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Despite the fury behind Cramer's "they know nothing!" rant last August, and his constant calls for immediate Fed action to aid the ailing U.S. economy since, "all is forgiven" now that the central bank has cut interest rates again, the Mad Money host said.
The Federal Reserve announced another 50 basis-point decrease in the Fed funds rate Wednesday, taking the number down to 3%. Traders, who had been hoping for the half-percent cut, had pushed up the Dow about 187 points an hour later.
The Fed's move was "incredibly positive," Cramer said, adding that "we are basically out of the woods."
"The markets should be up a substantial amount from here," he said.
The cut doesn't necessarily help the Ambacs [ABK
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] and MBIAs [MBI
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] of the world, but it does reduce the potential for a system collapse, Cramer said. Now Bank of America [BAC
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] should be able to follow through with its bid for Countrywide [CFC
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], and Citigroup [C
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] can re-liquefy.
"Financials should be bought," Cramer said. Retail and General Motors' [GM
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] preferred stock is a buy, too.
And so is the agriculture sector. Cramer gave the thumbs up to Bunge [BG
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], Archer Daniels Midland [ADM
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] and the fertilizer companies.
"The big sell-off has occurred and the group is ready to re-charge," he said.
Jim's charitable trust owns Citigroup.
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