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This Day In Market History: Jim Cramer's 'They Know Nothing!' Rant
Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
What Happened? On this day in 2007, CNBC's Jim Cramer made his famous "they know nothing" rant ahead of the 2008 financial crisis.
Where The Market Was: The Dow Jones Industrial Average closed at 13,181.91 and the S&P 500 traded at 1,433.06.
What Else Was Going On In The World? In 2007, Apple, Inc. (NASDAQ: AAPL) released the very first iPhone. The Mitchell Report highlighted the rampant use of anabolic steroids in Major League Baseball. A gallon of gasoline cost $3.38.
Cramer's Rant: In an August 2007 interview on CNBC, Cramer ripped the Federal Reserve for not recognizing the risks facing the economy at the time due to a downturn in the housing market. Investors had already started selling stocks and real estate in favor of less risky assets, such as bonds and gold.
"My people have been in this game for 25 years and they're losing their jobs and these firms are gonna go out of business and it's nuts. They're nuts! They know nothing! This is a different kinda market. And the Fed is asleep," Cramer said at the time.
Within a month of Cramer's comments, the Fed had begun cutting interest rates.
In the year following Cramer's 2007 comments, the SPDR S&P 500 ETF Trust (NYSE: SPY) dropped 12.2%.
In a 2017 interview on the 10-year anniversary of his 2007 comments, Cramer said he still believes the Fed could have prevented the financial crisis if it had been more aggressive in cutting interest rates at the time.
Related Links:
Cramer Revisits His Infamous 'They Know Nothing!' Moment
Jim Cramer Vs. S&P 500: Who Wins?
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© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Source: https://finance.yahoo.com/news/day-market-history-jim-cramers-143445230.html
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