Financial Crisis: As Cramer Warned, Fed Laughed

Instead Cramer revisited the issue because he doesn't understand how it happened.

"I am confused to this day about how my contacts could have been so much better than theirs," he said. How could the Fed with all of its resources and nationwide staffs and fabulous data not get it better than this one commentator? Doesn't it say that something is very wrong about this institution if that can happen?"

Cramer has some theories.

"First, it is possible that people are reluctant to tell important Federal Reserve people the truth for fear that it could haunt them in the form of regulatory action," he said.

"Second, there is a natural tendency among key people in the financial industry to not raise any red flags for fear that they can shake confidence, which even in the best of times, can be a real issue," he added.

"Finally, I think they speak to the wrong people. It's the people in the trenches who know the most and the people I talk to are very much the higher-level people who man those trenches," he said.

What's Cramer's takeaway?

"All I really did was manage to bring a little levity to a clueless set of people who should have known a lot better than some blogging Television Show personality. Just like no one high level in the corrupt portion of the mortgage industry was ever pursued by the authorities, no one in that room ever had to pay any price for getting it so wrong," Cramer said.

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