Well, this certainly is something.
Here's a video that Huffington Post recently dug up of Jim Cramer — of the CNBC Cramers — being interviewed in what appears to be my uncle's basement. And, for some reason, admitting to manipulating the market for the benefit of the hedge fund he used to run…
He suggests all hedge fund managers do the same. "No one else in the world would ever admit that, but I could care. I am not going to say it on TV," he quips in the video. He also calls Wall Street Journal reporters "bozos" and says behaving illegally is okay because the SEC doesn't understand it anyway…
On falsely creating the impression a stock is down (what he calls "fomenting"): "You can't foment. That's a violation… But you do it anyway because the SEC doesn't understand it." He adds, "When you have six days and your company may be in doubt because you are down, I think it is really important to foment."
I'm not an expert on economics, but I am an expert on being stupid. And I'm pretty sure that was a stupid thing to admit.
Hopefully, he can explain his views on the market better when he's Jon Stewart's guest tomorrow night.
Tags: CNBC, Economy, Jim Cramer