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Originally Posted by eazyb81
In hindsight, yeah, he should have known the bottom was going to fall out at some point, and I'm sure he thought it would at some point. But not even Buffett can know for sure what direction the market will turn, and like I said in an earlier post, EVERYONE got this one wrong.
So yeah, Cramer should certainly have known what was going to happen, but you can lump everyone in that group, including almost every investment bank, hedge fund, mutual fund, etc. People should definitely be held accountable at some level, but Cramer is not near the top of my personal list.
It just seems to me that we're kind of picking on Cramer here simply because he makes his calls every night on a public forum. I guess that is his own fault, and he should have expected to take heat when the market turns like this, but I don't it's truly warranted.
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Don't get me wrong, he is no where near the top of my list. Just another in a long line...
As far as the market turning, many people have been voicing their fears since the late 90's. Any insider had to know. You and I could have never known the extent because most of these activities were off balance sheet. The people that run the various financial market instruments knew though. They were so leveraged and their debt instruments were so entangled, that anyone on the inside had to know that one blow would bring the straw house down.