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Opening Segment #3: |
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'Outrage
of the Day'
and
'Mad Mail' |
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Wednesday,
January 14, 2009 |
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Cramer’s outrage by
the reaction to
allegations against
Treasury Secretary
Tim Geithner...
Jim:
Can I just say… that
if I was nominated
to be the next
Treasury Secretary…
and I did what Tim
Geithner did…
failing to pay
$34,000 worth of
Social Security and
Medicare taxes… and
only paying the back
taxes after he was
nominated… in
addition to
forgetting the
immigration status
of his housekeeper…
something that has
derailed cabinet
nominees before… and
we can only hope
that it can happen
again… do you know
what would happen to
me if I did it… I
would be
incarcerated… I
would be tarred,
feathered, and run
out of town on a
rail… I wouldn’t
even be able to hang
out in my swank
apartment… not that
I have one, like
Bernie Madoff… right
to Reicher’s for
this guy.
But Tim Geithner…
only thing that
happens to him is
that he gets a
verbal lashing from
the New York Times’s
Marene Gowd… by the
way who is on fire
today… that is
really about it… of
course, the real
outrage when it
comes to Geithner
isn’t this paperwork
stuff… it is that he
isn’t being
investigated for
letting Lehman fail…
something that Hank
Paulson says that
Geithner was
directly involved
in… that he was,
that there was no
room between those
two… how could he
not have been… as
President of the New
York Fed regulated
Lehman… and in this
case I don’t think
Hank’s disassembled…
despite what the
Geithner apologists
say… they say that
he fought for
Lehman’s survival….
that is sure not
what Paulson’s
saying… wouldn’t you
like to hear the
under oath testimony
from Geithner… about
his role in what I
think is the worst
financial disaster
in our history...
especially before he
becomes the Treasury
Secretary.
The collapse of
Lehman is what put
the great depression
scenerio on the
table for a while…
and still leaves us
with plenty of
potential to
reprieve Japan’s
lost decade… and
everything that we
have done since
Lehman… as simply
been an attempt to
get us back to where
we were before
Lehman… and you
don’t me to tell you
how that has worked…
we failed miserably
as you know from
today’s action… and
just to be sure,
this is no regular
recession…. and if
it weren’t for the
Great Depression’s
extreme notoriety
and disastrous
conotations… we
would be calling
this moment, by an
appropriate
oxymoron, the garden
variety depression…
of course, the
Senators at
Geithner’s hearing
could care less
about all that… they
care about the
1099’s, the green
cards, total form
not substance… we
are talking minor
mistakes that anyone
can make… except for
of course me… unlike
say letting Lehman
fail… which was a
major mistake which
only a hand full of
illigate geniuses
like Geithner could
have made… you have
never heard a bad
word about Geithner
except from me… and
from me… no, just
me… well maybe Andy
at the Times.
Now the irony for
me, is that Geithner
could not… Geithner
could get the rail
for not paying
$34,000 in FICA
taxes, or $43,200
including interest,
along with the
housekeeper… of
course, he won’t…
because the man is
idolized by
everyone… but it is
pretty amazing that
the guy who is
supposed to be…
really most on top
of the economy… had
these kind of labor
violations and tax
dodges… that he
would drop the ball
when it comes to
paying taxes… and
making sure he hired
someone with a green
card… Treasury…
shouldn’t Treasury
know that stuff… do
you mean to tell me
that there is a
nanny gate, and the
only one who can
jump over it is a
new Treasury
Secretary Geithner…
who Marene Gowd
inextricably labels
as hot… but then
again we are not
single women… so
what the heck would
we know.
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See comments continued below...
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Wednesday,
January 14, 2009
(Cont'd from
above)...
Jim (cont'd):
You know what,
maybe it is a
statement… maybe
Geithner
believes that
Social Security
is a giant
Ponzie scheme…
and that is why
he didn’t pay
those taxes… now
that could
actually get him
derailed with
the Democrats in
power… maybe he
is rigorous… and
I am using that
term lightly at
the moment… like
my Immuanez’s
Cliff Mason, who
wrote about this
on his money
blog at
CNBC.com… Social
Security is a
big, big scam…
nothing wrong
with a little
nepitous shout
out now and
again… remember,
you pay in, they
take out… Ponzie
scheme… maybe
that is what
Geithner is
thinking… I
think Geithner
along with
Paulson was
behind the death
of Lehman… I
don’t know maybe
he will be the
death of Social
Security too… if
the future
Treasury
Secretary didn’t
pay his payroll
taxes… why
should you pay
yours… I am
thinking about
not paying mine
but it is
deducted
automatically… I
can’t get out
it… he could.
Maybe his
nomination could
be the catalyst
for Social
Security change…
but it won’t for
a change for the
methods that
Paulson and
Geithner have
been operating
under… despite
the voting in of
a new president.
Let’s get some
mail… I am
steamed… I admit
I am steamed
about this...
Now for some
mail...
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Jim's
rating on
this stock |
STOCK
SYMBOL |
Closing
price that
day |
Full Company Name |
|
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RIMM |
45.10 |
'Mad Mail'
Research
In Motion (RIMM)
Q:
Yesterday,
you talked
about RIMM's
valuation
vs. Nokia
and
Motorola, so
as a happy
“Crackberry”
addict I
decided to
look closer
at RIMM. I
started to
read through
their SEC
filing when
I cam across
this nugget
regarding
their
ongoing
restatement
of past
financial
statements:
“The Company
has faced
challenges
in hiring
and
retaining
qualified
personnel
due to the
Restatement,
the
investigations
relating to
the Company
and
potential
tax
consequences
to employees
who received
grants of
stock
options with
incorrect
accounting
measurement
dates.” This
definitely
scares me
away from
RIMM. Is it
as bad as it
sounds?
Jim:
Any
accounting
irregularity
is bad… but
I think that
it is behind
them… and I
think we are
fine.. Now,
just
understand,
remember we
had a
question the
other day,
the same
time we did
the RIMM
piece, about
Apple (AAPL)…
and I said
Jobs' health
is why I
don’t
recommend
Apple… and
Jobs goes on
leave.. and
I reiterate
that I don’t
want you in
the stock.
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AAPL |
85.33 |
'Mad Mail'
Apple (AAPL)
See RIMM
comments
above for:
AAPL
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na |
na |
'Mad Mail'
General
comments...
Q:
I do not
watch your
show for the
stock picks,
but for the
other
educational
material in
it. Thank
you for
trying out a
chart
segment for
your show -
it gives me
something
concrete to
see when you
discuss a
stock… One
note: don’t
be afraid to
hit the
erase button
when your
drawing
mucks up the
chart
screen.
Jim:
Uh,
Kevin, you
have no idea
what you are
talking
about… I
mean you
can’t make
sense… if
you can’t
make heads
or tails of
this chart…
I think you
should go
put on
Sesame
Street… I
think that
is more your
speed. I
like
Kevin...
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ETP |
35.72 |
'Mad Mail'
Energy Transfer Partners L.P.
(ETP)
Q:
You
recommended
Energy
Transfer
Partners a
while back
due to its
high yield.
With all the
swings in
energy
prices
lately, do
you still
feel the
dividend is
safe and
that this is
still a good
stock to
hold? Thank
you for all
your help
and
education.
Jim:
I said
Kinder Morgan Energy Partners
(KMP)
and then,
secondarily,
Energy
Transfer
Partners are
my two
favorites…
they are a
function of
volume… not
a function
of gas
price… which
is going
down big.
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KMP |
47.89 |
'Mad Mail'
Kinder Morgan Energy Partners
(KMP)
See ETP
comments
above for:
KMP
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na |
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'Mad Mail'
General
comments...
Q:
I saw on
your show
last week
that your
NBC Page is
single. With
your
permission
of course, I
would like
to ask him
out on a
date. I am a
24 year old
graduate
student from
Rhode
Island. I
look forward
to
discussing
notoriously
B.I.G. juicy
dividends
with him
over dinner.
One more
thing, what
is his name?
Jim:
Look,
maybe you
want to
think twice…
just take a
look… maybe
he wants to
think twice…
maybe you
should send
your picture
down. Well,
anyway,
Katy…what
can I say…
Katy, you
are on your
own...
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[verbatim recap]
[end of segment]
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