Appearing on NBC’s Today show Thursday morning, CNBC Mad Money host Jim Cramer was the voice of calm, telling his colleagues to “dial back the hysteria” over the economy and reassuring viewers that “the markets are up huge.” He called out those in the press, including NBC, that were “sowing panic” about the possibility of a future recession.

“This morning, nerves are frayed on Wall Street in the wake of the Dow’s worst day of the year, a loss of 800 points. The markets shaken by fears of worldwide economic trouble,” co-host Craig Melvin warned as he introduced a report hyping a possible downturn. Correspondent Peter Alexander sneered: “This morning, President Trump is arguing that the economy remains strong despite new concerns that it is actual weakening and a loud signal that a recession could be on the horizon.”

The reporter eagerly pushed more alarmist rhetoric:

Fresh off that market meltdown, with stocks plunging in one of their worst days all year, fears of a recession are rising. The major stock sell-off following a sounding of the alarms on Wall Street. The flashing red warning sign, a key economic indicator that’s proceeded every recession since 1956.

Both NBC Nightly News and ABC’s World News Tonight engaged in the same fearmongering Wednesday night.

On Thursday’s Today show, Alexander fretted over Trump supposedly passing the buck: “The President again blaming his hand-picked Federal Reserve Chairman Jerome Powell for not cutting interest rates more aggressively...”

Following the doom and gloom, co-host Savannah Guthrie turned to Cramer and worried: “So how significant is this? I mean, it’s the worst single-day drop this year, all the key markets are down. I mean, what does it mean?” Cramer immediately dispelled attempts to stoke panic:

Well, I think we need to dial back the hysteria first. The markets are up huge....so let’s kind of be a little more cool. There a many people who I think are sowing panic. That’s not necessary. This does not have to end poorly, we can avoid a recession.

After Guthrie pointed to the brief inverted yield curve that occurred on Wednesday morning, indicating that short-term bonds were temporarily considered more valuable than long-term bonds, and asked: “Does that mean a recession is certainly going to happen?” Cramer replied: “I’m so glad you asked that way because the answer is no. I think that it raises the possibility. I think that there are people who can sow fear....I really don’t want to be someone who is taking the ill-advised position that it must end in recession.”

While Cramer acknowledged that the Trump administration’s trade war with China was contributing to some of the economic uncertainty, the CNBC host actually agreed completely with the President’s criticism of the Federal Reserve:

Oh, the Fed has to cut again. And the Fed has been wrong. The Federal Reserve got what we call too tight. The Federal Reserve raised rights – raised rates, but much faster than every else in the world. And they’re out of step, and they have to come to grips with the fact they made mistakes. And they have to say that and cut rates. But I’ve got to tell you, Jay Powell’s been a little intransigent...He has to make some moves, but more importantly, he has to say he will cut if things slow down. And he hasn’t. He’s been circumspect, he has not recognized the gravity of his words, and he hasn’t done what’s necessary.

At the end of the discussion, Cramer again ripped the hysterical news coverage of the economic news: “I think most people should recognize, things are not as horrible as, let’s say, the media is making it out to be.”

Here is a full transcript of the back-to-back August 15 segments: