Cramer Remix: The Fed still knows nothing

Here we go, again! Jim Cramer saw investors in sell, sell, sell mode all over again on Tuesday, and the pain has rippled through all of the averages, guiding them all down.

"It's worth going over why people are selling stocks and why I can't blame anyone for wanting out, even though there's nothing truly earth-shattering happening—nothing that would make me want to yell 'fire' in a crowded theater," the "Mad Money" host said.

Cramer took the most heat of his career when raised the alarm in 2007 and 2008, when the market was a blazing inferno. Many laughed when he called for investors to take their money out of the market in the fall of 2008 based on the horrendous declines that were occurring at the time.

So what's the difference between 2008 and now?

Well, the market has lately experienced the same kind of incredible run that we saw leading up to the great recession. It was just one week ago that Nasdaq was hitting new highs and stocks were picking up immense gains.

The problem is that a lot of U.S. companies do business overseas and will be hurt because of the strength of the dollar. That will only get worse if the Fed decides to raise rates.

"So, considering all of those negatives, how come I'm not yelling 'fire'? One simple reason: we don't have systematic risk. We aren't about to fall apart at the seams," Cramer said.

Cramer recommends investors start trimming positions, beginning with a small portion of stocks that are at the highest risk if interest rates were to go higher. Don't sell everything! Just give a little haircut. At this point, stocks have had a great run, and Cramer thinks taking profits makes a lot of sense.

Read MoreCramer: Relax! Here's how to deal with the decline

Mad Money rings the opening bell at the NYSE

Jim Cramer rings the opening bell at the NYSE to celebrate the 10th Anniversary of Mad Money.
Adam Jeffery | CNBC
Jim Cramer rings the opening bell at the NYSE to celebrate the 10th Anniversary of Mad Money.

The market took a nosedive on Tuesday from fears connected to the strength of the U.S. dollar.

"I know what you are thinking. Strong dollar, strong dollar, strong dollar. I mean, enough already! Tell me something about companies I care about. Tell me something that can make money. I don't want to hear about currency," Cramer said.

The "Mad Money" host almost smacked himself when he saw that the giant semiconductor company Qualcomm announced a massive buyback of $15 billion worth of stock. Why didn't he recommend Qualcomm?

Then he remembered that on the last company conference call, the company dropped a bomb that it had lost a huge contract for Samsung. Cramer didn't recommend it because he couldn't envision any event that would take the stock back up.

But then on a day like Tuesday, Qualcomm was slammed on the strength of the dollar. Cramer was once again reminded as to why he didn't recommend it, because if a well-run company like Qualcomm can't stand up to currency fears, no one can!

"I recognize that if there is a trend that defeats my best individual stock ideas, then you have to respect that trend and wait until it reverses—or at least becomes a lot less ferocious," the "Mad Money" host said.

However, the CEO of Ford Motor Company confirmed he is certainly not worried about the strong U.S. dollar. In the past decade, Ford has made an amazing transformation, as it was the only member of the big three that didn't take bailout funds from the government during the recession.

Since that time it has cleaned up its balance sheet and reduced costs, putting the stock in a great position. And while Cramer does recognize that auto makers have a significant amount of international exposure he thinks that as the European economies recover, so will Ford's bottom line.

With the international exposure and U.S. dollar gaining strength, will the new CEO Mark Fields take the stock to new highs?

To find out what could be ahead, Cramer sat down with Fields to get the outlook straight from the source.

Fields was confident that Ford will be able to thrive in the current international climate, as the company is very proactive when looking at the environment around them. Every Thursday they get together and meet to discuss how they can deal with the environment proactively.

Where does the CEO get that confidence?

"Well, it really comes from keeping our product pipeline full. We launched 24 global products last year, the most we have ever had in our history. Another 15 are coming this year," Fields said.

Read More Ford CEO to Cramer—Strong dollar? No problem

Mystery guest Richard Sherman shocked Cramer!

Jim Cramer recieves a surprise call from Richard Sherman of the Seattle Seahawks.
Regina Gilgan | CNBC
Jim Cramer recieves a surprise call from Richard Sherman of the Seattle Seahawks.

In 2007, Cramer notoriously went on a wild rant against the Federal Reserve, claiming loudly that "They know nothing!" His rant followed 17 straight interest rate hikes that ultimately led to the great recession, and Cramer could clearly see investors were playing with fire.

And while many laughed at the antics of the "Mad Money" host back then, sure enough the economy had a monstrous downturn. And here we are again—Cramer's ready to rant!

The economy is once again looking strong, and the hot topic of the day has become a question if the economy will overheat. Outgoing Dallas Fed President Richard Fisher has called for an immediate increase in rates.

"Right now, he couldn't be more wrong. In fact I would go so far as to say his call to action is dangerous if the Fed listens to him, and it could cause a tremendous downdraft, if not a bear market, in all worldwide equities, along with a dramatic decline in economic activity," Cramer said.

Cramer wouldn't be surprised if rising rates caused the collapse of countries in Latin America and epidemically spread around the globe—it could be catastrophic and take down the U.S., too.

Plus, where is the emergency? Why does this rate hike have to happen right now at a time with low inflation in the U.S.?

The good news is that Fisher is not a voting member, and fortunately, Cramer sees that Fed Vice Chairman Stanley Fischer has a good grasp on reality. Fischer understands how fragile things are right now, especially in Brazil which has billions in U.S. denominated debt.

Cramer's ultimate hope is that the Fed will allow Fischer's view to trump Fisher's.

"If the Fed wants to show us that it knows something this time, and not nothing like the last time, then it should let Stanley Fischer's hand stay steady on the tiller while wishing Richard Fisher well in his coming retirement," Cramer said.

Read More Cramer: Fed better not listen to this bonehead!

In the Lightning Round, Cramer gave his take on a few caller favorite stocks:

Ventas Inc: "Well if you're talking about Debra Cafaro, she's one of my 21 bankable CEOs. You want to buy that stock on any weakness, and you very rarely get it. Take advantage of it now, because rates are going higher."

Walgreens Boots Alliance: "My charitable trust owns this, and I am tempted to take a profit in it. Why? because it is up so much. It has got a great situation going, so we have not done that yet. I feel like we are being greedy."

Lightning Round: Snap this up before rates rise