Just go watch it. No, really. It's beyond summary.
Cramer just rolled with it as best he could. He didn't contradict. He couldn't: John hauled out a series of 2006 clips of Cramer advocating lying, cheating, and manipulation to the bounds of the law and beyond. Cramer's at the point where he needs to protect his career and reputation, never mind his sense of well-being and honor.
The thing that people probably won't get, though, is that John really isn't interested in Cramer. I wouldn't say he's interested in CNBC. He's interested in the press, and how the press serves more as a dissemination medium for the powerful than anything else. This is exactly what The Daily Show is about, and has always BEEN about, but people often forget it in their rush to turn it into a left/right Republican/Democrat thing.
Jon disliked and possibly hated Bush, yes, but his beef has always been more with the media, and that's why his most scathing critiques have always been aimed at them. Cramer shouldn't overestimate his importance. He's just the latest, and there will be others.
(And, just incidentally, this is why there needs to be both a Colbert Report AND a Daily Show. Sometimes you need to put the satire away and come straight out.)