This Is What I Was Talking About

I "twittered" this morning that I had James Cramer of "Mad Money" yelling at me. This is the full clip, a portion of which was played on The Today Show this morning. And on a related matter, can someone tell me what he is talking about? The best I can tell is that he wants the Federal Reserve to cut the discount rate today but, other than that, I'm completely lost. And tell me what that "Bear Sterns" graph has to do with it. (And if you can explain it without using the word "idiot", it would make my day go better.) Indictments I understand. This stuff I don't.