He also refuses to call the Fed’s intervention a ‘bailout.’
Jim Cramer has been the subject of some internet hate since the Silicon Valley Bank collapse.
A month ago the Mad Money host pumped the stock on his show, calling investing in the bank “compelling” and “cheap” while it was trading at $320 per share.
So after the bank’s collapse on Friday, Cramer took arrows from his many online adversaries all weekend. On Monday, he took it back to Homer and Greek mythology on his Twitter account.
While he’s keeping his investment thesis for the banking fallout behind a paywall, he did let a bit of advice slip, calling the situation, “a clarion call to buy everything but tech.”
He also want to assure his followers that the Federal Reserve‘s decision to insure all of SVB’s deposits — including those that are above the FDIC’s $250,000 limit — is not a bailout.
It’s a point he wanted to hammer home, especially the “taxpayer” part.
His followers weren’t convinced, pointing out that banks will inevitably pass the costs of that tax onto their customers.
There are many ways for the banks to pass along the costs of this bailout (that isn’t really a bailout, according to some).