Another Great Depression Is Off the Table
That´s great. Companies have to change the same time changes coming, they have to be ready for the change, bad or good.
Maybe depression will not come, but those near $2 trillion that have been poured into the financial system far from helping have seemed to feed the monster that the economic crisis turned into and have just made it more eager.
Can we say, good news for now? Because that is really good news you all know, that we need to hear something good.
Hurry!!! Good news. No seriously, Im glad to hear that, I know days similar to 1929 nobody want to live again.
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12/15/08
"You'll never be a good investor if you don't change you mind when the facts change," Jim Cramer told viewers of his "Mad Money" TV show Monday.
He lashed out at critics who accused him of flip-flopping on the issue of whether the economy was headed towards another Great Depression.
Cramer said he was one of the first people to start pounding the table over a year ago that the economy and the financial system were headed for serious trouble.
Cramer said the Federal Reserve and Treasury Departments were still asleep at the wheel earlier this year and that the possibility of another Great Depression existed without immediate actions to save the banking system and home foreclosures.
"But then," said Cramer, "I changed my mind." He said the facts have changed, and so did his opinion. Cramer said that while the economy is surely headed for a serious recession, the possibility of a depression is now off the table.
Cramer said that since first sounding the alarm, the Federal Reserve, the Treasury and Congress have poured more than $2 trillion into the economy, stabilizing the financial system. "They're pulling out all the stops," he said.
He said there is simply not as much to worry about now as before.
"I'm not a bull, nor a bear," said Cramer, "I'm just rigorous." He cited economist John Maynard Keynes who famously said, "When the facts change, I change my mind. What do you do, sir?"
Cramer's 'Mad Money' Recap: Dec. 15 | Page 1 of 3 | Mad Money Recap | Financial Articles & Investments News | TheStreet.com