"We're back in a recession," said Jim Cramer on CNBC's "Stop Trading!" segment on Thursday. "The depression's finished."
He said that "the idea that we were calling it a recession was ridiculous," and with indicators such as car sales down 40% and steel production down 60%, the country was in a depression. Now, though, those indicators are bottoming, including car sales and production declines. "If they've bottomed out and started creeping up, that's the end of a depression, and it's very good news," he said.
Now we're seeing a rally based on a turn in housing and improvement in the industrial economy -- and on technology stocks such as
"Wasn't that supposed to be at $70?" Cramer asked of Apple, recently trading at about $114.
, which he owns for his
charitable trust, "is back," he said. "All the chartists told me it was going to $25." The stock was recently trading at $41.35.
At the time of publication, Cramer was long Qualcomm.
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