Stop Saying Dumb Things: Cramer Claims Bank Fiasco Means Fed Set for ‘Soft, Safe’ Inflation Landing

NewsBusters ^ | 3/14/2023 | Joseph Vazquez

[JV3MRC]

CNBC host Jim Cramer just can’t stop saying dumb things. The Mad Money personality is now claiming the recent banking fiasco in the past week means the Federal Reserve is turning a corner on inflation.

Cramer apparently hadn’t learned from the mockery he received for his horrific February call that Silicon Valley Bank was a buy at $320 a share before the stock collapsed a month later. During the March 14 edition of his CNBC show, Cramer fawned how he had been a big “supporter of Jay Powell, our Fed Chief” — the same person who tried to hoodwink Americans for months into believing that the inflation crisis his institution’s policies helped instigate was transitory. “I have been with him the whole way in his quest to beat back inflation because that’s how you destroy the power of the savings of the working person,” Cramer proclaimed.

Then came Cramer’s hot take, and it was a doozy: “Until last week’s banking fiasco, I think Jay Powell was losing the war against inflation. Losing it!” Cramer slammed his signature buzzer for emphasis. “But the collapse of some highly visible banks — the fallout that could cause the folding of a great number of startups and” the general uneasiness in the economy meant the Fed plane “is on the cusp of a soft, safe landing.” Huh?

[Chad C. Mulligan]

Inflation is excessive money supply, over and above what’s justified by improved productivity.

When a $billion$ or two simply disappears in a bank failure, that’s DEflationary. I think it was Milton Friedman who said that deflation is what keeps central bankers awake a night, because they have no tools to control it. Other than creating more bad debt, or impoverishing the taxpayers.

[BipolarBob]

Since Cramer is always wrong, that means buckle your seat belt we’re going for a ride.

[Pocketdoor]

I read his book, Confessions of a Wall Street Addict, I think was the name back in 2003... I really actually enjoyed reading it. I thinks his stock advise is just him throwing darts at a Wall Street Journal with a calendar that he doesnt know is underneath it though... He’s a character for entertainment purposes I think. He sure seems to be wrong a lot.

[ConservativeInPA]

Fvck. Why did he have to say that? So we’re getting a hard landing and inflation isn’t going away. Cramer needs to shut his pie hole.

[jmacusa]

Did Cramer learn economics from the same place AOC did?

[MrRelevant]

So where does the cash come from for the bailout? No rate hike and more fake money infused into the economy? This fool is never right. This fiasco just exacerbates the issue and delays the inevitable, recession.