CNBC stock picker “Mad Money” Jim Cramer played Santa on December 19 “Today” and made it clear that Ben Bernanke is on the naughty list.
“Cramer Claus” was on “Today” to say which economic sectors had been naughty and nice, but took the opportunity to fire shots at Federal Reserve Chairman Bernanke.
“He is a guy that doesn’t get regular coal – I’m giving him high-sulfur stinky coal,” Cramer said. “He is in the end an academic who is over his head frankly. I hate to say that. He’s a volunteer official who is trying to do his best. But he had his chance and he’s lost it.”
Cramer has been critical of the Federal Reserve over the past week for not [1]cutting interest rates more than a quarter-point on December 11. When asked about the housing market by Gregory, “Cramer Clause” threw another barb at the Fed.
“It’s still losing money if you buy a house,” Cramer said. “Probably another 18 months before we get to a bottom. All aggravated by a Federal Reserve that is very calm and placid under the guise of being prudent, but quite reckless.”
However, CNBC’s “Mad Money” host hasn’t been right-on-the-money himself.
Missed Predictions
Six weeks ago, Cramer made headlines [2]by calling New York State Attorney General Andrew Cuomo a “communist” on CNBC’s November 7 “Street Signs.” The very next day, [3]Cramer made a prediction that gasoline prices would hit $4 a gallon.
“I still like oil,” Cramer said on the November 8 “Today.” “I think oil goes a little bit higher. It is monster. You'll be paying at the pump. You'll be paying $4 [a gallon] within the next six weeks.”
Six weeks ago, oil was trading at a little over [4]$95 a barrel at the close of the markets on November 8. It has fallen to [5]just to $91 a barrel since then.
But pump prices haven’t come close to $4 a gallon in that time. According to AAA, prices ran up to $3.11 on average around November 14, but have fallen back to $2.99 as of December 19.