Media Appearance: Kudlow & Company (5/15/07)

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Regular appearance tonite on Kudlow: We will discuss earnings, today’s Market Reversal, and Inflation, fom either 5:10 (or 5:00) til about 5:30 or so.

In addition to Rep. Barney Frank and Rep. Charles Rangel, the rest of us "civilian" guests include: Michael Cuggino (Permanent Portfolio Family of Funds), Jerry Bowyer and myself.

Then its off to the presentation on Media to Music to Markets: What do MP3s, Blogs and Online Trading have to do with each other? The Attention Driven Economy, and its impact on EVERYTHING . . .

Busy day!

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What's been said:

Discussions found on the web:
  1. V L commented on May 15

    I liked the concept of Ritholtz-Litmus Test for Bernanke to pass before the Fed can cut.

    P.S. off the topic:

    Please somebody tell me that I am missing something here, and Cramer is not a crook, and the SEC is not sleeping at the wheel, and we do not live in the corrupted country.

    Private equity guys got rid of a company — dumped it back to the public, Friday’ IPO (after making more than a billion of dollars for themselves and dumping the debt back to naïve public)

    Here are the fundamentals of this company:

    Company net income: 50.4M (2004) => 53.8M (2005) => 53.7M (2006)

    Company EPS: 1.57 (2004) => 1.68 (2005) => 1.48 (2006)

    In addition, the EPS of 1.48 in 2006 was based on 36.3M of shares; Friday’ IPO was 40.4M (11.3% dilution)

    Moreover, the company stock during the entire last year (2006) increased only by 14.5% ($3.59); this is when the US economy was strong.

    For obvious reasons the IPO was not hot. The stock was down by 5.8% today.

    However, wait, this not the end of the story. Today, the charlatan (aka Jim Cramer) hyped up the company during his show. Cramer did not mention any important info about the company – only mostly nonfactual and distorted hype. As a result of Cramer’s hype, the stock is up by 11.5% in AH (the company stock was only up by 14.5% during the entire 2006 but one day of Cramer’s hype spiked it up 11.5%)

    I understand that Cramer is well connected and he gets away with a lot because of Spitzer.
    But, when enough is enough in this wonderful capitalistic and corrupt country? (Private guys make billions, Cramer makes millions, but the majority of working folks is cheated and gets deeper into debt).

    I hope, I have made a mistake somewhere here and this is not the case. I hope….

    References

    http://media.corporate-ir.net/media_files/irol/13/131318/reports/ar2006.pdf

  2. Barry Ritholtz commented on May 15

    I don’t think Cramer gets away with anything due to Spitzer

    He is very “heavily lawyered,” and his entire schtick has been vetted prior to going on air.

    He has a viewpoint, an he expresses it.

    I disagree with him frequently, but thats not the same as saying he is doing anything wrong.

  3. V L commented on May 15

    I understand that Cramer is allowed to express his opinions, but what about letting the viewers to know that the staff prescreens all the callers.

    The callers that want to say the truth about Cramer or about his picks are deleted from the show – not letting to know about it is deceiving the public. The viewers get the impression that most of the folks watching his show make money but it is far from the truth.

    A few months ago, I had managed to by-pass his staff pre-screening (I knew what they wanted to hear so I lied to them, and I agreed to recommend his book). When I finally got a chance to talk to Cramer, I asked him a couple of direct questions.

    Surprise, surprise, my call was cut out from the show, never made to the air.

  4. V L commented on May 16

    Re: Spitzer

    I am not saying that Governor Spitzer was/is doing anything illegal/unethical.

    I just find it odd for NYS AG Spitzer (the fighter with corruption on Wall Street) to officially endorse Cramer (officially appear on his show). I also find it odd for Governor Spitzer yelling “Booyah” during his NYS governor inaugural speech.

  5. DavidB commented on May 16

    When all else fails I guess the only option left is to sue him. I’m sure with all the trouble he’s caused over the years for average investors you could probably even get it made a class action.

    If you’re up for the grief that is probably your only option. Of course, that will probably just serve to give him publicity so they will probably welcome it at the network and cover all his expenses.

    Nothing like a lawsuit to generate free publicity on the six o’clock news

  6. Winston Munn commented on May 16

    Well, I don’t know if this means anything, but if you tape one of Cramer’s shows and then play it backwards, you can hear him say, “I buried S. Miss him. Miss him.”

  7. jagmohan swain commented on May 16

    Once the bear market commences Cramer will get his due for duping investors for the reasons mentioned by VL.I think it’s unfair to prescreen all critics during the show while just letting the adulating one appear on air.I am sure that creates misimpression among gullible investors ( Though I tend to think their gullibleness is well earned and they deserve Cramer and Mad Money as much as Cramer deserves them ).Culpability, however, should mutually be shared by both CNBC for hosting the show and resorting to unfair screening and Cramer for letting his mouth loose.

  8. rebound commented on May 16

    There’s a lot of bitterness in this thread. You folks could always change the channel or choose to not follow Cramer’s lead. You know, like adults, exercising free will.

    How about sharing some trading ideas instead of sour grapes? How are you going to take the news you don’t like and do something constructive with it, like earn a nickel?

  9. Greg0658 commented on May 16

    The monopoly of capitalism does not allow the changing of the channel. Capitalism can’t be exploitive, or else.

    That 1 hour commercial (or 24/7) that exist on CNBC shapes minds, thats televisions function.

    I wonder what kids are taught in school to combat this mind control by media / country / religion? Can’t ask mine, didn’t make any. Touchy subjects these days to ask of others.

  10. S commented on May 16

    Cramer may be funnier than Leonard the Wonder Monkey, but Leonard is taller and better looking.

    It’s your choice.

  11. michael Schumacher commented on May 16

    don’t forget that leonard has/had a better hit rate too.

    Ciao
    MS

  12. V L commented on May 16

    “You folks could always change the channel or choose to not follow Cramer’s lead”

    Rebound,

    I have a hypothetical question for you.
    You are observing a crime (a scam) in progress (Lets say an elderly women is scammed out of her life savings)

    What would you do?

    A. Continue walking like there is nothing happening (rationalizing that the lady deserves to be robbed because she is old and stupid)
    B. Call and report the crime
    C. Intervene and attempt to stop the crime in progress
    D. Join the mob and try to profit from the fraud
    E. None of the above

    Just Curious!

  13. rebound commented on May 16

    V.L. I guess it’s “E. None of the above”.

    I’ve gone on a tirade about Cramer before, (specifically on this blog regarding his torching an Uncle Ben Box on air, for which I said I thought that he should have been fired or fined by the president of CNBC or something to this effect). I am not a fan of his, so I have tuned out from the program (Mad Money) and do not recommend it.

    It just seems people keep giving these people energy and attention, and therefore ratings, that they don’t deserve. And to make it go away, they can change the channel or encourage others to so.

    If you really, really, really think something serious is occurring, you should document it and start your own blog instead of attacking a program or a program host with allegations of wrong doing. (The onus is on you, not on the loud T.V. character.) Especially so for a program on which our “blog leader” regularly appears as a guest.

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