(UPDATE - I'm gonna bump this video for a bit longer. It's just that good, and that honest. You gotta believe CNBC and others will make Cramer back away from these comments Monday, and he probably will. But card laid, card played, and this cat is out of the bag...)
Mark this day - August 3, 2007. The day it all unraveled. The day the center could no longer hold.
Even Jim Cramer completely lost it today.
And I think we all know why.
I didn't know what housing panic would look like when it really started to hit.
Now I do.
Everyone watch this video.
This is housing panic.
And get ready.
Sorry, Jimbo. The Fed ain't gonna cut.
Here's some highlights:
"HE HAS NO IDEA HOW BAD IT IS OUT THERE. HE HAS NO IDEA. HE HAS NO IDEA. I'VE TALKED TO THE HEADS OF ALMOST EVERY SINGLE ONE OF THESE FIRMS IN THE LAST 72 HOURS AND HE HAS NO IDEA!!!"
"AND BILL POOLE HAS NO IDEA WHAT IT'S LIKE OUT THERE!!"
"THESE FIRMS ARE GOING TO GO OUT OF BUSINESS!!!!!"
"THIS IS A DIFFERENT KIND OF MARKET AND THE FED IS ASLEEP AND BILL POOLE IS A SHAME HE'S SHAMEFUL!!!!"
"WE HAVE ARMAGEDDON"
At this point the video ends and I've gotta believe Cramer went out to his car and did some blow with Kudlow.