Today is “Cramer’s Bottom” the day he’s been saying for a long time would mark the nadir of the housing market.
From a September article in New York Magazine; “In fact, I’ll call the precise date of the housing-market turnaround. It will begin on June 30, 2009.”
As of April, house prices were still dropping 18% year over year, but we suppose it’s possible that they’ve since staged a remarkable turnaround and will rocket higher from here. Time will tell.
In any event…throughout the economic crisis, Jim Cramer has had innumerable classic calls and memorable moments. And no matter what you think of his shtick or his ability as a stock picker, he’s a master of TV — one of the best ever.
We’ve put together a collection of his greatest hits of the crisis.
This is Cramer at his best, pulling double duty as an entertainer and an astute observer of financial markets. In August, 2007, before everyone really appreciated the seriousness of the looming financial crisis, Cramer yelled and yelled at Bernanke to 'wake up!', get with the program, and save the economy. By then it may have been too late, but there's no doubt that he was ahead of the curve on this one.
Now, this is exactly the opposite, and it's one video that Cramer would definitely like destroyed.
On March 11, days before Bear Stearns collapsed, Cramer told a Mad Money viewer that 'Bear Stearns is fine' and that they shouldn't panic. Cramer says he was misrepresented and that he wasn't talking about the stock, but that he was telling the viewer not to participate in the run on the company. Still, that 'Bear Stearns is fine' line will always haunt him.
During the decline in 2008, Cramer made a lot of false bottom calls, including a notable one in July last year. For a while it looked like he might be correct, but alas it was way, way too early.
About that bottom call in July? Not so much. But his advice in October was much better: PANIC!!!
Even though this was after the September turbulence, a seller in early October would've avoided the very depths of the panic. He even made a special appearance on the Today Show to say the market was just too risky.
In early March, with the market in full panic mode and Rick Santelli having recently done his famous 'rant', Daily Show host Jon Stewart begain to attack CNBC. He got fixated on the subject for a while, and really went after the very-quotable Cramer, which Jimbo did not take kindly to. The back-and-forth went on for a few days, before Cramer agreed to go on his show.
Here's Jon Stewart attacking Cramer on March 9.
On March 12, after several days of back and forth, Jim Cramer finally went on The Daily Show, a move that some anticipated would lead to a truce of sorts. Nope. Jon Stewart was out for blood, and Cramer looked like a deer in the headlights. The whole series can be found here.
After the Daily Show appearance, Cramer became an angry, bitter guy, constantly lashing out at critics like Nouriel Roubini, who he said was in bed with short sellers. Nope, Jimbo, he's just been a longtime bear on the economy.
Cramer's been banging the 'buy a house' drum for a while. Even before the official low of the housing market, he's said that the combination of low interest rates and bargin prices means the time to buy is now. On June 2, he made a video for TheStreet.com exhorting folks to buy now.
Remember in the beginning when Cramer was hating on Bernanke? Not anymore. He's changed his tune big time, even going as far as saying that Bernanke is the greatest Fed Chair ever, for his handling of the crisis.
And when Congressmen recently had the temerity to question Bernanke's role in the Bank of America/Merrill Lynch merger, Cramer did what he does best: He freaked the hell out.