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:
Cramer also discussed his assessment on Morning Joe: