Friday, April 10, 2009

Nouriel Roubini Calls Jim Cramer "A Buffoon"

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Allright, I admit there is absolutely no value to this post outside of entertainment but for some breakfast fun- when 2 of our favorite talking heads are at war, it's fun to watch.

Doctor Doom calls Jim Cramer a Buffoon according to this story from UK Guardian. Maybe this was his way of saying Happy 1000th show? Tsk tsk...boys

As an aside I am going to be so sick of hearing the term "green shoots" in about 3 months... make it 3 hours. Thanks Uncle Ben for terming a new catch phrase that is sweeping the nation.
  • Wall Street's favourite jester has fallen foul of the prophet of doom. A tense feud has broken out between the outspoken tele­vision stockpicker Jim Cramer and the notoriously gloomy economist Nouriel Roubini.
  • Roubini, a New York University professor who famously forecast a dire world recession as far back as 2006, has taken exception to remarks on a blog by Cramer that he is "intoxicated" with his own "prescience and vision" and is refusing to see green shoots of recovery in the financial markets.
  • "Cramer is a buffoon," said Roubini. "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." (can't argue that one, other than the fact he was one of a million to do the same "bottom calling" incessently - just keep repeating it and eventually one will be correct)
  • The confrontation pits two of the financial world's biggest egos against each other. While Roubini has won plaudits for correctly predicting that the credit crunch would cause a domino effect around the world, Cramer has long been a cheerleader for mass participation in the stockmarket.
  • Roubini, who believes the situation is so gloomy that leading US banks may need to be nationalised, was dismissive of Cramer: "After all this mess and Jon Stewart, he should just shut up because he has no shame."
  • ... the economist continued: "He's not a credible analyst. Every time it was a bear market rally he said it was the beginning of a bull, and he got it wrong."
  • But Cramer has continued to attack doom-mongers, recently referring to Roubini and the Nobel prize-winning economist Paul Krugman as part of a "nationalisation jihad" for their advocacy of public intervention in the financial sector.
Most likely their respective agents told them to cause a feud so they can get higher ratings.

Wait... I'm mixing them up with how Hollywood works.

Carry on.

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