On CNN's Reliable Sources this morning, CNBC's Jim Cramer defended — and owned up to — his response to a Mad Money emailer's question about whether he should take his money out of Bear Stearns. Days later the investment bank collapsed. See the related story and video here. The following is a partial transcript from Reliable Sources:

CRAMER: OK. I was wrong about — Bear Stearns was in trouble. But the idea was that you are going to be safe.

Later that week I said that Bear Stearns was worthless at $37. Why would I say that the stock is worthless if I was recommending it? What mattered is that, unbelievably, the Federal Reserve did guarantee your investment over the weekend.

So, there are two issues here. Was your money safe at Bear? And that was right. And anyone who thought they should pull it out was, no, no, no.

But I said the common stock was worthless. So, I don't know. I mean, a lot of professionals thought it was a good call. A lot of people shorted (ph) Bear off of my call.