Jim Cramer Reflects on His 2007 'They Know Nothing' Fed Call

NEW YORK (TheStreet) -- TheStreet's Jim Cramer slammed Federal Reserve members in August 2007, when he said they didn't understand the magnitude of the crisis that had begun to grip major financial institutions in the U.S.

More than five years later, the Fed Friday released its official transcripts of the Federal Open Market Committee meetings, which reveal policymakers' thinking at the time.

Though the 2007 FOMC transcripts revealed the early cracks of the impending financial crisis that would grip the U.S., its markets and the rest of the globe, they showed that the Fed still was uncertain as to how massive the problem would become. Thus, they support Cramer's assertions at the time.