With the news of Wells Fargo's questionable account-opening tactics this week, many worried investors have asked Cramer what to do with their bank stocks.
"Altogether it feels like banking Armageddon, not long after we were in banking heaven. I say if you own these, just let it play out. Higher rates will come eventually and they will boost the bottom line," the "Mad Money" host said.
Last week, Wells Fargo agreed to pay $185 million in fines after admitting to opening tens of thousands of unauthorized customer accounts. Wells Fargo CEO John Stumpf appeared on "Mad Money" and apologized for the bank's actions on Tuesday, but the stock plummeted for the rest of the week.
Additionally, the Justice Department is now seeking $14 billion from Deutsche Bank for actions involving the mortgage crisis that stemmed from the Great Recession. Since Deutsche Bank only has an $18 billion market cap, a $14 billion fine would have a significant effect.
"I can't help but wonder if Wells Fargo thought it was getting off lightly with its $185 million in fines, and misjudged the public outcry and the possibility of Justice going after it for wrongdoing, too, something that we heard rumored later in the week," Cramer said.
For investors who have not yet entered the banking group, Cramer recommended a better entry point in the future. There is no need to buy the stocks after the first dip that is inevitable if the Fed does not raise rates next week.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Berkshire Hathaway (B shares): "I would say that the investments that Warren Buffett has been making of late have not been performing that well, but to go against the master? No, thank you. I think Berkshire Hathaway is a buy. Period, end of story."
CoLucid Pharmaceuticals: "I've got to look into it. It just did a gigantic secondary and it's up huge since the secondary. I have to come back and do homework on that one."