What a difference a week makes. On Tuesday, March 11, Jim Cramer assured "Mad Money" viewers that Bear Stearns was doing fine. Specifically, he remarked:
"Bear Stearns is fine... Bear Stearns is not in trouble. Don't be silly... don't move your money."
Watch the clip:
Cramer later tried to defend his position by calling into CNBC. As Gawker reports:
"Mad Money" host and bug-eyed madman Jim Cramer went on CNBC today to clarify his statements from last week about Bear Stearns, when he urged people not to move their money out of the firm. As we pointed out earlier in his defense, he was not referring to the company's stock, and his advice was actually perfectly sound. "Do you know what would happen on this show if I came out and said I want everyone to take their money out of X bank?" he ranted today. "Jim Cramer causes a run on X bank!" As it turns out, the run on the bank happened anyways.