FLASHBACK - Cramer On Geithner: "If Tim Geithner Gets To Be Treasury Secretary We Are Kaput, We Are Completely And Royally Hosed As A Nation"
CNBC Video - Cramer Destroys Geithner - Nov. 2008
Pretty funny clip - Runs 3 minutes. Given this morning's Bubblevision extravagance featuring Geithner and Cramer, here's a look at a happier time between the clownish duo.
Ignore Cramer's nonsense about saving Lehman. Letting Lehman fail was the only thing they got right during the entire financial crisis. As the Valukas Bankruptcy report showed, Lehman was an over-leveraged cesspool of deception, fraud and criminal malfeasance with a $600 billion hole in the balance sheet. It deserved to fail. The initial bankruptcy process was flawed certainly, and demonstrated that Paulson and Bernanke were clueless about the ripple effects, but the decision to let Lehman go was the only thing they got right.
As we wrote in a previous story:
With measured stupidity, Cramer also buys into the Kanjorski-Paulson martial law, blood-in-the-streets, 17th-century-you'll-be-milling-your-own-wheat fear mongering, which as we've detailed and proven on multiple occasions was nothing more than highly granulated hyperbole meant to frighten a financially illiterate Congress and media corps into gentle acquiescence to the demands of their Sith Lords.
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Back to the clip, courtesy of ZH:
- As if one admittedly market manipulating clown interviewing another admittedly tax challenged clown is not the biggest time waster in the world, here is an actual moment of honesty from at least one of the clowns (the other one should be completely ignored: after all it was him who said that there is no chance the US will be downgraded three months before it was... why anyone listens to this pathologically wrong liar is beyond us). So... without further ado here is Cramer's 2008 rant on Tim Geithner: "If Tim Geithner, the much praised and ballyhooed NY Fed Chairman gets to be Obama's Treasury secretary, and he looks like a shoo in for the job, let me just tell you something, we are done, we are kaput, we are finished, we are completely and royally hosed as a nation... Geithner should be facing a senate investigation, not a senate confirmation...I am predicting he will be a total disaster as he has been as a New York Fed Chairman. Please I am beginning you: don't hire Tim Geithner, he is an academic and all he has going for him is that he is a democrat."
Sep 14, 2011 at 2:52 PM
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