Pardon me for being tough on

Joe Granville

this morning on


. For those who missed it, I asked some questions about Granville's track record and his apparent inability to admit that he's been wrong.

Granville is probably the first of the great prognosticators of this bull market, and in my mind, he's always gotten the kid-glove treatment no matter how bad his calls are.

He can't make the


dance like he could at the beginning of the previous decade. And for what seems like much of the last 20 years, he has been a promoter that you can't take seriously. That's a long time to be wrong.

But through all that, I have never heard him say that he's been wrong. That doesn't mean he hasn't been wrong -- it's just that you won't get that from his mouth.

Consequently, he will get taken at face value by many


viewers today, and they will dutifully sell everything and buy puts or gold and wait for the sky to fall.

What I want to know is, if the sky doesn't fall in, will Granville come clean? Will he go to Brussels and pronounce things A-OK? Will he back down, or will he simply say that he is "early" for as long as it takes for people to forget the call?

I think Granville's going to be wrong. I don't think that this is the beginning of a huge bear market and that you should be totally in cash, or that if you are a trader, you should totally short the market. All I want is there be a statute of limitations, or a statute of points, where we can objectively say that Granville was wrong with his grizzly call.

That will be up to the journalists out there who take the objective bait. I hope they do so.

James J. Cramer is manager of a hedge fund and co-founder of Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column by sending a letter to