Cramer was forced to re-evaluate his ranking of the banking business on Wednesday when Bank of America released its shocking quarterly report.
"It smacked of what I can only call 'normalcy,' meaning all of the one-time hits and worries finally seem to be behind them. What's left is a growth machine that is no longer as dependent on the Fed raising interest rates to generate a big earnings boost. For Bank of America, the Chicago Cubs of banking, it's a whole new ballgame," the "Mad Money" host said.
Cramer has mainly had three concerns with Bank of America over the years. It always appeared to him that it was in trouble with all sorts of governmental agencies, leading to colossal legal fees. Second, these lingering regulatory issues meant that it could not return as much capital to shareholders as other banks. And third, without a rate hike, he didn't think there would be real earnings power because the company was too dependent on higher rates for profits.
The most recent quarter addressed all three concerns.
At the end of the day, it seemed that the love of Bank of America on Wednesday had more to do with the fact that it was a C student that finally got an A. Still, Cramer thinks the stock could be on the way up and climb to $18 over time, or higher if the Federal Reserve tightens.
"The others? I say stay the course if you own them, but recognize that it will take a rate hike before they even begin to challenge their old highs," Cramer said.
Read More Cramer: Bank of America's the new banking winner
On Wednesday morning, investors also learned that Jarden, the house of more than 120 various household name brands is buying Jostens for $1.5 billion.
Jarden products range all the way from Coleman outdoor gear and Rawlins baseball gloves to Crock Pots and Mr. Coffee machines. Additionally, Jostens is the leading maker of school memorabilia for such items as yearbooks, class rings and varsity jackets.
Jarden has been a master of making smart acquisitions that allow it to dominate various niche markets, and the Jostens deal is the latest in a long string of acquisitions that have made Jarden's stock so strong.
Can the stock continue to perform? To find out, Cramer spoke with Jarden's co-founder, chairman and former-CEO, Martin Franklin.
"This is a very Jarden-esque business. It's market leader, it's got a brand that students and schools alike recognize and the reality is, it brings us into a new distribution channel. So, our business is to make products that we can sell in to as many channels that we can put our products in, and this is a new addition," Franklin said.
In the Lightning Round, Cramer gave his take on a few caller- favorite stocks:
Osiris Therapeutics: "Osiris is a very real company, down a lot like a lot of these, but still up for the year...the regeneration of human tissue I think is an exciting spec. The emphasis is on spec, but remember Celgene has come down a lot, too, and I like those."
Opko Health Inc: "I thought that [CEO] Dr. Phil Frost, when he came on, acquitted himself well...and I think this stock is a buy right here, right now. I'm not afraid to stick my neck out for Phil Frost. He has made so much money for people."
Read MoreLightning Round: An exciting spec play on human tissue