1st off if you don't know, Jim Cramer is the biggest paid financial shill for Wallstreet. His job is to get dumb money to invest in dumb things. His track record is soooo bad there's no other expiation. You can actually do well on stocks and beat the market by doing the opposite of what he says.
CNBC just used 30 minutes of time that was scheduled to be part of a normal hour of Shark Tank.
Every day at 5 PM Pacific the news on CNBC ends and Shark Tank begins. This Monday was no different, except the stock market saw the NASDAQ take a -4%+ drop and DOW take a -3%+ drop only to recover, and like another post on this sub pointed out, that’s the most significant drop and recovery in a trading day since October of 2008. Eesh.
So why does Shark Tank matter? Shark Tank is a ratings monster. There’s a reason it is first up in prime time every single day on CNBC. There’s a reason I watch it every day other than just wishing I could make a bunch of fucking money for some other reason besides just all the money I plan to make on GME (so I could then throw it all into GME and make more). But besides all that, it would take a lot for CNBC to just skip over 30 minutes of Shark Tank. They wouldn’t give up all those eyes for nothing, unless they wanted them on something. And guess what they had on.
They had fucking Cramer. And he was shitting on retail traders like normal, but he was also desperately sending a message. And that message was that we are not in a recession and everything is okay. He tried to say that now is the time to buy. That buying in this uncertain time is the antidote. They gave Cramer 30 whole minutes of Shark Tank time so he could plead with the working man to keep buying, keep bag holding as we veer off of the cliff, because we are veering hard. He knows it, CNBC knows it, they mentioned it on the show.
They literally said, you can taste it. Regular people can taste it. Wild statistics like the dip and recovery today being the biggest since October 2008 are piling up, we are seeing the writing on the wall clearer and clearer and the dumbest of smooth brain non-apes who invest in mutual funds are starting to hear little birds telling them something is off. And they’re starting to question their masters, and CNBC has to take the time to inject an extra fat dose of it-will-be-okay to keep grandma and mom and dad buying stock while the market makers and rich investors cash out and jump ship.
TLDR; Shark Tank being interrupted by Cramer telling folks to bag hold harder is the canary in the MSM coal mine.
Persona opinion: this is likely tied to the GME and other stocks naked shorting and synthetic shares costing Hedge Funds BILLIONS so far. It looks like a major one got margin called yesterday.
Recall early 2000s Cramer had a solid take on dotcom/IPOs & retail investors should avoid them, stay with blue chips. He was pretty much spot on about them being all about promotion, image & advertising with no fundamentals. OTOH... anyone with any common sense saw the same thing and did not buy into the hype. But he may have included Apple in there too IIRC. Now Cramer makes $5M/year to defend the indexes.
In 2000, Cramer told everyone to "buy, buy, buy!" and he maintained that schtick ALL THE WAY DOWN.
Same thing in 2008.
He told people to buy Bear Sterns, just days before it went bankrupt.
Didn't the meltdown come after 2000 though? I thought the big dump was post 9/11, no?
No.
The market topped in JAN/MAR 2000 (depending on which index). The market went into a bear market, and 9/11 was just another leg down.
Market hit bottom in OCT 2002/MAR 2003 (depending on which index), and went up into late 2007, when it topped again for the next bear market of 2008.
Cramer told everyone to buy all the way down in both bear markets.
I did not remember that. Likely as the company I was with (publicly traded) gained until 9/11 then collapsed after. This image pretty good on tht period -
http://static.cdn-seekingalpha.com/uploads/2008/11/4/saupload_bullandbearnasdaq1998_2003gif.png