Jim Cramer is not happy about the trajectory Janet Yellen has set for the U.S.
In fact, it's not that the Fed knows nothing — the Fed knows too much about the past and not enough about the future!
Rather than embrace the notion that the U.S. is a growth engine that could pull the rest of the world out of a slump, it seemed to Cramer that Yellen believes that higher wages must mean inflation. He fears that she could put the global economy into a serious recession by raising rates just because the U.S. added more jobs than thought. Cramer has even found himself rooting against job growth. What the heck?
Read More Cramer: Now the Fed knows too much!
Cramer thought the stock market session on Thursday was a perfect illustration that panic is not a strategy. As the averages faced a marketwide sell-off during the day, he found that it paid to search for opportunity rather than panic — because the averages rebounded before the close.
But that doesn't mean the pain is over.
"What is really ailing the market is that all stocks trade together off of news that shouldn't produce such a homogenized output," the "Mad Money" host said.
Cramer thinks it is clear that something is ailing the big banks of Europe. He isn't sure what it is, but it must be bad if they are all going down at once.
"People are worried that there is systematic risk caused by potential European bank failures that have not happened yet, and for the record, might not happen at all — but we have to be scared out of our wits that the possibility is even on the table," Cramer said.
While the stock market is slammed every time the price of oil takes a nosedive, it has been a real boon for the restaurant industry.
One of those companies is Wendy's, the fast food chain with 6,500 locations worldwide with a stock that is close to its 52-week lows. However, the company on Wednesday reported the best numbers seen in more than a decade.
Could lower oil prices finally be reflecting in the bottom line for Wendy's? To find out, Cramer spoke with outgoing CEO Emil Brolick, and his successor, Todd Penegor.
Brolick commented on the benefit of lower oil prices, saying, "We think this has been an important factor in putting together really several nice quarters for the industry, and we are benefiting from that, as a lot of people are."
For those investors looking for a place to hide in this hideous market, Cramer recommended to look at Panera Bread.
The company reported a fantastic quarter on Wednesday, thus removing earnings risk from the stock. Panera is a chain of more than 1,900 bakery cafes that serve health- and taste-conscious food.
Cramer spoke with Panera CEO Ronald Shaich, who attributed the company's success to its 2.0 model that was first unveiled in 2014. The revamp was aimed at enhancing guest experience at Panera through digital ordering, payment and operations.
"Our view is essentially we are moving into an omni-channel world. As we built out 2.0, it is really a better guest experience," Shaich said.
Cramer also recently recommended Columbia Sportswear, as he thought that with a cold winter finally rolling in that this was a company that could really benefit.
However, he has now realized that this company is about more than just cold weather. Columbia is the company that has the house of brands that includes Montrail, Mountain Hardware and PrAna sustainable yoga and climbing apparel.
Cramer spoke with Columbia CEO Tim Boyle after the company reported earnings Thursday.
"It's always great for us when the weather is cold, but, frankly, we have really focused diligently on making the business better and less weather dependent," Boyle said.
In the Lightning Round, Cramer gave his take on a few caller-favorite stocks:
Marathon Petroleum Corp: "I see the refinery margins being pressured here ... I'm going to say sell, sell, sell."
Tesla Motors Inc: "Tesla is a cult stock ... It is too much of a battleground for me. But my daughter wants one, so all I can say is that it's a cult stock."