There are other videos out there that mention how traders and brokers actually stopped and cheered Cramer after his remarks on CNBC, perhaps they did. I don't think Cramer will stop speaking up like this though, he likes the attention too much... Maybe he got in a little trouble from the network, hard to say really. He's even claiming Bernake heard him, Bernake did mention he understood the problem in the mortgage and lending sector today.
I don't know how bad things really are, I do know that after researching both GS and C I am going to try to get rid of my financial stocks. I've listened to Countrywide, GS and Citigroup's conference calls, and I believe they are anticipating some earning that might not be there. The GS call stated that the homebuilders slump had reached bottom. We know that didn't turn out true. They are judging future earnings partly on such a prediction. I have a few other reasons I won't bore you with right now. Are these stocks now valued correctly? Don't know. They are just too risky to hold at the moment, I don't see the large upside to compensate. There was more liquidity in today's market, which drove these stocks up. Good chance to get out. I'll cut positions on any financials if they let me out gracefully tomorrow. Maybe I'll buy a few put options on some of the financials.
Here's Cramer's sentiment about the CNBC escapade.
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