With either candidate, Wall Street and Main Street are screwed. Obama is a recession, McCain is a depression. - Inspired by James J. Cramer

Writes Cramer: "For all his talk of being a maverick, McCain looks an awful lot like President Bush on the credit crisis: He doesn’t seem to understand Wall Street or Main Street, he is dogmatically anti-regulation, and his economic team is a joke."

Obama, in Cramer's opinion, offers far more hope than McCain: he inspires confidence, he better understands the complexity of the economy's problems, he has a better team backing him and he's what Cramer calls a "globalist."

That being said, things look grim even under Obama's leadership, says Cramer. " Let’s assume for the moment, if only because the most recent polls suggest it will happen, that Obama becomes president. How will the economy look a year from now? Still pretty damn bad. Before things settle down, we’re going to see credit defaults spreading from residential homes to commercial real estate to credit cards. I can see unemployment hitting 10 percent before heading down…At this time next year, I could see the Dow as low as 8,300. That’s more than 40 percent off its October 2007 high of 14,164."

To read all of Cramer's extremely dark and dire predictions, click here.