Exposing the Media's Bearish Love Affair

Because people are afraid to express genuine enthusiasm about stocks, Cramer noted Tuesday, they continue to miss out on rallies.

Having a bearish perspective has been fashionable since the dot-com bubble burst more than 10 years ago, when the Nasdaq rallied from 2,000 to 4,700 before falling to the 1,000 level. The Nasdaq is currently at a two-year high, but at 2,598, it still has a long ways to go before reaching its peak again. Since then, things haven't been the same.

"It was the last time you were actually allowed to be exuberant about stocks publicly because the fallout from the crash left a legacy behind," Cramer said. "A legacy that says you'd better be all glum. You'd better be all critical when talking about stocks and that way, you're never going to get taken to task for being all doomish and gloomish."

It's no wonder, then, that no one celebrates the positives. President Barack Obama and Congressional Republicans, for example, compromised on extended the Bush-era tax cuts. The compromise includes an extension to unemployment, which Cramer thinks will spur spending at retailers and restaurants. It could also help auto and homes sales. But instead of focusing on this positive, Cramer complained that the news media reported on how the diesel fuel gauge signaled a slowdown in the U.S. economy.

Meanwhile, the Wall Street Journal published an article entitled, "Firms Hurting as Europe Slumps." Yet Cramer said the CEOs he's spoke with are reporting quite the opposite. The article cites both Dell and Sara Lee as companies being affected by a European slowdown, but fails to mention that they're actually losing business to their competitors.

"All this bogus reportage and editorializing is the legacy of that Nasdaq crash and burn period," Cramer remarked. "We are not ever going to get a headline like 'Markets Explode Higher' from these writers and editors."

Cramer said he's not looking for a slew of positive stories, even if it would be keeping inline with the bull market. He's simply pointing out that since the Nasdaq peaked in March 2000, little reporting has accentuated the positive in the markets. It seems positive articles are viewed as unhelpful and negative articles could be likened to a public service announcement.

"As someone who sticks his neck out nightly to figure out ways to capitalize both before and after the news, I say thanks to these timid souls behind the cloak of allegedly helpful journalism," Cramer said. "Thanks for nothing."

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