Jim Cramer Declares The Depression "Over" (VIDEO)

On Thursday's episode of "Mad Money" host Jim Cramer declared that the depression is, well, over. No stranger to making bold statements about the stock market and the economy, ">Cramer delivered the news in his own inimitable style, unequivocally stating with gusto: "Right now, right here on this show -- I am pronouncing the Depression over."

And who does he credit for this turn around? As he wrote on bloggingstocks.com the same day, the credit lies with Obama.

When [Obama] became more market-focused, and the Fed took rates to zero and offered financing -- leverage to buy asset-backs -- and took mortgage rates down to record lows while homes lost huge percentages of their value, the fire caught. Lending started again.

And the depression ended. I think it ended in the first week of March. I think that's what Doug Kass saw when he went bullish. I think I saw it when I realized that even if every financial went under and most companies cancelled their dividends, we only had 1,000 points to drop, and you had to start buying. There just wasn't enough downside left.

These are not disputed calls.

Now the end of the depression has to be priced in.

WATCH the segment:

Video via businessandmedia.org

Cramer also discussed his assessment on Morning Joe:

Comments

[hunt49]

I've got to say, I watched the Jon Stewart interview the other day, and Jim Cramer handled that woodshed-beating like a pretty class act. He admitted mistakes, looked Jon in the eye, and totally kept his cool and accepted his tongue-lashing. Much better than other people have handled their Stewart excoriations. Jon had him on a spit, and he knew it, and acknowledged it. That's a tough thing to do, and reflects decent character.

I think Cramer as a man is a decent human being; Jim Cramer as a TV character is designed to sell ad time.

[Hawaii5-0]

I respected his acceptance of his mistakes and he seemed really conscious of his mistakes and misrepresentations in the interview with Jon Stewart. Even tho he knows it, his latest declaration shows that he is aware of his dishonesty and continues to be a paid hack for Wall Street and has no remorse or regret for lying to his audience again. There is no excuse this time for promoting lies and living in denial.

[MauiChimpa]

You must not know him.

[JDoorjam]

He rolled over, got beaten up, swore he would change the way he operated, and then didn't do a single thing differently. Stewart rolled footage of him blithely explaining how to manipulate the market for personal profit at the expense of everybody else, and Cramer had no real justification for his comments. Now Cramer is crassly making predictions that are far too early to make.

I wouldn't call him a class act, not by a long shot.

[jimmy2222]

Check out Jim Cramer. "In Cramer We Bust" Check out the news @ http://www.thomaspeep.com/

[Propagandhi]

I'm glad Mr. Cramer has treated his personal depression. Now we can move on.

[AngryCenter]

Wonder if he'll feel bad when this bear rally turns into a significant retreat, which is going to happen fairly soon. The 'fundamentals of the economy' are far from strong, this recent rally is a mini-bubble.

[leorising]

I'm sorry -- who?

[Lex10]

Jim Carmar's Over

[canadiansoccermom]

Demonstrating again why know one should listen to this guy in any kind of serious way.

[DKAnise365]

Hey.... ANYBODY who lost their job due to the same kind of bad advice this guy has been shoveling, needs to get his job. Yup! lets try the good ole Trading Places act..... I wonder how many of these lovers of exotic excess will feel confident and certain about themselves then?

These... smug, apathetic ....&$%$#.­.creatures need to some RAID spread on them....

I find it funny that many of these guys are bald, have ED, martial problems, kids hate them because they don't see them...

Hmmm the list of the effects of corporate culture are endless...­..

This isn't the days of mercantilism and slavery for profit or colonialism is it?! These people behave just like their greedy ancestors.­..

[SlashPrower]

Didn't we stop believing Cramer after Jon Stewart interviewed him? Why does he still matter? Who listens to him nowadays?

[Axekick]

hell, who listened to him before Stewart humiliated him?

[Thomas Bailey]

This guy's still around? Jiminy Christmas!

[Prakosh]

He was saying the same stuff on Chris Matthews later on Friday. I guess he forgot that the stock market also rallied to 8000 the first time it went down to 6,000 and then plunged to 5800 or so. Now it is back to 8000, but it could just as easily plunge again or it could plateau for a while and then go back down. No one knows. Cramer sure doesn't. Remember this is the man who claimed Bear Stearns was a GOOD buy just 6 weeks before it disappeared forever! And then claimed that he couldn't believe that a CEO would LIE to him. And pretended that because they did lie to him he was covered because he couldn't know they were lying.

[teccoord]

Use to respect Crammer ... now I dont ... he is a loud mouth and is just trying to influence the stock market ... I wonder how much he makes when he makes a statement to manipulate the market.

[PhilipTaylor]

Must See!

The SCAMS of the Banksters. This investigator of the Savings&Loan Scandal wrote a book on this Banking Crisis:

William K. Black said on Bill Moyers (paraphrase), "The reason the Executives have not been fired is that would SHOW LIGHT on the Corruption and the entire Banking System will be exposed!"

So they keep the scope of the Crime under cover because they think Americans could stand the TRUTH!

http://www.pbs.org/moyers/journal/04032009/profile.html

[Agent420]

This guy just doesn't learn. He forgot what happened on "The Daily Show," must be time for another lesson.

[FatherWolf]

He's got an act that keeps him on the air. If he started being reasonable, nobody would pay any attention to him.

[markm8128]

Now all we have to wait through is the next 2 waves of foreclosures, resulting in further drag on already bankrupt state government revenues, the consumer credit crunch, in which the majority of Americans are upside down on their mortgages, and owe more on their credit cards than the companies are willing to allow them, the commercial real estate collapse, as 25% of store chains are expected to declare bankruptcy this year, and the collapse of the American debt bubble, as our international investors, who have been wiped out by the global recession, are unable to buy our ever skyrocketing national debt, or help save the 500 US banks which are expected to fail this year.

But a least the depression is over!