Cramer’s caught a lot of flack for statements on Monday’s Today show. He called for investors who needed money for the short term to take any opportunity to raise cash. Of course, the media likened it to screaming “Fire!” in a crowded theater, but Cramer’s point was never to instill fear.
He honestly believed that, whether you’re planning on paying your kids’ college tuition or considering buying a home, you want to put that cash in a savings account as soon as possible. The market should be very volatile over the near term, and he wants investors to play it cautious.
Cramer might have upset some people with his call, but “I don’t care if it’s unpopular,” he said, “I tell the truth.” And it’s not like he didn’t follow his own advice. He shifted the funds in his 17-year-old’s uniform-gift-to-minors account because he knew he’d need that money for her tuition. But did he move the money in a similar account for his 14-year-old? No. He’s keep that cash invested.
If anything, Cramer said, “that’s called prudence.”
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