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Line 1: − [[File:Cramer jim.jpg|right|thumb|200px|Jim Cramer]]+ − − − Jim Cramer was born to Polish-American parents in Wyndmoor, [[Pennsylvania]], a suburb of [[Philadelphia]].<ref name=pabook/><ref name=isb>{{cite news|title=Jim Cramer|url=http://www.internationalspeakers.com/speaker/395/jim_cramer|publisher=[http://www.internationalspeakers.com/ International Speakers Bureau]}}, June 6, 2009</ref> He went to Springfield Township High School in Montgomery County, Pennsylvania.<ref>{{cite web|url=http://www.publicschoolreview.com/school_ov/school_id/71004|title=Springfield Township High School|publisher=publicschoolreview.com}}, June 6, 2009</ref> Cramer graduated <i>[[magna cum laude]]</i> from [[Harvard College]] in 1977 with a [[Bachelor of Arts|B.A.]] in [[government]],<ref name=isb/> where he was President and Editor-in-Chief of ''The Harvard Crimson''. After graduation he became a [[journalist]] for four years; he worked for the ''Tallahassee Democrat'' and later for the ''Los Angeles Herald Examiner'' before attending [[Harvard Law School]] where he earned a law degree in 1984.<ref>[http://www.thestreet.com/author/269/jim-cramer/all.html Jim Cramer RealMoney columnist], TheStreet.com</ref> In 1988, Cramer [[marriage|married]] his [[wife]], Karen, and they had their first child in July 1991.<ref name=isb/> − − == Investing career == − Cramer started privately investing in the stock market during his time at law school,<ref name=pabook/> using his student loans. For months Cramer began leaving tips on his answering machine offering stock picks, and garnered the attention of Martin Peretz, editor of the ''[[The New Republic]]'' and [[Harvard]] professor, who had been profiting from these tips. Thus, he approached Cramer with a $500,000 check and wanted him to run his money. "He seemed to know very deeply so many stocks," said Peretz, who would prove loyal. "At one point, I was down $80,000 and he didn't give up on me," said Cramer. Cramer made Peretz $150,000 in two years.<ref name="bw20051031">"[http://www.businessweek.com/magazine/content/05_44/b3957001.htm The Mad Man Of Wall Street]" ''BusinessWeek'', 31 October 2005.</ref> In 1984, after obtaining a law degree, Cramer was employed as a [[stock]] broker in Goldman Sachs' Private Wealth Management division.<ref name="locbio">[http://www.loc.gov/bookfest/2006/authors/cramer.html Jim Cramer biography], Library of Congress.</ref> He worked at Goldman Sachs from 1984 to 1987. − − Jim Cramer started his own [[hedge fund]] company in 1987, called ''Cramer Berkowitz''.<ref name=cbc>[http://www.fundinguniverse.com/company-histories/Cramer-Berkowitz-amp;-Co-Company-History.html Cramer, Berkowitz & Co.], ''Funding Universe'', Company History.</ref> The fund operated out of the offices of hedge fund pioneer Michael Steinhardt's Steinhardt, Fine, Berkowitz & Co., and early investors included [[Eliot Spitzer]] (a Harvard classmate and one of his oldest friends),<ref>{{cite news |title=A Rather Sedate Jim Cramer Reacts to Spitzer Prostitution Revelation |url=http://newsbusters.org/blogs/jeff-poor/2008/03/10/cramer-reacts-spitzer-prostitution-revelation-later-says-he-d-bank-social |publisher=NewsBusters.org |author=Jeff Poor}} March 10, 2008.</ref> Brill, and Peretz.<ref>{{cite news |title=Meet CNBC's Mad Money Man |url=http://www.usnews.com/usnews/biztech/articles/070218/26eecramer_2.htm |publisher=usnews.com |author=Alex Markels}} 2/18/07.</ref> − − Cramer's fund had one down year in 1998, a year that proved disastrous for many in the industry. Cramer, Berkowitz finished down 2-3% and they did not charge a management fee that year to their clients. In 1999 the fund returned 47%; in 2000, Cramer's fund finished up the year +36%, compared to -11% for the S&P 500 and -6% for the Dow Industrials.<ref name="bw20051031"/> − − Cramer spent nearly 14 years at his hedge fund, where he routinely took home $10 million a year and more.<ref name="bw20051031"/> Jim compounded rate of return of 24% after all fees for 15 years at ''Cramer Berkowitz''. After the tech bubble burst, he retired from his hedge fund in 2001, where he finished with one of the best records in the [[business]], including having a plus 36% year in 2000.<ref>''Jim Cramer Bio''. [http://www.cnbc.com/id/17364946/site/14081545/], ''Mad Money w/ Jim Cramer'', CNBC.com.</ref> He turned the company over to his long-time partner, Jeff Berkowitz. While Cramer's success in producing high returns for his fund was unmistakeable, he began to concentrate on his passion for [[journalism]].<ref name=isb/> − − At the age of 44, Cramer is said to have accumulated a net worth of $58 million.<ref>John Abbott. [http://www.time.com/time/digital/digital50/49.html Street Smartypants], ''TIME'' Digital 50.</ref> − − == TheStreet.com == − Cramer's impact on [[Wall Street]] trading became even stronger in 1996, when he and Peretz each took 35 [[percent]] ownership of ''TheStreet.com'', an online financial news company and publication for investors appearing on the [[World Wide Web]].<ref name=cbc/> TheStreet.com, Inc. is considered to be a leading financial media company that has distinguished itself from other financial Web sites with its journalistic excellence and unbiased coverage of the financial markets, economic and industry trends, and investment and financial planning.<ref>[http://resources.bnet.com/topic/thestreet.com+inc..html TheStreet.com Inc.], ''BNET'' resources.</ref> Among the most [[popular]] columns — viewed by millions of readers weekly at ''TheStreet.com'' — are ''Top 10 Stocks''; ''You Ask, Cramer Answers''; ''Jim Cramer's Portfolios of the Week''; ''The Five Dumbest Things on Wall Street This Week''; ''Wednesday's Analysts' Upgrades and Downgrades'', and ''Readers' Picks: The Street.com's Top 10''.<ref>[http://www.thestreet.com/static/about/index.html TheStreet.com], "About Us".</ref> − − == Mad Money == − The cable television program ''Mad Money with Jim Cramer'' began on [[CNBC]] in 2005. As mentioned on CNBC's [[Web site]] in an article titled, "Mad Money Manifesto" by Jim Cramer,<ref>{{cite web − |url=http://www.cnbc.com/id/29723150 − |title=Mad Money Manifesto − |author=Jim Cramer − |publisher=CNBC}}</ref> the show's mission statement and Cramer's job is "to help regular people – shareholders at home watching the show – to better understand the market." ''Mad Money'' is about education, "this show isn’t about stock picking, as many critics think it is."<ref>[http://www.cnbc.com/id/32678502/site/14081545 This Show Is About Education], CNBC, September 3, 2009.</ref><ref>[http://www.cnbc.com/id/32678504 Moving With the Market]</ref><ref>[http://www.cnbc.com/id/32697315 3 Must-Haves Before Building Wealth]</ref> The show features eight segments: The ''Lightning Round'', ''Am I Diversified'', ''Sell Block'', ''Game Plan'' (also known as ''Speculation Friday''), ''Executive Decision '', ''Off the Charts'', ''Sudden Death'', and ''Mad Mail''.<ref>{{cite web − |url=http://www.cnbc.com/id/17283246/ − |title=About Mad Money − |author=Jim Cramer − |publisher=CNBC}}</ref> − − === Guidelines and rules === − Above all, Jim Cramer's primary goal on the show is to help regular, every day investors "make ''Mad Money''." However, due to some critics believing viewers just buy up whatever stocks he recommended, Cramer provided the tools needed to get the most from each episode. Therefore, Cramer mentioned, "The responsibility is on [viewers] to do [their] homework and make informed decisions before [they] buy."<ref>[http://www.cnbc.com/id/32678500 The Right Way to Watch Mad Money], CNBC's ''Mad Money'', September 3, 2009.</ref> One of ''Mad Money's'' biggest mantras is "do your homework."<ref>[http://www.cnbc.com/id/31671540 Do Your Homework], June 30, 2009.</ref><ref>[http://www.cnbc.com/id/31671541 Do Your Homework: Part 2], June 30, 2009.</ref> Cramer also provided suggestions for how-to do homework correctly, because not all information is created equal. It's important that viewers know what a stocks key metrics are and who the [[competition]] is.<ref>[http://www.cnbc.com/id/31671542 Do Your Homework: Part 3], June 30, 2009.</ref> Moreover, as Cramer pointed out, simply buying and holding a position for the long term doesn't work as an investment strategy. Instead, Cramer recommended "buy and homework."<ref>[http://www.cnbc.com/id/32644499 Why 'Buy and Homework' Is a Better Strategy], September 1, 2009.</ref> Because ''Mad Money'' is about [[education]], Cramer also created a list of "Road Rules"<ref>[http://www.cnbc.com/id/17583642/ Mad Money Road Rules]</ref> that all viewers should abide by, including five key [[rules]] that every professional knows.<ref>[http://www.cnbc.com/id/32243536 Staying Mad for Life], July 31, 2009.</ref> These rules are to help reinforce the notion that amateur investors can earn just as much [[money]] as professionals. − − === The Lightning Round === − The ''Lightning Round'' segment of the show is supposed to be [[entertainment|entertaining]]. The [[segment]] is also about interactivity and the viewers and the stocks they think are [[important]]. Due to the nature of the ''Lightning Round'', it isn’t as well developed as the rest of the show, and it isn't about recommending individual stocks. By [[definition]], according to Jim Cramer, the ''Lightning Round'' is recommended as sector analysis; what sectors Cramer likes, which he doesn’t, and the stocks he considers best in show from any given sector.<ref>[http://www.cnbc.com/id/32678503 Think Sectors, Not Stocks, For Lightning Round], CNBC, September 3, 2009.</ref> − − === Am I Diversified, Sell Block and Speculation Friday === − Each [[week]] Cramer reminds all investors of what they should be asking themselves, "Am I Diversified?"<ref>[http://www.cnbc.com/id/22326993 Are You Diversified?]</ref> Viewers call in and give Cramer their top five stocks; he then reviews the portfolio and suggests how they might consider enhancing their diversification, and lets them know whether or not they're diversified. Diversification is a cardinal rule on ''Mad Money''. − − Once a week Cramer tells viewers when to sell a stock during the Sell Block segment during ''Mad Money''. The Sell Block is devoted to two separate but related things: holding Cramer accountable, and focusing on when to sell. Just like any other ''Mad Money'' segment, Cramer said a stock that gets his sell call, it doesn’t mean viewers should empty out their holdings immediately. Most of the time, his recommendation is to slowly sell off your position in a stock. − − The Game Plan is something Cramer does every [[Friday]] in anticipation of the week ahead, and it's entirely about short-term trades. Cramer lays out where viewers should focus their "homework" efforts during the [[weekend]] to be fully prepared for when the bell rings [[Monday]] morning. This is the only segment on ''Mad Money'' where Cramer goes into the [[business]] of short-term, catalyst-based trading. Everything else on ''Mad Money'' belongs squarely in the investing column. − − Jim Cramer quote on the three segments on ''Mad Money'': − {{Cquote|Use ''Am I Diversified?'' to get a better sense of what makes a [[strong]] portfolio. ''Speculation Friday'' is there to encourage you to do homework on speculative picks, and the ''sell block'' is for guidance on selling, for the thought process and for caution – it’s not the [[Ten Commandments]]. If you want short-term trades, then the ''Game Plan'' is the one part of ''Mad Money'' that belongs to you.<ref>[http://www.cnbc.com/id/32678505 How to Springboard Off Other Segments]</ref>}} − − == Performance of stock picks and history of market calls == − Cramer is a former hedge fund manager and founder/owner and Senior Partner of Cramer Berkowitz, where Jim reported a compounded "rate of return of 24% after all fees for 15 years" at Cramer Berkowitz. He retired from his hedge fund in 2001, where he finished with a self reported 36% return in 2001.<ref>[http://www.cnbc.com/id/15838187/ CNBC TV Profiles - Jim Cramer]</ref> − − On August 3, 2007, before the stock market fell and before the recession began, Jim Cramer can be heard in what is now known as the infamous 'Rant Heard Round the World.'<ref>{{cite news |title=Cramer's Rant, the Anniversary |url=http://www.cnbc.com/id/15840232?video=808465173&play=1 |publisher=CNBC |author=Jim Cramer}} 07/29/08</ref> Cramer made a passionate plea to [[Federal Reserve]] Chairman [[Ben Bernanke]] to consider cutting interest rates and, in turn, help the market and the people who are losing their jobs on Wall Street. − − On July 8, 2008 Jim brought up the possibility of bank failures. In his article, 'Look At The Facts'<ref>{{cite news |title=Look at the Facts |url=http://www.thestreet.com/p/_search/rmoney/jimcramerblog/10432518.html |publisher=TheStreet.com |author=Jim Cramer}}, July 8, 2008</ref> Cramer said, "The losses are increasing, the auction-rate preferreds are now biting, the mortgage implode-a-meter now measures how many home-builders are going under." The following day on July 9, 2008, during a segment on Mad Money Cramer again pointed out the forthcoming Financial Collapse. "Most frightening," Cramer said, "is the silence from those in the government who could take action but haven't. If silence means there is no plan, that's trouble for everyone."<ref>{{cite news |title=A Tribute to Jim Cramer's Mad Money |url=http://derekerwin.blogspot.com/2009/03/tribute-to-jim-cramers-mad-money.html |publisher=A 1-In-100 Blogger |author=Derek Erwin}} March 17, 2009.</ref> A few months later on September 15, 2008, the beginning of the market meltdown occurred.<ref>{{cite news |title=Lehman Files for Bankruptcy; Merrill Is Sold |url=http://www.nytimes.com/2008/09/15/business/15lehman.html?_r=1 |publisher=The New York Times |author=Andrew Ross Sorkin}} September 15, 2008.</ref> − − On Hardball with [[Chris Matthews]] for September 19, 2008, Cramer suggested, "It's not too late to be on the sideline." On this day the Dow was resting at 11,388.<ref>{{cite news |title='Hardball with Chris Matthews' for September 19, 2008 |url=http://today.msnbc.msn.com/id/26841599/ |publisher=MSNBC TV |author=Jim Cramer}}, September 19, 2008.</ref> Cramer spoke again on the ''Today'' Show on October 6, 2008, suggesting to investors, "Whatever money you need for the next five years, please take it out of the stock market."<ref>{{cite news |title=Jim Cramer: Time to get out of the stock market |url=http://www.msnbc.msn.com/id/27045699/ |publisher=Today MSNBC |author=Michael Inbar}}, October 6, 2008.</ref> By February 24, 2009 the Dow was down to 7,351; since Jim Cramer's first warning to investors the DOW plunged some 3,000 points, ultimately it had plummeted 36% over the next five months.<ref>[http://www.cnbc.com/id/33330840 Cramer’s ‘Get Out’ Call: One Year Later], CNBC, October 15, 2009.</ref> − − === Academic study === − *A study published in the academic journal Financial Services Review was done by two [[professors]] at [[Northeastern University]], Paul Bolster and Emery Trahan, called "Investing in ''Mad Money'': Price and Style Effects."<ref>Paul J. Bolster, Emery A. Trahan. [http://www.cba.neu.edu/documents/Investing_in_Mad_Money.pdf Investing in ''Mad Money'': Price and Style Effects (PDF)] Financial Services Review, Spring 2009.</ref> The study demonstrates how Jim's buy and sell recommendations have consistently outperformed the averages; it found that following Cramer's advice yielded a 12% annual return on average, compared with 7% for S&P 500 index over the same period.<ref>[http://www.cnbc.com/id/30815467 Cramer Picks Outperform S&P, Russell Indexes: Study], CNBC, May 19, 2009.</ref><ref>[http://www.npr.org/blogs/money/2009/05/cramer_not_so_mad.html?ft=1&f=93559255 "Cramer, Not So Mad?"], NPR, May 11, 2009</ref> − − == Dispute with the White House == − On March 2, 2009, Jim Cramer drew the attention of some critics after his evaluation of [[Barack Obama|President Obama’s]] spending plans and the [[Obama Administration|administration’s]] handling of the banking crisis.<ref>[http://www.cnbc.com/id/28916751 Stop Trading!: Cramer Hearts Rush Limbaugh?], CNBC's ''Stop Trading!'', Jan. 29, 2009.</ref> Cramer’s name came up the following day, on March 3, during a [[White House]] press briefing after Cramer said that Obama was responsible for "the greatest wealth destruction I have seen by a president."<ref>{{cite news |title=Cramer to White House: Wealth Destruction Is Real |url=http://www.cnbc.com/id/29490969/ |publisher=CNBC}}, March 3, 2009</ref><ref>Rush Limbaugh. [http://www.rushlimbaugh.com/home/daily/site_031909/content/01125116.guest.html Jim Cramer Held Hostage], RushLimbaugh.com, March 19, 2009.</ref> An offended White House shot back. When questioned by [[NBC|NBC's]] Tom Costello, Press Secretary [[Robert Gibbs]] said this: − {{Cquote|I'm not entirely sure what he's pointing to make some of the statements. If you turn on a certain program it's geared to a very small audience [...] And you can go back and look at any number of statements he's made in the past about the economy and wonder where some of the backup for those are, too.<ref>{{cite news |title=White House Knocks Jim Cramer For Calling Obama Budget "Greatest Wealth Destruction By a President" |url=http://www.mediabistro.com/tvnewser/cnbc/white_house_knocks_jim_cramer_for_calling_obama_budget_greatest_wealth_destruction_by_a_president_110203.asp |publisher=CNBC}} March 3, 2009</ref>}} − − On March 5, Jim Cramer responded to the White House.<ref>Rush Limbaugh. [http://www.rushlimbaugh.com/home/daily/site_030509/content/01125111.guest.html Liberal Jim Cramer Sees the Light], RushLimbaugh.com, March 5, 2009.</ref> Jim Cramer rebuked: − {{Cquote|Huh? Backup? Look at the incredible decline in the stock market, in all indices, since the inauguration of the President, with the drop accelerating when the budget plan came to light because of the massive fear and indecision the document sowed: Raising [[taxes]] on the eve of what could be a second [[Great Depression]], destroying the profits in health care companies, tinkering with the mortgage deduction at a time when U.S. house price depreciation is behind much of the world's morass and certainly the devastation affecting our banks, and pushing an aggressive [[cap and trade]] program that could raise the price of energy for millions of people. The market's the effect; much of what the president is fighting for is the cause. The market's signal can't be ignored. It's too palpable, too predictive to be ignored, despite the prattle that the markets predicted far more recessions than we have.<ref>{{cite news |author=Jim Cramer |title=Cramer: My Response To The White House |url=http://www.mainstreet.com/article/moneyinvesting/news/cramer-my-response-white-house?page=2 |publisher=MainStreet.com}}, 2009-05-03</ref>}} − − Cramer questioned criticism he received which he explained makes him "uncomfortable being in the crosshairs of columnists and comedians I enjoy."<ref>{{cite news |author=Jim Cramer |title=Cramer Takes on the White House, Frank Rich and Jon Stewart |url=http://www.mainstreet.com/article/moneyinvesting/news/cramer-takes-white-house-frank-rich-and-jon-stewart |publisher=MainStreet.com}}, 2009-09-03</ref><ref>Rush Limbaugh. [http://www.rushlimbaugh.com/home/daily/site_030909/content/01125111.guest.html Welcome to the Club, Cramer], RushLimbaugh.com, March 9, 2009.</ref> Cramer asked, "So, why after toiling in the cable wilderness for four years with ''Mad Money'' am I the target of the wrath of the Obama clan, and the darling, albeit surely momentary, of the [[Tea Party Movement|Obama-critics]]? After all, my criticism of Obama's handling of the economic crisis is a lot less pointed than my withering August 2007 'They Know Nothing' meltdown against [[Ben Bernanke]] and the previous administration's handling of the economic crisis."<ref>{{cite news |title=Jim Cramer's famous rant about the "know nothing" Fed. |url=http://www.cnbc.com/id/15840232?video=808465173&play=1 |publisher=NBC}} July 29, 2007.</ref><ref>{{cite news |title=Cramer: Bernanke, Wake Up |url=http://www.cnbc.com/id/15840232?video=452808336 |publisher=NBC}} 2007-03-08</ref> − − === Obama Accountability Index === − The day after [[Barack Obama]] was sworn in, on January 21, 2009, an [[economist]] and [[television]] host of ''Mad Money'', Jim Cramer, created a stock index to track the new president's progress. Cramer chose companies that operated in the very sectors that needed the most help, and he suggested their performance would tell [[Americans]] how effective Obama had been and whether or not his plans to save the economy had worked. Solely based on the performance of the [[stock market]], Cramer created the "Obama Accountability Index."<ref>[http://www.cnbc.com/id/28753120 Cramer's 'State of the Market' Address], CNBC's ''Mad Money'', Jan. 21, 2009.</ref> It consisted of six stocks: Bank of America (BAC), Citigroup (C), Caterpillar (CAT), [[General Electric]] (GE), [[General Motors]] (GM) and JPMorgan chase (JPM). It’s an equal-weighted index that starts at 100, using closing prices on the day the index was created as a baseline. Cramer said, "This index will grade Obama’s success as president. If he fails, so does the stock market."<ref>[http://derekerwin.blogspot.com/2009/02/obama-lied-our-economy-died.html Obama Lied, Our Economy Died], A 1-In-100 Blogger, February 2009.</ref> − − On February 20, 2009, Jim Cramer graded the president's ability to rejuvenate the economy, based on the ''Obama Accountability Index''. Reviewing Obama's 30-Day Report Card, Cramer said, "Well, the index is down 35% since January 21, the day it was created. The S&P 500 over that same period has declined just 8%."<ref>[http://www.cnbc.com/id/29308202/ Obama's 30-Day Report Card], CNBC, Feb. 20, 2009.</ref> So Obama, at least according to Cramer’s portfolio, wasn't doing too well. − − On July 8, 2009, Jim Cramer on ''Mad Money'' again graded the performance of Obama's administration and economic policies against the performance of the stock market. He commented, "The same force that so hurt the markets this [[winter]] has yet again reared its ugly head: the [[White House|White House’s]] anti-business rhetoric. [...] Investors don’t seem to trust President Obama to create jobs and stimulate the economy, not when he prioritizes [[global warming|climate change]] and [[ObamaCare|health care]]." Moreover, the ''Mad Money Obama Accountability Index'' score had dropped to 96.1 from its starting point of 100. Cramer reminded viewers that, while the score of 96.1 may not sound bad, this measure of Obama's job performance "has been on the downswing." On a technical basis alone, Cramer warned, "The OAI could drop to 84 if all this anti-business chatter continues."<ref>[http://www.cnbc.com/id/31802202/site/14081545 Cramer: Obama Hurting the Economy], CNBC, July 8, 2009.</ref> He urged Obama to postpone his agenda in favor of boosting the economy. "Without more job creation," Cramer said, "the president’s agenda and his tone will continue to slowly and inexorably squeeze the life out of this stock market."<ref>Rush Limbaugh. [http://www.rushlimbaugh.com/home/daily/site_031009/content/01125108.guest.html The Founders Wanted Presidents to Fail If They Deserved To Fail], RushLimbaugh.com, March 10, 2009.</ref> − − == Criticism == − === Wachovia === − On September 29, 2008, during a segment of ''Mad Money'' on [[CNBC]], Jim Cramer discussed the Wachovia call he made on September 15, 2008.<ref>{{cite news |title=Wachovia CEO Offers Plan for Markets |url=http://www.cnbc.com/id/26720573/ |publisher=CNBC}} September 15, 2008.</ref><ref name=steel>{{cite news |title=Wall of Shame: Wachovia CEO Bob Steel |url=http://www.cnbc.com/id/26945323 |publisher=CNBC}} September 29, 2008.</ref> Wachovia [[CEO]] Bob Steel told ''Mad Money'' viewers that out of $500 billion in loans on the bank's books, only $10 billion were bad. Just two weeks later, Citigroup bought Wachovia for a highly discounted price, because the actual total was $42 billion, and the FDIC was about to seize Wachovia. Cramer trusted CEO Bob Steel, who he's known as a solid financier for 25 years, and he urged viewers to do the same. More than anything, Cramer was mad at himself for letting his viewers down. "I let you down," Cramer said. "I let my judgment of Steel cloud my thinking about Wachovia."<ref name=steel/> He apologized both on ''Mad Money'' and on the ''Today'' Show for believing in Steel. − − === Jon Stewart === − On March 12, 2009, Jim Cramer appeared on [[Comedy Central|Comedy Central's]] ''[[The Daily Show]]'' with [[Jon Stewart]].<ref>{{cite web |url=http://www.thedailyshow.com/full-episodes/index.jhtml?episodeId=220533 |title=Daily Show interview of Jim Cramer |work=The Daily Show with Jon Stewart |publisher=comedycentral.com}}, March 14, 2009.</ref> Stewart reiterated earlier claims regarding the CNBC host's "silly and/or embarrassing and/or stupid financial observations."<ref>{{cite news |title=CNBC's Jim Cramer Responds to Jon Stewart's Response to CNBC's Jim Cramer |url=http://blog.indecisionforever.com/2009/03/10/cnbcs-jim-cramer-responds-to-jon-stewarts-response-to-cnbcs-jim-cramer/ |publisher=Comedy Central}} March 10, 2009.</ref> Moreover, he claimed CNBC shirked its journalistic duty by believing corporate lies, rather than being an investigative "powerful tool of illumination."<ref>{{cite web |url=http://journalism.about.com/b/2009/03/13/106.htm |title=In the Jon Stewart-Jim Cramer Bout, It's Stewart By a Knockout |publisher=About.com: Journalism}}, March 13, 2009.</ref> For his part, Cramer disagreed with Stewart on a few points, but acknowledged that he could have done a better job foreseeing the economic collapse: "We all should have seen it more."<ref>{{cite web |url=http://www.thedailyshow.com/video/index.jhtml?videoId=221517&title=jim-cramer-unedited-interview|title=March 12, 2009: Jim Cramer Unedited Interview Pt. 2 |publisher=''Comedy Partners''}} March 12, 2009.</ref> − − Stewart also discussed how short-selling was detrimental to the markets and investors. Cramer admitted to Stewart that short-selling was detrimental, stated his opposition to it, and claimed that he had never engaged in it. He said, "I will say this: I am trying to expose this stuff, exactly what you guys do, and I've been trying to get the regulators to look at it."<ref>{{cite web |url=http://www.cnbc.com/id/27850397 |title=Out with Cox, in with Uptick Rule |publisher=CNBC}} November 21, 2008.</ref> − − === Frank Rich === − On March 9, 2009, on ''Mad Money'',<ref name=norespect>{{cite news |title=No Respect: Cramer Criticizes His Critics |url=http://www.cnbc.com/id/29601234 |publisher=CNBC}} March 9, 2009.</ref> Jim Cramer said Frank Rich "chastised me for endorsing Wachovia's stock after then-CEO Bob Steel came onto ''Mad Money'' and spoke positively about the [[bank]]." After the bank collapsed, Cramer reminded viewers that he takes [[pride]] in "the part about accountability,"<ref>{{cite news |title=All Press is NOT Equal in Value! |url=http://derekerwin.blogspot.com/2008/10/all-press-is-not-equal-in-value.html |publisher=A 1-In-100 Blogger |author=Derek Erwin}} October 21, 2008</ref> and is the first person to admit when wrong. Cramer mentioned, "Look, I was taken in, the guy pantsed me. I made a mistake. The [[SEC]] is investigating Steel's appearance on the show for truthfulness, though. I made a mistake, but they're investigating him to see if he lied. Bigger issue. Sometimes you just get had."<ref name=norespect/> − − On the same day,<ref name=norespect/> Jim Cramer also admitted, "OK, I'm a tempting target. Plenty of people come in and give their criticism on this show. But we're dealing with serious issues here; we need solutions, which I offer almost every night. I don't want [[ad hominem]] attacks. Take Frank Rich and [[Jon Stewart]]; I criticize Obama, so both of them seize on the [[urban legend]] that I recommended Bear Stearns the week before it collapsed, when I simply told an emailer that the deposit in his account at Bear Stearns was safe. 'Your money is safe in Bear Stearns,'"<ref>[http://www.cnbc.com/id/23575614 Mad Mail: Is Bear Stearns in Trouble?]</ref> Cramer repeated, referring to his own quote during a March 11, 2008 segment of ''Mad Money''. Moreover, Cramer outlined, "But through a clever sound bite, Stewart,<ref>{{cite news |title=CNBC Gives Financial Advice |url=http://www.thedailyshow.com/video/index.jhtml?videoId=220252&title=cnbc-gives-financial-advice |publisher=The Daily Show}} 2009-05-03</ref> and subsequently Rich<ref>{{cite news |title=Some Things Don’t Change in Grover’s Corners |author=Frank Rich|url=http://www.nytimes.com/2009/03/08/opinion/08rich.html?em |publisher=New York Times}}, 2009-07-03</ref> - neither of whom have bothered to listen to the context of the pulled quote - pass off the notion of account safety as an out-and-out buy recommendation. If you called ''Mad Money'' and asked me about Citigroup, I would tell you that the common stock might be worthless, but I would never tell you to pull your money out of the bank because I was worried about its solvency. Your money is safe in Citi as I said it was in Bear. The fact that I was right rankles me even more."<ref>{{cite news |author=Jim Cramer |title=Cramer Takes on the White House, Frank Rich and Jon Stewart |url=http://www.mainstreet.com/article/moneyinvesting/news/cramer-takes-white-house-frank-rich-and-jon-stewart?page=4 |publisher=MainStreet.com}}, 2009-09-03</ref> Cramer then pointed out that, "I called out [[Henry M. Paulson|Paulson]]<ref>{{cite news |title=Cramer's 'Mad Money' Recap: Dec. 16 |url=http://www.thestreet.com/story/10453585/1/cramers-mad-money-recap-dec-16.html |publisher=TheStreet |author=Jim Cramer}}, 12/16/08</ref> and [[Timothy Geithner|Geithner]]<ref>Rush Limbaugh. [http://www.rushlimbaugh.com/home/daily/site_031109/content/01125108.guest.html Business Leaders Can't Let Go of Emotional Investment in Obama], RushLimbaugh.com, March 11, 2009.</ref><ref>{{cite news |title=Cramer: Where the Heck Is Tim Geithner? |url=http://www.cnbc.com/id/29304624 |publisher=CNBC}} Friday, 20 Feb 2009</ref> for their mistakes, where was Frank Rich praising me on that? Where was that?"<ref name=norespect/> − − == Publications == − Jim Cramer is a best-selling author and has published several [[books]]. His publications include the following: − *''Confessions of a Street Addict'' (May 2002) − *''You Got Screwed: Why Wall Street Tanked and How You Can Prosper'' (November 2002) − *''RealMoney: Sane Investing in an Insane World'' (March 2005) − *''Mad Money: Watch TV, Get Rich'' (December 2006)<ref>Jim Cramer. [http://www.cnbc.com/id/16005693/ Mad Money: Watch TV, Make Money], CNBC, December 2, 2006.</ref><ref>James J. Cramer, Cliff Mason. [http://books.google.com/books?id=ubshH_5MP2cC&lpg=PP1&dq=How%20much%20is%20Jim%20Cramer%20worth%3F&pg=PP1#v=onepage&q=&f=false Jim Cramer's mad money: watch TV, get rich]</ref> − *''Stay Mad For Life: Get Rich, Stay Rich'' (December 2007) <ref>James J. Cramer, Cliff Mason. [http://books.google.com/books?id=l6-GkHUu5qwC&lpg=PP1&dq=How%20much%20is%20Jim%20Cramer%20worth%3F&pg=PP1#v=onepage&q=&f=false Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)]</ref> − *''Getting Back to Even: Your Personal Economic Recovery Plan'' (October 2009)<ref>Jim Cramer. [http://www.thestreet.com/story/10610767/1/cramers-advice-dont-give-up.html Cramer's Advice: Don't Give Up], TheStreet.com, October 13, 2009.</ref><ref>http://books.simonandschuster.com/Jim-Cramer's-Getting-Back-to-Even/James-J-Cramer/9781439158012</ref> − − == Television appearances == − Cramer has made appearances on NBC's ''Today'' show, ''[[NBC Nightly News]]'', ''Live with Regis and Kelly'', [[ESPN]] Classic's ''Cheap Seats'', [[NBC]]'s ''Late Night With Conan O'Brien'', [[Comedy Central]]'s ''[[The Daily Show with Jon Stewart]]'' & ''The Colbert Report'', ''The Tonight Show with [[Jay Leno]]'', [[David Letterman|Late Show with David Letterman]], [[American Broadcasting Company|ABC]]'s ''Jimmy Kimmel Live'' and NBC's The Apprentice (U.S. Season 7) called ''The Celebrity Apprentice''. − − Cramer also appears in the 2008 motion picture ''[[Iron Man|Iron Man]]'', spoofing Stark Industries on his show ''Mad Money''.<ref>{{cite news |author= Carlo Dellaverson |title=Cramer In 'Iron Man' |url=http://www.cnbc.com/id/24427046/ |publisher=CNBC}} Friday, 2 May 2008</ref> He is also expected to appear in the upcoming movie ''Wall Street 2: Money Never Sleeps''.<ref>Time Arango. [http://www.nytimes.com/2009/09/08/movies/08stone.html?bl&ex=1252555200&en=ba7f1af0b1943951&ei=5087 Oliver Stone Returns to Wall Street for a Sequal] NYTimes.com, September 7, 2009.</ref> − − ==References== − {{reflist|2}} − − ==See also== − * [http://www.cnbc.com/id/15838187/ Jim Cramer biography] on CNBC.com − * [http://www.thestreet.com/author/269/JimCramer/all.html Jim Cramer biography] on TheStreet.com − − ===Jim Cramer's Rules for Investing and Trading=== − * [http://www.thestreet.com/_tscnav/tsc/cramerbook Cramer's Twenty-five Rules] for Investing − * [http://www.cnbc.com/id/17583642/ Watch and Learn] Cramer's Rules to the Game − * [http://www.jimcramermadmoney.com/20%20golden%20rules.htm 20 Golden Rules] for Traders − * [http://www.jimcramermadmoney.com/20%20rules%20trade%20execution.htm Cramer's 20 Rules] for Effective Trade Execution − * [http://www.jimcramermadmoney.com/20%20rules%20stop%20losing%20money.htm Cramer's 20 Rules] To Stop Losing Money − − ==External Links== − * [http://madmoney.cnbc.com Jim Cramer's Mad Money], Homepage − * [http://thestreet.com TheStreet.com] − * [http://www.jim-cramer.com Jim Cramer] archive blog by Jim Cramer − * [http://www.cnbc.com/id/15838459/ Mad Money w/ Jim Cramer] MADCAP RECAP − * [http://www.stockpickr.com Stockpickr] Stock market social networking site. − * [http://www.time.com/time/specials/packages/article/0,28804,1883644_1883653_1885495,00.html ''Time's'' 100 Most Influential People of 2009] - Jim Cramer + − [[Category:Americans]] − [[Category:Business People]] − [[Category:Economists]] − [[Category:Authors]] − [[Category:Lawyers]] − [[Category:Columnists]]
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'''Jim Cramer''' (b. Feb. 10, 1955) is well-known for hosting CNBC's "Mad Money". Though described by NBC newsman Tom Costello as a non-conservative (March 3, 2009), he was said to believe that "the president's policies, his agenda had contributed to the greatest wealth destruction he's ever seen by a president." This was told to [[White House]] Press secretary [[Robert L. Gibbs]] along with "but the broader context or concern...is that the President may be loosing the confidence of some investors if not Wallstreet then Mainstreet investors who are fleeing the markets as reflected by what's happening in the markets." Gibbs responded that "I'm going to get into a lot of trouble if I continue with you...If you turn on a certain program, it's geared to a very small audience, no offense to my good friends or friend at CNBC."<ref>http://newsbusters.org/people/rick-santelli</ref>
'''Jim Cramer''' (full name '''James Joseph Cramer'''; born February 10, 1955)<ref name=pabook>{{cite web|title=Cramer, James J. (Jim)|url=http://www.pabook.libraries.psu.edu/palitmap/bios/Cramer__Jim.html|author=Michael A. Kowalski|date=Spring 2008|publisher=[http://www.pabook.libraries.psu.edu/ The Pennsylvania Center for the Book]}}, June 6, 2009.</ref> is an [[United States|American]] television host of [[CNBC]]'s ''Mad Money'', he is a former [[hedge fund]] manager, and also a best-selling [[author]].<ref>[http://www.cnbc.com/id/17364946/site/14081545/ Jim Cramer Bio], CNBC.com</ref> Cramer is also a market commentator for TheStreet.com, which he co-founded and of which is he is the largest shareholder. In addition to writing a column for TheStreet.com, Cramer also writes about the [[stock]] market as a columnist for ''New York'' magazine, and he is a frequent contributor to ''[[Time Magazine]]''. He was a founder of and former [[columnist]] for ''SmartMoney'' [[magazine]] and helped found ''American Lawyer'' magazine.
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[[Category:Television Show Hosts]]
[[Category:Television Show Hosts]]