Bad News Bears - Jim Cramer Dooms Us All

“Enough with the hysteria,” Cramer said during Tuesday’s Mad Money, we’re not going to suffer another Great Depression.

Of all the things in the world that could bring me great worry and discomfort, this is it. I liked it better when Cramer was on the verge of tears, thus signifying a recovery. If you have to count on two things in life other then death or taxes go for the MSM getting finance wrong and Jim Cramer leading the way with a horrible call. I happen to agree with him - no Great Depression will be predicted by this blog - but I'm less comfortable when we're on the same side of an issue.

It was part of an oddly depressing day of announcements. The 25B Detroit bailout/bridge loan/welfare program with no change of passing or ever being repaid became separate multi-billion dollar bailouts amounting up to 34 billion. As a member of an industry famous for manufacturing pure, unadulterated fiction, I'm sort of appalled that the number rose so quickly in such a short span. They were also savvy enough to drive cars to the meetings and ask for dollars separately so the bailouts appear comparatively smaller, PR tricks with all the sincerity of Sarah Palin's dialect.

And, of course, the latest round of layoffs is hitting Wall Street. JP Morgan and BofA/ML announced big cuts today. The worst of it is that we're not done yet in financials with the job losses, not even close. It's going to be a lean Winter.