So, Jim, It Is (Has Been) a Depression After All?

by: Alex Filonov

Jim Cramer came clean yesterday on CNBC. Both in "Stop Trading!" and "Mad Money". We are in a depression. He actually said that we have been in a depression, but I'm not that sure. Even if we had the bottom of the stock market in March- during the previous depression, the bottom was reached in 1932, but the Great Depression continued for several years more.

But this is not about nuances. This is about the role of a journalist. Jim just confirmed that he had been lying to us on TV since September 2007. Every time he said "depression is off the table", every time he called the current crisis a "recession" he lied. He thought one thing and told us another.

I already wrote here that it's no business of a journalist to try to form opinions. A journalist should report facts and, if he wishes, his interpretation of the facts. If he knows something related to his reports, if he can prove or at least argue it, it's his duty to report it. The only exception is somebody's personal life, although there are a lot of reporters who don't care about people's privacy. But this is the event of the century. And one of the best in the business refuses to tell us exactly what he thinks about it.

Jim, this is not acceptable. You made a mockery of journalism. I don't care that correct information can scare somebody. For every scared person there would be at least one who can draw correct conclusions. Politicians are listening to you, a correct definition could've made them act faster.