FBN's Charles Payne Calls Out Jim Cramer for Stock Advice

Following yesterday's scathing letter to TheStreet, Inc.'s (NASDAQ: TST) Jim Cramer from activist investor J. Carlo Cannell, in which he urged Mr. Cramer to give up CNBC, take a 70% pay cut and put the company up for sale; today Fox Business Network's (FBN) Charles Payne is calling out the market maven for his bad advice to mom and pop investors.

"My biggest problem with Cramer, is … every single day he changes his mind. Whatever stock is up that day, he likes. Whatever one is down that day, he dislikes ... he’s never wrong," Payne said Thursday on FBN’s Varney & Co.

“The bigger issue is confusing guidance where one day everyone should sell everything because of Ebola, but magically be long when the market is at an all-time high a month later. I know the pressure of both and it’s easy to let the tail wag the dog,” Payne added.

“I just feel like the man has crumbled under the pressure. And, unfortunately…I don’t see how anyone who watches him on TV can make money,” Payne said.

“There are enough day traders on television giving advice to people looking to build long-term wealth for the future.”

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