Gee, the market's up almost 100. Does that ever muck up the talking-head script!! They must be scrambling. Let's see, how about that nasty decline in International Paper (IP) - Get Report? That's worth talking up. Did that Eastman Kodak (EK) piece, that same negative story that's been flogged endlessly by Prudential all week and now ends up as the lead story in the morning's Journal -- amazing!!! -- hurt the stock. Oops, nothing done.
How about we go back to that guy Smedley, the guy who wrecked yesterday's bond market, and get more comment? What? He only talks directly to hedge funds? Guess they made a fortune off his call yesterday. Can't get him on the phone today. No way.
Yeah, "Why I Hate the Media, Part II" is all about days like today. No accountability for the big negative rap from yesterday, no sense that it even happened. How many people panicked out of yesterday's market when "The Sky Is Falling/Cry Wolf" boys were shrieking their sirens?
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. 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 at