Jermaine Jackson -- Conrad Murray's Walking Free and My Family's Pissed

Michael Jackson's family is suffering its second crushing blow this month -- Conrad Murray is about to be a free man ... and Jermaine Jackson says it's almost too much for them to handle.

Jermaine downplayed his mother, Katherine Jackson's recent loss to AEG in the wrongful death trial, telling us ... "It's not about the money. This guy is walking this month. He's walking free this month!"

Murray is scheduled to be released from jail on October 28, completing his sentence for the involuntary manslaughter of MJ. Murray actually got 4-years, but that was reduced to 2, due to jail overcrowding.

Watch the clip ... Jermaine unloads on our camera guy about what he views as Murray's way-too-brief time behind bars -- adding his family is still hurting.

Bonus footage: Jermaine's take on his mom being pissed he blew $160,000 on a new Ferrari ... while he's behind on child support. Trust us, Jermaine ... Mama's not happy.