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March 22, 2007
Jim Cramer was Right
Jim "Mad Money" Cramer was right. No, not about saying that, but about the impact of the business press's constant confusion of non-bias with perma-bearishness.Here is Cramer talking the latter subject on Imus this morning:
The [Wall Street] Journal is oftentimes captive to the guys who want the market down. I always find that there is a bias to the Journal. They want to be skeptical. They think it is being prudent. But when you read their columns, a lot of times what they are saying is – get out now, panic now. We’re going to hell in a handbasket.So true. And when you as a journalist have that fixed negative/skeptical view in a market that has for a hundred years, to borrow a great book's title, represented the triumph of the optimists, then you're easily played by people with an agenda.
obDisclaimer: I write a weekly column for the Cramer-founded TheStreet, and we both appear regularly on CNBC. I may be saying this just to curry favor and get signed hats.
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Funny, I was reading perma-bear Barry Ritholtz the other day, whose take was that the MSM/analyst community is intrinsically biased toward the optimistic. He didn't mention the WSJ in particular, but I assume that's his position.
I suppose your half-full/half-empty perspective is all relative to your starting point.
Paul, you should check out this youtube clip on Jim Cramer's tactics for "business press" - if you have not already done so...Enjoy!
http://www.youtube.com/watch?v=708wDFX28lc&eurl=http%3A%2F%2Fvalleywag%2Ecom%2Ftech%2Fvalleyspeak%2Ffomenting%2D245927%2Ephp
Oh, for God sakes, Paul. I think that'll be the jumping off point when you/me and Andy Kessler get together next week for dinner. But, i know: It'll be like me against the four goons, er guys, on Fast Money. Should be fun. See you then.
Herb
"Bad news sells papers"