One Year Anniversary of Jim Cramer's Freakout

On August 9, 2007 I posted Economic Armageddon? and wrote:

The jury is still out but Jim Cramer, host of the always entertaining Mad Money on CNBC, thinks the fixed-income market is already in Armageddon. If you still haven't heard or seen Jim Cramer's freak-out on CNBC last friday, you should join the over 1 million people who already have.

A lot has happened in the last year. If you watch the Cramer clip, you see Bear Sterns trading at $109. And we know what happened to Bear Sterns. We saw the bailout of Fannie Mae and Freddie Mac and a US economy that likely has been in recession since the beginning of the year, with the world economy not far behind.

So, Economic Armageddon? No. But, the Federal Reserve in coordination with other G8 central banks have pulled out all the stops to avoid a total economic calamity.

Update: Paul Krugman reviews the last year: A Slow-Mo Meltdown

~BT