Bad enough that CNBC’s Jim Cramer blew the Bear Stearns call. He also gave the competition a marketing slogan. Fox Business Network, always quick to turn around a snarky newspaper ad, placed two today in the New York Times and the Wall Street Journal, quoting Jim:
No. No. No. Bear Stearns is Fine… Bear Stearns is not in trouble… Don’t move your money from there. That’s just being silly. Don’t be silly.”
As we’ve said before, the armies of Cramer-haters have seized on the blown call as more evidence of his failure as a stock picker, but SAI editor Henry Blodget argues that if you listen to Cramer’s words, he’s not totally wrong. Cramer never mentions shares of Bear Stearns, and was referring to money held at Bear Stearns, about which he’s been proven right, not wrong.