U.S. stocks gained finish near session highs Wednesday, propelling the Dow Jones Industrial Average and S&P 500 to new record levels, but Jim Cramer noted the recent rally has not occurred without objection after objection from stock market bears.
(Read More: S&P, Dow Log Record Highs; Nasdaq at 12-Year Peak)
The "Mad Money" host noted that over the past four months, the bears stoked fears of the so-called "fiscal cliff," the date by which Congress had to agree on a budget or subject the U.S. to automatic spending cuts and tax increases. But even after the U.S. went over the cliff, the markets didn't move all that much, Cramer said.
Later, the bears worried the Federal Reserve would raise prime interest rates — maybe dramatically — because policymakers feared its easy money, low interest rate program was driving inflation, Cramer said. But Fed Chief Ben Bernanke has said he doesn't plan on winding down quantitative easing until employment greatly improves, so this worry was unwarranted, too, Cramer said.
Then, the European debt crisis awoke with the focus on Cyprus, Italy and Spain, Cramer said. The ongoing European debt woes would send prompt a run on the banks and send unemployment higher, the bears claimed, Cramer recalled.
"I haven't been a bull on Europe for ages, but I think that things have stopped getting still worse. Stabilization is here and that matters," Cramer said. "And money comes here whenever there's turmoil overseas these days, whether in Europe or Japan, where they are crushing the Yen and the rich want their money here."
The bears also guessed fourth-quarter earnings would probably fail to impress, especially since the world economy is slowing, Cramer said. As it turned out, though, the market bore witness to the best first quarter in 15 years, he added.
"Investors stopped being scared of Washington or Europe or even earnings shortfalls, and they decided to embrace the future, not spurn it," Cramer said. "As much as the bear can continue to create mayhem, the bull keeps finding answers … if you want to try to make money, remember that the bull, not the bear, is now in charge, and that's why we're finally able to break through to new highs on the S&P 500."
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