Granville, Cramer and the Second Coming

I want to repeat for emphasis that the ludicrous share-price reactions are not Jimmy's fault (indeed, he cautions investors not to pay up for his ideas). Like the doom-like Granville calls of 25 years ago (shortly thereafter, a monstrous bull market started!), they are the fault of those who react in such a foolish manner that they should be chastised and that will hurt financially.

The wild response to Jimmy's stock recommendations in CNBC's live "Mad Money" show last night could suggest that the momentum and enthusiasm with regard to equities is reaching manic and silly levels -- or it could just be an isolated event.

When I distill the parallels (above) and the meaningful content that is being delivered by Jim (vis à vis Granville), I come to two conclusions.

First, Jim is delivering a hard-hitting, informative real-time market/company analysis and is laying his opinions on the line. Unlike Granville's "Sell Everything" mantra, Jim's information reveals substance that is rarely available in the business media today.

Second, participants' response (again not Jimmy's fault) is a strong indication that a section of the investment population is getting goofy and is ready for a fall.