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They Know Nothing!

In the summer of 2007 Cramer came out and gave one of his most famous clips.  His They Know Nothing clip.

The Europeans appear to know nothing as well.

I get concerned with this kind of talk.

Van Rompuy said unwarranted panic sparked the selloff of Italian and Spanish bonds that led the European Central Bank to intervene earlier this month….“Markets aren’t always right,” Van Rompuy said. He cited purchases of the Swiss franc, which jumped 14 percent in value this year, as an example of investors overreacting to European debt concerns and the U.S. credit downgrade by Standard & Poor’s.

Its like they think they can show the market who is boss.  Right, and markets can continue with unwarranted selloffs and not being right all the way until they have dragged the european banking system into insolvency and taken the world into another recession.

But nope, this is a time to be ideological, stand by your principles and ignore the reality of what is actually happening.  Consequences be damned.

What does “right” mean?  You’d think that europeans, given their history, might have a better grip on the existential nature of that question then they are exhibiting.
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