Yelling fire in a crowded theatre?

A supposed financial guru, Jim Kramer, warns investors to pull their money out of stocks. I don't watch TV and this man makes me glad I don't but apparently he's a "respected analyst", whatever that's worth and, because he yelled his warning on the Today Show, I assume people will follow his advice.

I'm not a financial analyst nor, unlike Mr. Kramer, do I play one on TV but this sounds like bad advice to me. I think that, if I had money to risk, I'd be buying, not selling. Taking losses today guarantees what - a 20% loss? I don't see the stock market recovering tomorrow but most companies seem to be in pretty good shape and I'd be tempted to bet with them rather than against them.

Again, what do I know? Except that buying into whatever has the media in a frenzy today (and that panic changes from day to day - the media doesn't care what the hot issue, so long as it can whip its viewers and readers into the right mood) is usually a losing proposition.