Jim Cramer More Than Bear-ly Wrong

By SteveK 

1290 WJNO’s web site picks up on what will probably not be on the highlight video during CNBC’s Jim Cramer‘s four-year anniversary next year.

Part of the big news over the weekend, which caused CNBC to switch to CNBC World programming yesterday, was the collapse of Bear Stearns, which was bought by JP Morgan for a fraction of its value.

Cramer was asked about concerns over Bear Stearns on Mad Money last Tuesday, and he strongly opposed selling the stock. “Don’t move your money from Bear,” he said. “That’s just being silly.”

The stock dropped from more than $60 per share when he made the comment, to $30 per share on Friday and is currently around $4.

> Update: Cramer was not actually talking about the stock value, but instead the liquidity. This morning on Street Signs, he clarified his statement, saying, “I got a lot of things wrong in my life, but I don’t regret the fact when I said don’t take your money out of Bear. If you have your money in Bear you still got it today. Remember, there’s Bear Stearns the common and that person was going to pull the money out of Bear. We got a guarantee. J.P. Morgan is now Bear.”

Click continued to see the full video of the segment…