Fed cuts; Jim Cramer was right

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Breaking news item from AP: ‘The Federal Reserve, declaring that increased economic uncertainty poses risks for U.S. business growth, announced Friday that it has approved a half-percentage point cut in its discount rate on loans to banks.’

Update: At 10 am ET, Countrywide shares were up $4.66, at $23.61.

Our take: It’s a small part of the story, but CNBC’s Jim Cramer was right back on August 3rd, when he begged for a cut in the discount rate, warned that the Fed was asleep at the switch and screamed of Ben Bernanke, ‘He has no idea how bad it is out there!’

Cramer’s meltdown was two weeks ago -- before Thornburg Mortgage and Countrywide Financial suffered liquidity crises. It appears Bernanke did not, in fact, know how bad the situation was ‘out there’ -- otherwise the Fed would have moved sooner.

Thoughts? Comments? Insights? If you’ve never seen the Cramer meltdown, it’s worth watching.