Bernie Madoff is a “serial killer,” CNBC’s Donny Deutsch told Cramer during Mad Money Thursday, who “belongs in a cage tomorrow.”

“He didn’t do it with homicide,” Deutsch continued, “but do we let serial killers out on bail?”

The parents of Deutsch’s close friends lost $4 million to Madoff’s alleged $50 billion Ponzi scheme.

“Every penny gone,” the former Big Idea host said, visibly agitated. So the fact that Madoff isn’t yet in jail is “an abomination.”

“He destroyed lives,” Deutsch said. “The fact that this guy’s still sitting in an apartment and he’s going to watch the BCS game tonight is a travesty.”

How could this happen?

“Because we trust people,” Deutsch said. “In money and in business, you bet on people…so if you trusted this guy, even if you were financially savvy,” it cost you.

“If anything, maybe it teaches you, you have to bet on yourself,” Deutsch said. “You can’t bet on somebody else to make you money.”

Deutsch appeared on Mad Money to promote his new book: The Big Idea: How to Make Your Entrepreneurial Dreams Come True, From the Aha Moment to Your First Million.

Questions for Cramer?

Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com