We've long maintained that it was a great moment. Of course, we already knew that he was totally right about how bad the situation was about to get.

And now we know that he was right about how clueless the Fed was about how bad things were getting.

John Carney at CNBC has a great post keying off the 2007 Fed transcripts, which shows that as of August 2007, there was concern inside the Federal Reserve about the economy and the financial system, but nobody was predicting doom.

And one Fed chief even elicited laughter when talking about Cramer.

Carney found this quote from Atlanta Fed President Dennis Lockhart: