So, watch Hertz CEO be lauded by Jim Cramer for…not knowing anything about electric cars.
(First…just so you know how bad Barron’s magazine is…they have loved HTZ forever…) Here is Barron’s on HTZ stock back in Feb. of 2023.
Renting Tesla’s? Hmmm. It was 19$/share then. Now it is $8.25/share. Not too good. Why…because the numbnut CEO…decided to RENT TESLAS!
But Jim Kramer thinks the CEO is Great! Notice how nowadays…when people suck at what they do, like Janet Yellen or any member of the fed…the press LOVES them.
2:20 Jim says “You’re a shrewd trader...” Except the CEO is not…his Tesla cars have to be depreciated more, NOT HIS FAULT, because Tesla cut prices during the year. OK. At 3:00 the CEO explains his mistakes as “That’s just math.” OK. “But like any good trader Jim,” says CEO, Although he has just admitted he is a bad trader as he bought very expensive cars just before that crapped out in value. Does Cramer interrupt? NOPE, NEVER. He’s just going to buy more of them! Great! There just some “hiccups and challenges.”
Now he has to explain how he did not know that repairing an electric car is more expensive than and internal combustion engine. And they are getting damaged more. But he does not know why. Hmmm.
And Kramer just compliments him along the way. It is unreal, but this is news today. The whole thing is a disaster.
Maybe they should just read the WSJ or watch the video above.
You see, there is a massive difference between many of the great inventions in America that lead to lower cost, massive productivity increases, cheaper goods, etc. etc. It is true that many of these great inventions, like computers, were driven by “early adopters”. But as I said several years ago Electric cars do not fit this bill. They cost more pollution, they are harder to fix, the batteries burn, they are not cheaper, they are not better, nor are they going to be.
Electric cars were always for rich people. They will not help the middle class; they help destroy the middle class. But here they come.
Negative 60K, per car. I can do that.
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