Jay Leno's commentary on the state of business in America on Tuesday was a wake-up call for Cramer.
"Every once in a while you get a wake-up call about how gloomy things actually are out there. They come in all shapes and sizes. Today's came in the form of Jay Leno," Cramer said.
Leno appeared on CNBC's "Squawk on the Street" after ringing the opening bell at the New York Stock Exchange Tuesday to celebrate "Jay Leno's Garage," and spoke with Cramer on his opinion on Tesla. But it was the acknowledgement of the undercurrent of gloom within the American business foundation that stuck with Cramer.
"I don't understand why people attack this car. It is made in America, by Americans. It is built local. You know we are becoming like the British — we like noble failures more than we reward success," Leno said.
Leno compared Tesla CEO Elon Musk to great car legends such as Thomas Edison or Henry Ford for his ability to produce cars against all odds.
"I think Jay has a pretty good point. And he is dead right when he says 'I don't understand why we don't celebrate entrepreneurship more and success in this country'," Cramer said.
Another group of stocks on Cramer's radar on Tuesday were the biotech and pharma stocks, which could see traction from the American Society of Clinical Oncology (ASCO) conference.
"Now that the Democratic primary has ended, I think we are going to hear a lot less about the scourge of higher drug prices as Hillary moves to the center. So you might want to think about buying some beaten down drug stocks," Cramer said.
The four winners of ASCO that Cramer highlighted were Bristol-Myers Squibbs, Eli Lilly, Johnson & Johnson and Juno Therapeutics.
The one really big bust was AbbVie, which reported some lackluster data on phase 3 of a cell lung cancer drug that it received through an acquisition of Stemcentrx. And for those that want to play it safe, Cramer said to stick with Johnson & Johnson.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Wells Fargo: "My charitable trust owns Wells Fargo, it's the biggest bank position we have. We don't like the bank stocks in particular, but we don't like the fossil fuels either. Wells Fargo yields more than 3 percent and I'm going to stick by it. The trust is going to buy more probably at $45, we'll discuss it tomorrow on our conference call."
CF Industries Holdings: "Wow, I'm not a fertilizer fan by any means. I've got to tell you, I think that group is really glutted. The one we have been recommending in the ag space is Agco, and not really pushing that very hard. I wish I could be more bullish but I can't be."