That's not the really bad ending. That's the one where...The Wykydtron said:The Bad Ending to Persona 4, simply because unlike most bad endings it's not like "HA! You and your friends are dead!"
It's more like "you've got to leave all your friends with a big fuck off mystery that you should have solved"
Considering the entire game is about solving that one big fuck off mystery it's a lot sadder than it sounds
You throw Namatame into the TV, Teddie vanishes for good and your cute little cousin dies. Although I'd still count the fake-out where she nearly dies as well. Manly tears were shed when that happened.