I have undergone usual love-hate type feelings towards Cramer multiple times. It is really diffficult to understand him, especially when he was writing his trading diary on realmoney.

Now that the greatest bear market is (probably) over, and I lost my share of money in it, I understand what Cramer was saying back then. I mean in 2000. In March. In 2001.

This book is small, and I had missed a lot of games that wcom and enron played with unsuspecting people. I was already out of markets as I could not survive earlier waves of selling.

I went back and read Cramer's writings in March, 2000. Most people think he is just a pumper - I was surprised that he repeatedly urged people to get out of markets - "cash is king" was his mantra during the bearish cycle. And he nailed it both, the great bull ride and the bear ride, with almost correct timing.

You can hate him, he did what he had to do at his hedge fund, a lot of what may be immoral - he had to, it his job. But his writing has been on the mark - you can't deny that.
As for the plug, he mentions thestreet.com few times which is a FREE news site. I do not recall him mentioning realmoney.com ever in this book, which is paid content. At the end, he just "mentions" his own investment product "alerts", but that is only if you want to do it with him. His first choice is always a seasoned investment adviser whom you can trust.

I am not his employee, just a general trader. I would now trust Cramer more than any other Wall St analyst or a journalist who doesn't know a thing about the markets.

You just gotta love Cramer. Whether he's on his knees confessing to being a stock market addict or crawling across the table, ranting and raving on CNBC, he entertains, invigorates, and educates. But he's also a bull in the china closet - so now, after the 2000-2002 debacle, we get his condemnation of the whole Wall Street scene inscribed with the immortal words, "You Got Screwed," as he picks over the underbelly of the tainted beast. Yes, it's a short book, but that's its selling point: Cramer crams everything into something you can sit down and read in a couple of hours - and actually understand via his take-no-prisoners style. His brash attitude is more of the street fighter than the wood-paneled office executive, and this train wreck of a market comes alive with real personalities backed up against the wall as Cramer blasts them to bits. No words wasted. Just typical Cramer. You either love him or hate him, but you can't ignore him.
First he tells you why the system reeked and rotted, eventually collapsing under the weight of fakery and fraud. Then he ends the book by advising you how to never be caught up in Wall Street's self-serving ever again. And he does a good job of both.
His advice on how to protect yourself in the future is good, basic, Investing 101: "Admit the crash happened and move on, find a trusted financial advisor if you won't or don't want to do the homework yourself (he advises 2 hours a week), investigate and analyze companies prior to putting one red cent into them, forget 'buy and hold,' learn to read balance sheets, put emphasis on dividends, monitor insider and corporate ('buybacks') buying of their own stock, use P/Es to value stocks, always keep cash available, and avoid margin." Good advice from a pro who's seen and done it all.
Now the fun part begins. Mutual funds end up getting the brunt of the Cramer cannonballs. The game they played was "beat the numbers." The financial press loved it because it gave them "the reason" why the market was going up. Made they look smart. Cramer takes apart this silliness, exposing it for what it was - accounting gimmickry, pure and simple. All that the analysts and companies had to do was lowball the upcoming quarter, then "beat the number" by a penny, and we were off to the races. So why was the investing public taken in so thoroughly? "The public thought it knew all it had to know...Democratization (of stocks), however did not bring with it all the skills you needed to make good judgments for the long term. For example, no one provided the tools of how to read a balance sheet or assess cash flows. No one taught people how to spot red flags or how to tell if a company wasn't doing as well as you thought. And no one explained that stocks, particularly tech stocks, were high-risk pieces of paper..." (26)
Moving on to corporate governance, Cramer slams the looting of the treasury via stock options as corporate insiders served themselves a hearty dish of cheap stock, seemingly at no cost to the bottom line. Only later do we now realize that dog won't hunt either.
He indicts the SEC, the accountants, the corporate officers, the boards of directors, the media, the brokerage houses, the analysts, the academics...everybody except those whose money was being looted - the individual investor.
Cramer saves his strongest salvos for his slicing and dicing of Enron. His delivers an indictment of the whole political culture of the 90s with: "...maybe it was just everyone because Enron represented, not a simple fraud like WorldCom, but a wholesale breakdown of every aspect of the legal, accounting, governmental, and regulatory bulwark to keep corporate America honest." Sounds remotely familiar like another entertaining individual of the 90s who took shot at the same targets through humor. The comedian Seinfeld perhaps knew us better than we knew ourselves at the time, as his four scoundrels lied, cheated, scammed, and flimflammed their way through the decade - an era that produced a "something for nothing" attitude that seems to have permeated every facet of our lives, and emptied out our pocketbooks as well.
In the end, Cramer's diatribe is basically an intelligent, heart-felt cry for investor education. Education of investment techniques and strategies, and an understanding of ourselves. Learn that and you won't have to depend on a Cramer or anyone else to manage your finances, plus you won't get screwed by anybody either.

This is a short book describing some of the reasons why the tech bubble burst, the stock market tanked and how many companies lied, cheated and stole. It is a totally worthless book for any that are already seasoned in the business, however, for the neophyte or unlearned investor that has money on the line already, this book could prove priceless.

Some time back I reviewed a book called "Net Zero", also a book describing how the bubble burst. I wrote in my review that the problem with the book was that it was much to technical for the beginner, i.e. the guy that really needs to read it. So the simple fact that this book is short, basic and too the point, shouldn't be considered a negative unless you already know the information.

If you're considering putting money into the market for the first time, and you don't already understand why the market tanked and how certain parts of the industry are stinking thieves, then you'd be foolish to pass on reading it. It could save you a fortune.

There are quite a few terrible reviews for this book, mainly along the lines of "Gee, we already know this, duh!" But for those of us not watching the MSNBC ticker and dont bet our life savings on whether a share rises or falls, its quite informative.

He details not only the fall of Enron, but how and why the telecoms rose so high and burned out so brightly. He exposes the inner machinations of mutual funds and how the analysts really make their money. He even offers a bit of good advice on not falling into bad companies and avoiding risky investments.

I admit I wish there was more, and, yes, he did reference thestreet.com (his website) a bit more than is prudent but it was all in the spirit of getting the information out. All in all, the promises he made with the title and back cover of the book, he delivered upon. If you are expecting anything more than to know why your portfolio fell apart and a little advice on sewing it back together, check out another book. Otherwise, its worth the read.

This work by Jim Cramer is a short depiction of the recent tragedies of Wall Street and many of the events which collaborated to help them bring down the Stock Market. This overview will help any reader understand what happened and why. Jim takes each case and explains what went wrong and how individual investors can better recognize bad companies and nasty business practice. The final section is a short recommendation of trading strategies through diversification, balance sheets and other tools to help one understand the benefits and pitfalls of investing and make wiser decisions through their use. This book is a fast read but should be reread several times and it's lessons never forgotten.