Jim Cramer: "Bear Stearns is Fine!" Tues, 3/11/08
Why Hacker News recommends it
Used as a joke or cautionary example of confident financial punditry that proved wrong, often referenced during bank scares and bubbles.
What it is
A short clip of CNBC's Jim Cramer insisting Bear Stearns is fine in March 2008, days before the firm was sold to JP Morgan for $2 a share.
Recommended by 0 HN commenters across 0 different months, 2010 to 2026.
What Hacker News said
Critical adamhowell · 2010-03 · on “So what if subprime blows up? (July 16, 2007)”
And of course Kramer followed up nuggets of wisdom like this with "Bear Sterns is fine!" just 5 days before they were sold for $2 a share: [this video] I really thought his Daily Show appearance would be the beginning of the end for him, but obviously I overestimated the long-term memory of the average CNBC viewer.
Critical dennisgorelik · 2011-10 · on “Bitcoin value falls from above $33 to below $3”
Somehow Jim Cramer with his infamous Bear Sterns prediction comes to mind: [this video] Note that Jim Cramer is still running his show.
Critical gjsman-1000 · 2023-03 · on “The Inverse Jim Cramer ETF Has Officially Arrived”
The fact that he still had a job after his 2008 mistake of insisting that Bear Stearns was fine and a safe place to keep your cash, is astounding. That should've been an unrecoverable mistake, especially with how strongly he was certain. "Should I be worried about Bear Stearns in terms of liquidity and get my money out of there? No, NO, NO!!!" (Afterwards... 90% loss in the next 6 days.) [this video]