Jim Cramer: Oil Above $60 Makes Him Less Bullish – Video
Roubini: Jim Cramer is a “buffoon” & Recovery “later rather than sooner”
You’ve got to at least listen to what Dr. Doom has to say …
First on the economy in general and recovery, markets, etc:
Nouriel Roubini, a professor at New York University’s Stern School of Business and chairman of economic research firm RGE Monitor, said on Tuesday that he expected more dour macroeconomic data and problems in the banking and housing sectors, as well as pressures on consumers.
Big stimulus packages will eventually slow the rate at which economies contract, but that will take time, he added.
“There will be a light at the end of the tunnel somewhere down the line, later rather than sooner,” he said at a Toronto news conference, which took place ahead of a Sprott Asset Management event entitled “A Night with the Bears.”
Then, on CNBC’s Jim Cramer:
“Cramer is a buffoon,” said Roubini, a New York University economics professor often called Dr. Doom. “He was one of those who called six times in a row for this bear market rally to be a bull market rally and he got it wrong. And after all this mess and Jon Stewart he should just shut up because he has no shame.”
Dow 6,500?
My last market call was 7,000 for the Dow back on November 19, 2008. Today, I’m calling 6,500 as a potential bottom.
You might recall that last week, Jim Cramer, host of CNBC’s Mad Money, and a very fine guy, said, “Time to buy the Depression is over.“ If you listened to or watched CNBC throughout the work day last week you heard many hosts and invited talking heads saying the same basic thing: It looks like we’ve found the bottom, some day we’ll look back at the first week of April or final week of March 2009 and say that’s when the recovery began.
Fed Chairman Ben Bernanke began the recovery talk on March 15 on CBS News’ 60 Minutes, when he spoke of “green shoots” of economic recovery.
“And I think as those green shoots begin to appear in different markets, and as some confidence begins to come back, that will begin the positive dynamic that brings our economy back,” Bernanke said.
Larry Summers, Timothy Geithner – all the government heavy weights – have sung from the same hymnal recently. Frankly, it’s a little disconcerting.
