Jim Cramer on Bear Stearns:
Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Tuesday March 11.
Mad Mail: Textron (TXT), Bear Stearns (BSC)
Although TXT is down from $70 to $50, Cramer likes Textron and is not worried about its financing. Cramer told one writer who was concerned about Bear Stearns; “No! No! No! Bear Stearns is not in trouble. If anything, they’re more likely to be taken over. Don’t move your money from Bear… Don’t be Silly”
On Friday it went from $50 to $30.
On Sunday it was worth $2.
UPDATE: This anti-Jim Cramer YouTube video
is worth watching (at least the first half, but then it moves into Ron Paul terrory). It has the complete version of what Cramer said. Bear was trading for $63 at the time. It went this way:
READER MAIL: Should I be worried about Bear Stearns in terms of liquidity and get my money out of there?
CRAMER: No! No! No! Bear Stearns is fine. Do not take your money out. If there's one take away (other than this up 400 [day]) ... Bear Stearns is not in trouble. If anything they're more likely to be taken over. Don't move your money from Bear. That's just being silly! Don't be silly!