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Authors, sign in!Television personality and financial guru Jim Cramer offered this sober advice on the Today Show this morning:
"Whatever money you may need for the next 5 years, please - take it out of the stock market right now, this week. I do not believe that you should risk those assets in the stock market."While the animated Cramer is known for telling investors the best prospects for earning money on the stock market, he’s now saying retreat is the best position in the face of some of the worst financial news in decades. The bank lending default crisis that put financial firms around the country on the brink of collapse could bring “as much as a 20 percent decrease in the stock market,” Cramer predicted. Cramer’s gloomy scenario came from calculating individual Dow stocks and estimating how far they might yet fall, he told Curry. And companies’ third-quarter earning reports, due this week, aren’t going to be music to investors’ ears.
“I think the previous quarter, the one we’re now hearing from, was a terrible quarter — but it will look good versus the coming quarter,” Cramer warned.
Published October 7, 2008 by Henry Schwaller |
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| Tags:
Economy
Financial Industry
Recession
Wall Street
