Fox News host Tucker Carlson on Friday slammed the alleged financial “experts” in media — particularly Jim Cramer — who’d sung the praises of Silicon Valley Bank (SVB), a behemoth that collapsed this week and was subsequently taken over by federal regulators.
SVB had, in fact, been one of the largest banks in the country prior to its fall.
“SVB financed nearly half of all venture-backed health care and technology companies in the United States. It also apparently held significant cash reserves for some of the biggest cryptocurrencies, and it’s now gone,” Carlson explained on Fox News’s “Tucker Carlson Tonight.”
“Federal regulators have renamed it and taken it over and that means an awful lot of people lost an awful lot of money and no, most of that money was not insured, no matter what they tell you. The FDIC only guarantees bank deposits up to $250,000, and according to some reports, more than 90% of all deposits at SBP exceeded that and it’s unclear whether those people will ever see their money again,” he added.
The amazing thing is that this collapse occurred despite so many “experts” having acted as if SVB was the holy grail.
“Apparently, nobody noticed anything [wrong]. In fact, as with the FTX crypto scam, you may recall, self-described financial experts in the media were busy promoting Silicon Valley Bank as a great investment that would last forever,” Carlson noted.
“The formerly great, but now quite embarrassing Forbes Magazine, in fact, named SVB to its list of America’s best banks, not once, but five years in a row,” he added.
Proud to be on @Forbes‘ annual ranking of America’s Best Banks for the 5th straight year and to have also been named to the publication’s inaugural Financial All-Stars list.
— SVB (@SVB_Financial) March 6, 2023
“And of course, inevitably you saw this coming, here is professional B.S. artist/dumb person Jim Cramer of CNBC telling his viewers to buy Silicon Valley Bank even though it was in the process of going under,” Carlson continued.
He then played a stunning clip from last month of Cramer lavishing SVB as a great investment– something that it’s clearly not.
One month ago, Jim Cramer urged investors to buy Silicon Valley Bank stock $SIVB.
Today, the bank was closed by California regulators, making it the 2nd largest banking failure in US history. pic.twitter.com/5jgjqTGxld
— Watcher.Guru (@WatcherGuru) March 10, 2023
“SVB is great!?” Carlson said, responding to Cramer’s words from last month.
“If that guy ever endorses anything you’re doing, move to the Canary Islands. Change your name because disaster is coming. But just like FTX, all the geniuses told you to buy SVB, even when it was on the brink of total collapse,” he added, mocking the media “expert.”
Cramer’s praise for SVB is particularly notable because he’s supposed to be some type of financial guru who knows everything. Yet he got it wrong this time. In fact, he’s gotten it wrong many, many, many times.
Benzinga, a financial news site, notes that Cramer has been wrong in his predictions at least five times.
In 2012, he told his listeners to dump Hewlett Packard’s stock over its “broken corporate culture.” Yet within six months, the stock was booming.
Later that same year, he also recommended a sell for Netflix and Best Buy. Within six months, both stocks were booming.
Three years later in 2015, he urged listeners to buy Kohl’s and Qorvo. Within six months, both stocks were tanking.
But it gets worse. Six years later in 2021, he effectively claimed that America was experiencing “a new economic golden age,” as Carlson called it, thanks to President Joe Biden’s policies.
Bear Sterns Moment? According to #CNBC‘s Jim Cramer: “Today we have the strongest economy —perhaps I’ve ever seen.” When Cramer says things are good, watch out people! pic.twitter.com/rETA50Ij6p
— WallStreetPro (@wallstreetpro) December 9, 2021
“To me, we have the strongest economy, perhaps I have ever seen. You saw that number this morning, that unemployment number. It’s the best in years. It’s the best since ’69. We have all spotted the endless ‘Help Wanted’ signs, the housing apartment shortages, the tremendous demand for goods and services, a marvel to behold,” he said.
“Oh people are confident about their jobs, I say, fantastic, and the ability to even get better ones if they want to. They are spending more than I’ve ever seen, but they’re doing it with cash, not on credit. They are doing so in a roaring ’20 style,” Cramer added.
Following this remarkable claim that contrasted so sharply with reality, Carlson slammed Cramer into dust.
“Now, in a normal country with a functioning meritocracy, anyone who says something like that would no longer be touting stocks on television, he would be cleaning your pool, assuming he could muster the skills to do that. And yet, there he is, the same man still televised, a living testament to our leader’s suicidal tendency to reward failure,” he said, as reported at the time by Fox News.
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