Jim Cramer goes nuts on CNBC

Barry Ritholtz writes on his The Big Picture blog that “Mad Money” host Jim Cramer went nuts — even more so than usual — during an interview with Erin Burnett on CNBC on Friday.

Ritholtz wrote, “It is destined to become a classic Wall Street legend. I expect it will become required viewing for market historians and technicians alike.

“There’s no other way to say this: Jim goes postal. When Cramer essentially begs the Fed Chair to rescue the big Investment banks, you know things have gone awry.”

Later, he added, “A truly astonishing performance. Kudos to Erin for maintaining her cool, as well as not adding to the madness.

“I have two words for Jim: Moral Hazard. Contrary to everything we learned under Easy Alan Greenspan, it is not the Fed’s role to backstop speculators and guarantee a one way market.”

Read more here. And watch the clip here.