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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 |date= 09/19/08 |accessdate=09/19/08}}</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 |date= October 6, 2008|accessdate=Oct. 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.
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 |date= 09/19/08 |accessdate=09/19/08}}</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 |date= October 6, 2008|accessdate=Oct. 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.
==== Academic Review ====
*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>[http://www.cnbc.com/id/30815467 Cramer Picks Outperform S&P, Russell Indexes: Study], CNBC, May 19, 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.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 ==
== Dispute with the White House ==