attention for his gloomy — and accurate — predictions of the U.S. financial market meltdown.”

Read more here. In an interview after ringing the opening bell, Cramer said it was a “badge of honor” to be called a name by Roubini, and that he welcomes all of his critics on his show.

Subscribe to TBN

Receive updates about new stories in the industry daily or weekly.

Subscribe to TBN

Receive updates about new stories in the industry.