The Remarkably Prescient Jim Cramer

I hate Jim Cramer. His stock picking mania on TV horribly misleads individual investors who think they can beat the market. Heck, even he admits that, yet that hasn’t changed his behavior on CNBC.

But I have to say that this clip of Cramer about one year ago saying, "Bernanke has no idea how bad it is out there" and predicting the demise of Wall Street firms and the nuttiness of the mortgage market is remarkably prescient. Of course, Cramer being Cramer, the emotional outburst behind such prediction proves highly entertaining:

Speaking of the Wall Street crises, here are a few links (American Scene, Freakanomics, Daily Dish) that are excellent brief summaries of what is going on.

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