TheStreet.com TV Recap: Blood Boiling on Wall Street

The anger on Wall Street is palpable, with major executives at Bear Stearns (BSC Quote), Merrill Lynch (MER Quote) and Morgan Stanley (MS Quote) telling Jim Cramer their CEOs need to be fired.

"I've never seen this before," Cramer said on TheStreet.com TV's Wall St. Confidential Web video Thursday. "First of all, remember who I am -- I'm an outsider with a TV show. I'm kind of a dangerous guy to tell this to because I might just go out and do it, but people don't care. It's not being reckless; they are so upset.

Cramer: Lousy CEOs Should Be Canned

"John Mack, the CEO of Morgan Stanley, is presiding over what is the great implosion of that firm," he said. We know he came in after [Philip] Purcell and he was a much revered guy. Well it turns out his reverence was misplaced. He fired Zoe Cruz, who had been there for a long time."

While some people dislike Cruz and other people love her, the bottom line is she was doing a respectable job, Cramer said.

"Everybody on Wall Street knows the deal -- the boss goes," he said. This is not like the NFL, where if the linebackers don't do well, the linebacker coach goes. On the Street, if the linebackers do badly, the head coach goes because the head coach is in charge of everything.