Jim Cramer just threw in the towel.

[randomness]

It might be time to buy. :)

From http://gawker.com/5059535/jim-cramer-begs-america-to-abandon-hope:

Whoa, Jim Cramer has fully turned around as much as a man can possibly turn around! The shouty CNBC (poor) stock picker—who as recently as last November was trumpeting "10 Reasons to Be Bullish" ("1. The stock market is cheap")—went on the Today show this morning to virtually beg Americans to pull all the money they might need in the next five years out of the stock market, no matter what the cost. He looks like he's about to cry. This will be one of the defining moments in the media narrative of our nation's impending financial doom.

Comments

[babasyzygy.livejournal.com]

Yeah, I remember when that came out.

The thing that's most memorable to me was at the end of last year, when he listed several stocks (including AAPL) that would be talked up through the end of the year, especially two days before the end of the year, and then immediately sold off two days following the end of the year before the market corrected. He explained that this manipulation was all for the tax consequences of the year end, but that the SEC would come down hard on fund managers taking advantage of these manipulations on the last and first days of the calendar year. Therefore, the same practices had merely shifted anywhere from a day to a week on either side. Sure enough, those stocks peaked slowly Dec 31 and fell slowly Jan 1.

I actually find a lot of what he says to be illuminating, but it's really important to understand that he's doing exactly what he's describing. I would be interested to see a contrast between those who do as he implies vs. those who do as he says.