I see people keep saying that Stewart "owned" Cramer, but I think Cramer did very well.
Stewart missed the point Cramer was trying to make... Almost everybody was caught up in the idea that things have been going well for so long that there's no reason to think they would stop. Cramer admitted (rightly) that he and his network should have been more wary and more skeptical and seen it coming, but that is a different failure than what Stewart tried to pin on them- that they knew things were going to get bad and that they said nothing.
And for what it's worth, I like Stewart and his show, and I'm not really a fan of what little I'd seen of Cramer before now. But I thought he did a pretty good job there.