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We’ve been talking about something called “Inverse Jim Cramer” — whatever CNBC host Cramer predicts, the opposite is likely to happen.

Indeed, it happens so much there’s even a Twitter account devoted to it, and there are people who buy based upon betting against what he recommends.

I compare him to economist Paul Krugman and WaPo writer Jennifer Rubin, but he truly is in a class by himself. As we’ve reported in the past, he’s made some legendary atrocious predictions, particularly of late. I wrote back in March about the Jim Cramer principle when it applied to Signature Bank and Silicon Valley Bank. He recommended Silicon Valley Bank, and it went under. Then he recommended Signature, and it shut down. As Tucker Carlson said in March, “If that guy ever endorses anything you’re doing, move to the Canary Islands, change your name because disaster is coming!”

Then he recommended Boeing on April 13, right before their shares fell on April 14 after the aircraft company had to halt a significant number of deliveries of their 737 MAXs due to supplier problems.

Then last month he said First Republic Bank was a “very good bank.” Yet this month, it tanked. Media is now reporting that First Republic Bank will be placed under the receivership of the U.S. Federal Deposit Insurance Corporation imminently. Reuters said that the bank has deteriorated so much they aren’t going to wait for a private-sector rescue. There are reports that JP Morgan may want to sweep in and buy them after the FDIC action. But right now, score yet another one for Cramer with his legendary inverse power.

But now Cramer is saying something that’s even more concerning. Earlier in the week on Tuesday, he said this:

“There’s one big difference between now and 2008: This time there is no systemic contagion,” Cramer said. “It’s a miserable moment for First Republic — once a bank beloved by the rich and famous — but it’s an all-clear event for everyone else.”

That’s a dumb prediction, as we know it’s likely not an “all-clear for everyone else.” But he made it even worse.

The Inverse Jim Cramer account and others noted on Friday something else he said — that the collapse of First Republic Bank could mark the end of the banking crisis.

People asked if he had truly said it and the Inverse account apologized, saying yes, he had.

Here it is, with Cramer saying how this all could be “good” for the market.

People knew that that wasn’t a good sign. Many began responding with tweets about securing your money and that “we’re doomed.” Some said maybe we should start stocking up on food and weapons because this didn’t look good for the financial system.

Given Cramer’s legendary prowess, this may mean that we’re in for even more failures. Which bank is next? Hold onto your hats Monday — let’s hope more things don’t fall over the cliff with this bad news.
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