What is it with a name of Cramer or Kramer. The latest Cramer to go off the deep end in front of an audience was Jim Cramer from MSNBC and "Mad Money". Jim is the host of "Mad Money" and after the AFH debacle on Monday and news of the impending debacle last Friday, he tore into federal reserve chairman Bernanke. He said, and much of the media has started to portray, the housing market as "being in crisis" and painting doom and gloom. He thinks as many as 7 million homeowners will lose their homes. He is anticipating the Federal Reserve and Chairman Bernanke will sit idly by and not lower interest rates this month causing further panic.
I know that there were large mortgage companies that went out of business even in the housing boom days of 2004-05. These kinds of things happen during correction periods. I wish everyone at AFH the best and hope they all land on their feet with another lender but the panic and drama that is coming from the media is totally unfounded. Whether Bernanke and the Federal Reserve lower interest rates or not. The economy is sound jobs are increasing. The percentage of people owning homes has never been higher in the history of our country.
I want to know what the ARers think let's sound off and be heard good or bad. I look forward to your comments.