Jim Cramer is Bearish. Murdoch Says He's `Very Bearish' on Economy. Ron Paul on Iran Policy 7/9/08
I consider Jim Cramer's opinion slightly less valuable then a dart throwing monkey. (A monkey is by the law of averages 50/50? TrackJimCramer is 48%). I am not sure to make of a professionial stock shill, who turns Bearish? It is like a clown, who trys to make kids cry.
1. Watch Jim Cramer here (Financial Collapse):
2. Templeton Saw It Coming
Templeton, a pioneer in global investing, died Tuesday at age 95. Four years earlier, he laid out a strikingly accurate prognosis for the U.S. economy for Forbes Magazine. (See "An Investment Legend's Advice")
In February 2004, Templeton, a true contrarian, told Forbes that his chief concern was the U.S. consumer. He said Americans had taken on too much credit-card and mortgage debt. Templeton even said home prices would fall and defaults rise. "When I was young, in the three years after 1929, a high proportion of people lost their homes in foreclosure," he said. "It's likely to happen again. It's not abnormal. It's cyclical, and it will put pressure on all prices."
3. News Corp.'s Murdoch Says He's `Very Bearish' on Economy Bloomberg 10 July 08
Bloomberg 10 July 08 (Video 2:22).
4. Marc Faber:"the dollar will loses its value to pretty much everything in the world...I am bearish on everything"
5. Ron Paul on Iran Policy 7/9/08
6. “I'm in the process of -- I hope in the next few months -- getting all of my assets out of the dollar,” Jim Rogers told Bloomberg (24 Oct 07). “I'm that pessimistic about what's happening in the U.S.''
“It's the official policy of the central bank and the U.S. to debase the currency,'' said Rogers, “The U.S. dollar is and has been the world's reserve currency, the world's medium of exchange… That's in the process of changing. “The pound sterling, which used to be the world's reserve currency, lost 80% of its value, top to bottom, as it went through the whole period of losing its status as the world's reserve currency.''
7. “I think the credit situation is worse than anybody realizes,” said Julian Robertson on CNBC.
Robertson’s a bit of a legend. In 1980, he started his Tiger Management fund with $8 million… and grew it 875 fold into $7 billion over the next 16 years. He then closed it when he ceased to understand valuations on Wall Street during the tech boom… and bust.
Now he’s sounding the alarm for the economy at large. “I think we’re going to have a doozy of a recession,” he predicted. “The Federal Reserve and our government will trash the dollar until such times as there is some turnaround in the economy or until they realize that this policy is self-defeating.”
You can watch the whole Robertson interview here.
You Fools Better Recognize the gravity of the situation, like ADM Ackbar, Jim Cramer's call "it's a trap" is to late to save most investors, but the battle with stagflation has just started.