Not all's well in the world of health care, however. In light of the House of Representatives postponing the vote on the Obamacare replacement, Cramer laid out his best and worst case scenarios for whatever happens with the bill.
Cramer said the GOP's bill passing would likely strengthen President Donald Trump, who supports the bill, giving him leeway to implement tax and infrastructure reform.
"The result? Stocks rally and interest rates go higher," Cramer said. "The best stocks to buy in this scenario? The banks, because they've been headed down for some time on sinking interest rates. They need those rates higher. I'd snap up JP Morgan or Cramer-fave Citigroup."
In the increasingly likely case that the bill does not pass the House, Cramer's advice might seem counter-intuitive: "buy the heck out of the market, right into the teeth of the downturn."
In that case, Cramer suggested picking up high-yield names like American Electric Power, Pepsico, Eli Lilly, and Allergan, as well as high-growth stocks that perform well without a strong economy like Adobe, Oracle, and the FANG stocks - Facebook, Amazon, Netflix, and Google parent Alphabet.
The key is not to panic, Cramer insisted, "because no one ever made a dime panicking."
Cramer also spoke with Ionis Pharmaceuticals CEO Dr. Stanley Crooke on Thursday, who responded to Goldman Sachs' hard-hitting downgrade of the drugmaker because of discontinuation, safety, and toxicity issues of its medications.
"I think that's just wrong. First of all, we identified no specific safety signals, and probably the best evidence for that is that the FDA approved the drug in a record time of about 3 months with the broadest label possible," Crooke said, referencing Ionis' spinal muscular atrophy drug Spinraza.
Crooke contended that Ionis is also welcoming transactions with a number of major health care players like Biogen, GlaxoSmithKline, Novartis, and Johnson & Johnson.
"I would say that it would be very difficult to make the case for those folks to invest knowing everything going on in the company if all of our drugs were going to fail and our toxicities were a big problem," Crooke said.