Looking back at that now infamous day, Jim Cramer explained that "I only got going because my friend Erin Burnett inadvertently pushed the wrong button by asking what they should do any why they weren't doing it."
As it turned out – Erin Burnett pushed the right button.
We've now just learned that Cramer's message got through the Fed loud and clear. In minutes from the 2007 Fed meeting released only last week, the Fed cited Cramer's rant.
And it seems they made fun of it.
On page 51 of the minutes – Atlanta Fed President Dennis Lockhart cited Cramer's commentary. Here's an excerpt. Click here to read more.
"I believe that the correct policy posture is to let the markets work through the changes in risk appetite and pricing that are under way, but the market observations of one of my more strident conversational counterparts— and that is not Jim Cramer [laughter]—are worth sharing."
That's right, the Fed laughed.
"I was amazed that my comments were met with such derision rather than an attempt to deal with them head-on," said Cramer.
Perhaps it was the tone.
"I certainly didn't intend to go ballistic when I started," Cramer added. (Click here to see the infamous 'They Know Nothing' rant in full context.)
It's just that circumstances had unraveled so quickly the Mad Money host knew aggressive action was needed. Cramer felt the 'let-the-market-handle-it' crowd had to be stopped.