A debate between CNBC anchors Jim Cramer and Simon Hobbs went out of control this morning amid the European bank rout.

Cramer opined that traders have to consider the possibility that this is a Lehman moment, and after the commercial break Hobbs cries foul over the comment.

Hobbs criticizes Cramer, arguing that even the suggestion of a Lehman moment could cause markets to convulse. Cramer argues that he's bound to acknowledge it in order to prevent being "crucified" again by viewers who listen to his advice.

The action really heats up around 2:50 when Hobbs tells Cramer, "You told people to buy Bear Stearns!"

Gotta love Melissa Lee, though, who finally steps in to calm them both down at the end.