For all those who still believe pundits know what they're talking about, I present the 10 Worst Predictions for 2008. My favorite screw-up is from Jim Cramer, responding to a viewer's e-mail on CNBC's Mad Money:
"Peter writes: 'Should I be worried about Bear Stearns in terms of liquidity and get my money out of there?' No! No! No! Bear Stearns is fine! Do not take your money out. … Bear Stearns is not in trouble. I mean, if anything they're more likely to be taken over. Don't move your money from Bear! That’s just being silly! Don't be silly!"
Maybe Jim Cramer will consider having Peter on his show. They could team up and explain why only a fool would make financial decisions based on what a TV talking (or in this case, screaming) head says.