When I heard Jim Cramer "call" a new bull market the other days I actually laughed out loud. Not because I have any knowledge about that one way or the other, but because he's been so spectacularly wrong so often that I find it amusing that he's got the chutzpah to proclaim anything more controversial than that he expects the sun to come up tomorrow.
But Nouriel Roubini took him downtown:Just weeks after "The Daily Show" host Jon Stewart took Cramer to task for trying to turn finance reporting into a "game," famous bear economist Nouriel Roubini criticized Cramer on Tuesday for predicting .
"Cramer is a buffoon," said Roubini, a New York University economics professor often called Dr. Doom. "He was one of those who called six times in a row for this bear market rally to be a bull market rally and he got it wrong. And after all this mess and Jon Stewart he should just shut up because he has no shame."[snip]
Roubini said in 2006 that the worst recession in four decades was on its way. He has attracted attention for his gloomy — and accurate — predictions of the U.S. financial market meltdown.
Roubini said the latest surge is just another bear market rally following the pattern of other rallies after the government intervened. He expects the market will test the previous low because of worse than expected macroeconomic news, disappointing earnings and because banks will fail after the stress tests come out.
"Once people get the reality check than it's going to get ugly again," Roubini said.
Roubini said Cramer should keep quiet.
"He's not a credible analyst. Every time it was a bear market rally he said it was the beginning of a bull and he got it wrong," Roubini said in an interview with The Associated Press.
Roubini did an admirable job wielding the Smack-o-Matic, there. I wonder if there's any possibility he and Jon can tag-team Cramer? That would be a show to remember...