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In a truly astonishing clip, Erin Burnett interviewed Jim Cramer on Friday.

It is destined to become a classic Wall Street legend. I expect it will become required viewing for market historians and technicians alike.

There's no other way to say this: Jim goes postal. When Cramer essentially begs the Fed Chair to rescue the big Investment banks, you know things have gone awry.

Highlights include:

"Open the darn Fed window!"

"He has no idea what its like out there - None!"

"They [the Fed] know nothing. The Fed is asleep."

"My people have been in this game for 25 years . . . They are losing their jobs -- these firms are going out business"

"[President of the Federal Reserve Bank of St. Louis] Bill Poole is shameful"

"Cut the rate. Relieve the pressure."

"In the fixed income markets we have Armageddon."

But don't take my word for it, watch the video:


I am not sure what he means about people talking to him every night "off the record" (was Jim implying the Fed calls him?).

Ever since TV has been banned from our trading room (CNBC and Bloomberg alike), I only get to see these things when they show up online.

A truly astonishing performance. Kudos to Erin for maintaining her cool, as well as not adding to the madness.

I have two words for Jim: Moral Hazard. Contrary to everything we learned under Easy Alan Greenspan, it is not the Fed's role to backstop speculators and guarantee a one way market.

UPDATE August 4, 2007 8:20pm

Now for the punchline: "Completely meaningless, it has no relevance whatsoever"

Two weeks ago (July 16, 2007), Cramer mockingly said the Sub-Prime blow-up was utterly meaningless, and would have utterly no impact at all . . .


UPDATE 2 August 5, 2007 6:21am

Ask and you shall receive indeed:  DJ FiniFinito mashes up Jim's rant:

Crystal Method Right Here, Right Now Bill Poole No Idea_mix.mp3

Source: Cramer Pleads for a Fed Rescue as Bear Stearns Hit