Tag Archives: Jim Cramer
New York Times business reporter Leslie Wayne confirmed that she is leaving the paper via buyout and will become the first Reynolds Visiting Professor in Business Journalism at Arizona State University’s Walter Cronkite School of Journalism and Mass Communication.
She will teach graduate and undergraduate courses during spring semester 2010 in the Cronkite School’s business journalism specialization, which is funded by the Donald W. Reynolds Foundation.
Wayne reports on business, finance and politics for The Times. She has covered Wall Street, military contractors and aerospace, municipal finance and, during presidential election years, campaign finance. Since joining The Times in 1981, Wayne has worked mainly for the business desk in New York but was also posted in the Washington bureau.
An honors graduate of the University of Michigan, Wayne has an M.B.A. in finance from Columbia University. She was a Walter Bagehot Fellow in Economics and Business Journalism at Columbia and was honored by the Bagehot program for her campaign finance coverage in the 1996 election.
Before coming to The Times, Wayne was a regional and business reporter at The Philadelphia Inquirer and before that, a political and state house reporter at The News and Observer in Raleigh, N.C.
Wayne has appeared on numerous television and radio shows, as well as The Times videos, podcasts and the political blogs. A native of Detroit, she now lives in New York.
The issue this time is a proposed tax on stock trading as a way to pay down the national debt. Cramer has been criticized in the past year for changing his views on the stock market and specific investments.
Whitehouse writes, “‘I am against the trader tax,’ Cramer declared yesterday on MSNBC’s ‘Morning Joe’ show. ‘I don’t want this tax because it will discourage people from coming back into the market.’
“The comments marked an abrupt turnabout for the 54-year-old former hedge fund manager and host of CNBC’s ‘Mad Money.’ Last week Cramer triggered a firestorm from fans, traders and subscribers to his financial Web site, TheStreet.com, when he threw his support behind a Democrat-proposed plan to charge a 0.25 percent tax on the sale and purchase of stocks and other securities as a way to finance job growth and pay down the deficit.
“Proponents of the tax, which is part of a broader bill called ‘Let Wall Street Pay for the Restoration of Main Street Act,’ say it could raise between $50 billion and $150 billion.
“That led Cramer last Tuesday to tell fellow CNBC host Erin Burnett, ‘”If this can help create some jobs, then I am in favor it, and if people are against that or against me for saying that I am pro-jobs, they got a real problem because they are just dead wrong and selfish.’”
Read more here.
CNBC “Mad Money” host Jim Cramer was at the University of Oklahoma on Friday for a taping, and Don Mecoy of The Oklahoman talked to him about his show.
Mecoy writes, “‘Iâ€™m an entertainer about business â€” a business entertainer,’ he said a few hours before taping his show while at OU. ‘Iâ€™m a televangelist for money. I do a one-man sports show about business.’
“When asked about his regrets, Cramer immediately recalls some bad recent market calls.
“‘I try to do a good show every night, but Iâ€™m very critical of myself,’ he said.
“He believes he was humiliated during a confrontational appearance on ‘The Daily Show With Jon Stewart‘ but is proud that he maintained his composure â€” and that his spot produced a bump in ‘Mad Money’ ratings.
“‘(Stewart) apologized to me immediately after the cameras went off,’ he said. Cramer said he would appear on the show again only if Stewart would make his apology public.”
Julia Seymour of the Business & Media Institute writes that Newsweek, ABC and other media have claimed that the recession is over, while others disagree.
Seymour writes, “CNBCâ€™s Jim Cramer, BusinessWeek economics editor Peter Coy and even left-wing economist Dean Baker disagreed that the recession is over.
“Cramer told MSNBCâ€™s Donnie Deutsch on July 27 that ‘this is way too premature’ and that Newsweek was six months early.
“Baker had even choicer words on Politicoâ€™s Arena, saying that ‘only economists and Washington pundits are going to be blathering about a recovery.’”
Read more here.
Rick Munarriz of The Motley Fool writes about CNBC “Mad Money” host Jim Cramer and how he finds him both entertaining but frustrating to watch.
Munarriz writes, “Cramer is a polarizing figure. Some people love him. Some people hate him. Either way, everybody has an opinion on financial journalism’s reigning rock star.
“I’ll confess to being entertained — and on occasion enlightened — by the Mad Money star. However, there is nothing I hate more than when Cramer opens up the phones to kick off the Mad Money Lightning Round.
“In rat-a-tat-tat fashion, callers will swap booyahs and holler a ticker symbol Cramer’s way. They’ll get a snappy line or two in response, occasionally with a silly sound effect as an exclamation point.
“It may be entertaining to watch, but it’s the equivalent of nails against a chalkboard to me as an investor. After all, we’re all looking for stock ideas. It’s just not right to boil down due diligence to the ring of a cash register or a charging bull.”
Read more here.
Jim Cramer, the host of CNBC’s “Mad Money,” talked to Erin Burnett about recent coverage of Goldman Sachs’ bonuses and critiqued the stories, as well as the First Amendment.
Daniel Harrison defends the work of CNBC “Mad Money” anchor Jim Cramer, saying his critics don’t understand his work.
Harrison, who once worked for TheStreet.com, which Cramer co-founded, writes, “Hereâ€™s why: imagine hosting a nightly show, five times a week, fielding calls from across the country from concerned investors, all while having to constantly provide fresh and entertaining content. You probably canâ€™t. Itâ€™s unthinkable.
“For what Jim Cramer does, he does it very, very well, with crystal-clear reasoning underlying his assumptions. If you asked the average investor to trade as frequently as Jim Cramer makes stock recommendations, theyâ€™d probably be out of 100 percent of their capital in a couple weeks.
“Of course no one is going to invest in a stock purely because Jim Cramer says so. In fact, take Cramerâ€™s own advice and youâ€™ll be doing a little homework first. But at least his show is full of original, though-provoking, and fresh ideas on a daily basis.”
Read more here.
Friedman writes, “For better or worse, Cramer is back to his pre-Stewart ways. If Stewart fretted that Cramer had helped turn the stock market into a casino, complete with show-biz flourishes, he might need to start worrying all over again.
“I respect Cramer’s popularity on CNBC. And I’ve always felt that he had turned out to be his own worst enemy because of the way he eagerly dumbs down his immense knowledge of finance. When Cramer writes about the stock market for New York magazine, there is no better or more knowledgeable Wall Street pundit around. He is that good.
“But when he turns into his Mr. Hyde persona on television, his brilliance gets lost in the noise.
“Cramer has sold his soul to the TV devil. It’s too bad.”
Read more here.
Darla Mercado of Investment News writes Sunday about research performed by two Northeastern University business professors on CNBC “Mad Money” host Jim Cramer‘s stock picks.
Their conclusion: His picks are harmless.
Mercado writes, “On average, ‘buy’ stocks earned an abnormal return of 1.94% the day after Mr. Cramer made his recommendation. Abnormal returns are the difference between a stockâ€™s performance compared with the average market performance in a given period and are sometimes triggered by events specific to the stock.
“Going back 30 days before the recommendation, Mr. Cramerâ€™s ‘buy’ stocks yielded an average 3.55% return when adjusted for overall market activity.
“However, after he recommended a stock, abnormal returns died out, declining by 2.03% between two and 30 days later, on average.”
Read more here.
In the current issue of Time magazine, CNBC “Mad Money” host Jim Cramer answers questions from magazine readers about his job, the economy and the stock market.
Here is an excerpt:
Do you regret going on The Daily Show in the first place? â€”John Puterbaugh, Dekalb, Ill.
No one wants to suffer a beat-down. No one wants to be humiliated or embarrassed. I was shocked at [host Jon Stewart's] behavior. I wish he knew about my background, and I wish he knew about a lot of things that I had done, because I think he would’ve thanked me instead of attacked me.
You seemed to take Stewart’s criticism personally, but he was really making a larger point about the failures of CNBC and other financial outlets. Do you think CNBC did a good job anticipating and reporting on the financial meltdown? â€”Mark Sutter, Detroit
I think CNBC’s done a remarkable job, and I think the attack on CNBC and the attacks on me were gravely misplaced. It was rather remarkable in that it was so clear that his goal was to just destroy me. One day he’ll answer for it.
Read more here.