Jim Cramer has a decent piece on the end of Quantitative Easing (QE). He calls on Wall Street pundits to apologize for their incorrect predictions.
Cramer breaks it down quite well into several specific predictions that went wrong. The basic idea under fire — The Federal Reserve was propping up the economy with QE, and the moment QE ended the economy would crash like a house of cards.
The economy still may crash — but it won’t be as an immediate and direct result of the ending of QE. The retirement of the baby boomers is a greater issue, and I believe QE is just a symptom of that larger problem.
Back to Cramer
I certainly don’t appreciate what Cramer does and how he does it. He may have a decent blurb every once in a while, but in general he is an instrument of misinformation. Isn’t it ironic that he is calling on other pundits to apologize for bad predictions! How often does Cramer apologize for the constant stream of bad predictions he pumps out every day? He gives dozens of recommendations per show. I have not once seen anyone have a chance to come on Cramer’s show an confront him on a stock pick that went down. It did sort-of happen once with John Stewart, but 5 years later it seems that most people have forgotten these lessons.
There is Great Advice Out There
On a positive note, there is a huge amount of great advice out there from authors like William Bernstein, professionals like Foster Wealth, Inc. or IFA, and countless academics. But you won’t find good investment advice on the TV! You just won’t! So if you are tuning into the TV for investment advice, please stop, for your own good.