"This is the Great Economic Depression II"

- Jim Cramer - "Mad Money"

Updated: Sept 29, 2008

Today the Congress failed to pass an economic bailout bill. In response the stock market dropped a whopping 777.68 points ending at 10,365.45. The S&P dropped a record 106 points, it's first ever three point decline.

This is the single worst ever drop in the stock market - just over 7%! Most people expected the bailout bill to pass and were stunned when it failed by a wide margin.

The Fortis bank in Europe was nationalized to save it from failure.

Unemployment is now at a 5 year high with 9.4 million unemployed searching for work. Unemployment will almost certainly continue to expand as business finds itself unable to find credit in the months just ahead.

Jim Cramer of "Mad Money" is now openly looking for a Dow level of 8,200 and is predicting a second Great Depression similar to the Depression of the 1930s. With house values tumbling we're now in a depression cycle. Where will it all end?

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