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Cramer Remix: This stock's the benchmark of bad

Cramer Remix: This stock’s the benchmark of bad

Jim Cramer thinks the broad consensus of the market Thursday was when the Fed takes action next week, it will likely say that this will be the last rate hike for a long time. As a result, the one-and-done crowd have taken over stocks.

Investors could see a quarter point rate hike, and then a forceful statement from the Fed that nothing will happen again unless there is concrete evidence that U.S. job growth is accelerating, he said.

And while many investors that have never played the "rate hike, rate cut" game may think that playing stocks based on the Fed's statements are ridiculous, Cramer takes these moves seriously.

"I think we need to discuss why it both is and isn't a dumb parlor game that we have to put up with because of the opportunities it might give us if we are good and ready," the "Mad Money" host said.

Cramer warned against stocks that have to borrow money to pay for their dividends. The risk is too high because when the Fed starts to tighten and the company's business isn't doing well, then the dividend could get slashed. Kinder Morgan is an example of this situation.

"Kinder's become the benchmark of a bad stock … Dividends funded by debt are just too risky from now on," Cramer said.

This explains why so many investors have been so skittish in the past three sessions and why press reports on Thursday that said the Fed would be very slow and very deliberate with its rate hikes reduced the urgency to get rid of these high yielding stocks.

Read More Cramer: Risky stocks to sell ahead of a rate hike

Freeport-McMoRan oil and gas drilling in Los Angeles, part of Freeport-McMoRan Copper & Gold Inc.
Mario Anzuoni | Reuters

Just because the consensus of a stock skews negative, that doesn't mean the consensus is wrong! And Cramer thinks a topic like commodities is not one that pays to be overly bullish about.

"That is why being a contrarian about the wrong stocks can be a really brutal business," the "Mad Money" host said. (Tweet This)

Cramer referenced a bullish report written by an analyst at Seeking Alpha on Freeport McMoRan in Dec. 2014. The analyst speculated that the prolonged slump in commodity prices had crushed Freeport's stock, but that there is an upside to the stock if the prices of gold, copper and oil went higher.

"Pretty much everything this guy wrote last December either turned out to be wrong or simply didn't come to pass, including the fact that the kicker, Freeport's 5 percent yield, is now gone because yesterday the company suspended its dividend," Cramer said.

Read More Cramer: This kind of call can be brutal business

On the flip side, it was a little over a year ago when a little entertainment and dining company, Dave & Buster's, returned to the tape at $16 a share. The unique story and massive expansion opportunity made Jim Cramer interested in the stock.

Dave & Buster's currently has 79 locations spanning the U.S. that encompass a restaurant, sports bar and gaming center that include everything from old-school arcade favorites like Pac-Man, to the newest high-tech video games.

The company reported its latest quarter Tuesday and totally shot the lights out with a 9 cent earnings beat from a 3-cent basis, higher-than-expected sales and fantastic 8.8% same-store sales growth. Year to date, its stock has jumped 51 percent.

Given the opportunity ahead for Dave & Buster's, Cramer is willing to bet that the stock could have more room to run. To learn more, Cramer spoke with the company's CEO Stephen King.

"We did a lot of things over the last 10 years really since we were taken private to make Dave & Busters the most professional and best operating company that it could be," King said.

Read More Cramer: Inside Dave & Buster's amazing turnaround

Arcade games at a Dave and Busters in Hollywood, Calif.
Getty Images

Sometimes the best way to get a read on the future of the economy is to take a step away from only looking at publicly traded companies, and go off the tape to look at innovative privately-held companies that are disrupting their industry.

Postmates is the on-demand delivery service that has taken the country by storm, and could be revolutionizing the way people shop, both for food and other items. Postmates allows customers to use its mobile app to order just about anything from food, to hardware. It then sends a courier to go to the store and deliver it within an hour at a small fee.

The company has quickly become a force to be reckoned with, growing to 107 markets from 67 in April. With its ability to connect merchants locally, should Amazon be worried? To find out, Cramer spoke with Postmates' founder and CEO Bastian Lehmann.

"If you think about how Postmates works, it's this beautiful network that exists in local economies and connects the merchants on a local level. It's something that Amazon doesn't do. They are shipping the goods out of huge centralized warehouses and really cutting out retail spaces in local economies, and we want to do the opposite. We want to help local retail spaces in local economies," Lehmann said.

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

Staples: "No, they're getting in a fight with the government. That's a total loser proposition. It's time to go. That deal is not getting done. At least it doesn't seem like it."

RR Donnelley & Sons: "I know it's not doing anything, but you're picking up that yield as you wait for that split and the split is going to bring out value.

Read MoreLightning Round: It's a total loser proposition