10 years ago today Jim Cramer flipped out on CNBC

Everyone has seen the Jim Cramer rant. He's an over-the-top commentator but even by his standards, it was at another level.

Here's a refresher.

"We have armageddon in the fixed income markets," he said. "This is not the time to be complacent."

This rant was played around-the-clock for weeks, if not months afterwards. It was so big that the shirt Erin Burnett was wearing got famous. The Fed even referenced it in the FOMC meeting later that month, laughing about it.

It was bad out there. Credit was suffering, spreads were blowing out. Two months later the S&P 500 hit an all-time high anyway.

There are many lessons in the financial crisis. Arguably, every lesson.

The important one here is not to sell stocks until it's absolutely, blindingly, inarguably obvious that the economy is going south. That's the same in any major bull market but it's especially true of stocks. There is always way more time to get out of the way than it feels like.

By October of that year when the market peaked, you could have made a list 100 lines long on why to sell everything.

It will be the same thing with this bull market and right now the list is very short.