Cramer Calls Housing Bottom Again
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Tonight, on Mad Money, Jim Cramer said the housing bottom will occur 12 months out. However, this directly contradicts what he has said on thestreet.com several times and Howard Stern over the past 18 months. He has said several times that he thought housing has bottomed and now he is changing his mind and moving his prediction out to Q3 of '09.
He continuously mentions FHA taking bad loans and making it easier for homeowners to pay their monthly mortgage payments and he believes the rate of foreclosures will slow and he says that's how you get a bottom. I question where are all the people going to come from to occupy all these vacant houses as investors were buying all multiple homes and now investors are on the sidelines.
Thus far, Jim has been eating crow on his multiple bottom calls in housing (remember he recommended buying Countrywide multiple times in '07), but hopefully for our economy's sake, he is finally right.
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Jim Cramer is a liar
Today on his site he called people who said he's called previous bottom's in housing, "liars." Here's what Jim said on national TV. July 25, 2008 on the Regis and Kelly Show Regis Philbin: These are tumultuous times Jim Cramer: I was incredibly negative a year ago. I came on July a year ago. I said don’t buy a house. Don’t buy stocks. I was very worried. I am now the exact opposite. Everyone else is worried. I am feeling pretty darn good about things. Gasoline’s going down. It will be at $3.50 in 2 weeks. Your house price is stabilizing. Food’s coming down. I’m a buyer! I’m a buyer! I’m a buyer! Regis Philbin: Is this the time to buy a house? Jim Cramer: I want to buy not one house. I want to buy 2 houses. I wanna go…I’m going out to California in another month and a half. Prices were up very big there; looking at the Palm Springs area. Prices down 2/3rds. When are we gonna wait until we are down 100%? Kelly Rippa: Isn’t it time for Regis to buy Joy that vacation home she’s dreamed of on the Florida beach? Isn’t it time for Regis? Jim Cramer: Well, no. On the west side it’s already moved up. It’s too late. Can you believe it? East side, east side is there, 50% down. East side, I want you to go down with me and we go buy a couple. Go buy a couple!
cramer
cramer is so clueless......he said buy home builders last year too....he is a media fabrication and a fraud......and he has fooled so many people into thinking he is actually very bright because he is not........he was calling the crisis over last september after fed cut rates, and he comes up with random theories that don't work........that 80-120 stock crap he tried last year, he makes up rules for his show if his call are wrong which they are at least as many times as they are right......people it isn't rocket science to pick winning stocks in a bull market....everyone wins.....he has just sold it as though he was something special when millions of people were making the same calls over the last bull market.....he has been horrible the past year and now he is claiming housing bottom....well good call genius.......thanks for the tips......you missed it and called it wrong so much....now you will claim how smart you were next year.....just like his whinning to the fed which was just him being a baby, and right away he was bullish again.......this year he used that as marketing saying he was the only one who new how bad it was out there.......I can't beieve he is not taken off the air.....I quit watching cnbc because of him and their promotion of him and his complete fabrication.
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Cramer Rules!
Dave on Sep 12, 2008 02:36 PMI've made money consistently by listening to what Cramer says and then doing the exact opposite. I shorted Bears-Stern when he said it was silly to take your money out of it. I shorted all the banks he said were doing well. I can't wait until he makes his next prediction.