Editor's note: This post by Jim Cramer appeared earlier Monday on RealMoney. Click here for a free trial, and enjoy incisive commentary all day, every day.
Maybe there's just no hope to the disinformation campaign against investors.
While working out this morning I saw a headline that the European Union is basically "doubling" its growth projections, with the economy putting on a big move after the doldrums of the last few months. That came right on the heels of China reporting 13% growth -- that's right, 13% growth -- and I am marveling at all the people who said China was finished as we saw from the Baltic Freight -- which became the Baltic Fright -- and the tepid oil futures. Plus, hadn't copper just peaked?
China and Europe are much better than expected. The economic recovery overseas seems to be heating up, and that doesn't include already strong countries like India and Brazil.
But what's the lead story in
The Wall Street Journal
? "Waning Recovery Fuels Uncertainty," blares the headline. The synopsis? "The global recovery is still on track but it's looking increasingly likely to be a long slog for much of the developed world."
Now I know in a world where people get their economic news from the Web and TV and radio as well as newspapers, maybe the cacophony dilutes this lead story. But it is still the
, the paper of record, and I can only think if I am an investor trying to make heads or tails of the thing if we could get Europe doubling its growth rate and China coming in well above trend and yet the paper of record says that things are looking weak and bad I just want to throw my hands up and say, "No thank you."
If you throw in the misinformation about Basel from last week -- that it would cause capital raises for many of our banks -- you only heighten the confusion. (I know KBW is saying that there needs to be capital raised by
Bank of America
but I think that's going to prove incorrect. Nonetheless, the rest of the post-TARP banks are already in the clear.)
comes out smelling like a rose on this one by the way and should be bought.
I rail about this nonsense because I am trying to make some sense of things, some sense of why things "feel better" as I said on Friday here and on my show, about why the market's got a better tone.
The answer, of course, as demonstrated by China and the EU, is that things
better, you just don't know it because the major source of news says things are worse. In a world driven by news, not facts, this alleged "conundrum" will be there all day.
For the record, I think this is as bad as saying "the Cowboys crushed the Redskins," or "the Eagles upset Green Bay."
You'd laugh at both headlines. Laugh at this one too.
Congratz to Bryan Ashenberg's
! His next? I said on Friday it could be
! Subscribe and get this stuff. It is worth it ... in spades!
At the time of publication, Cramer was long Bank of America and JPMorgan
Jim Cramer, co-founder and chairman of TheStreet.com, writes daily market commentary for TheStreet.com's RealMoney and runs the charitable trust portfolio,
. He also participates in video segments on TheStreet.com TV and serves as host of CNBC's "Mad Money" television program.
Mr. Cramer graduated magna cum laude from Harvard College, where he was president of The Harvard Crimson. He worked as a journalist at the Tallahassee Democrat and the Los Angeles Herald Examiner, covering everything from sports to homicide before moving to New York to help start American Lawyer magazine. After a three-year stint, Mr. Cramer entered Harvard Law School and received his J.D. in 1984. Instead of practicing law, however, he joined Goldman Sachs, where he worked in sales and trading. In 1987, he left Goldman to start his own hedge fund. While he worked at his fund, Mr. Cramer helped start Smart Money for Dow Jones and then, in 1996, he co-founded TheStreet.com, of which he is chairman and where he has served as a columnist and contributor since. In 2000, Mr. Cramer retired from active money management to embrace media full time, including radio and television.
Mr. Cramer is the author of "
," "You Got Screwed," "Jim Cramer's Real Money," "Jim Cramer's Mad Money," "Jim Cramer's Stay Mad for Life" and, most recently, "Jim Cramer's Getting Back to Even." He has written for Time magazine and New York magazine and has been featured on CBS' 60 Minutes, NBC's Nightly News with Brian Williams, Meet the Press, Today, The Tonight Show, Late Night and MSNBC's Morning Joe.