Many characterized Trump's action as Nixonian, reminiscent of when the infamous former president fired the special prosecutor investigating Watergate. Some said Comey's firing was a black swan, a signal of an imminent pullback.
But as the market soared higher, Cramer offered an explanation for why the market may not be so hostage to Washington after all.
"To me, it says, once again, that there's a tremendous dichotomy between those wealthy, sophisticated individuals who are concerned about the country in their own way and therefore about their investments in the stocks that make up the S&P 500, and those who analyze company by company by company by company by company and find a lot that they actually like," he said.
For example, in a Wednesday talk Cramer held for TheStreet, experts from the fixed income, gold and currency markets expressed doubt about the stock market's strength.
They cited high debt levels, instability, and excessive recklessness as possible reasons for a downturn not unlike the start of the financial crisis in 2007.
The group's only contrarian was equity expert Sarge Guilfoyle, who just saw one of his strongest months of gains ever and continues to find opportunity in stocks.
"He's looking at great franchises: Wal-Mart, Coca-Cola, ... Citigroup, riding them high. I'm with him because I, like Sarge, struggle to relate any of these political stories — whether it be Comey or Trump or Russian influence into the election — to the actual market," Cramer said.
With that in mind, Cramer turned to some of the investing opportunities he has found in a market split between bearish buyers and bargain buffs.
First is the gaming sector, where Cramer said it is worth waiting a day or two for a decline. He mentioned the skyrocketing stock of Nvidia and its earnings call in which executives said demand in gaming is booming.
"You know we've loved this story, which is why I've been recommending Activision Blizzard, Electronic Arts, and Take Two Interactive endlessly," the "Mad Money" host said.
Next came two stocks that Cramer said were buys for another day: Allergan and Disney. Goldman Sachs' downgrade of Allergan from "buy" to "hold" and the stock's 14-point drop told Cramer that the sellers had not reaped their plenty yet.
As Allergan reported a good first quarter, Cramer advised investors to give sellers some time to finish, then pick some up.
As for Disney, the company's earnings showed expected weakness at ESPN but strength in its blockbuster studio productions and theme parks.
"You don't get a discount to a high-quality name like this for very long. Sooner or later, I think the healthy parts of the company will allow it to mount a comeback. First, wait until the sellers are done," Cramer said.
Some may be bearish on the retail sector, but Cramer likes the stock of Home Depot even though he dreads buying names at their 52-week highs. Better weather, lower gasoline prices, and improving consumer wealth should give it a boost, he said.
"Overall it's a simple takeaway. I'm not whistling past the graveyard of a possible second Watergate. I'm not dismissing troubles that some people classify as threats to the Republic," Cramer said. "I am saying that what does Jim Comey have to do with the price of semiconductors Nvidia sells?"
While some may try to draw connections between Trump and, for example, the massive gaming community, Cramer sees few links between Washington and those high-performing stocks.
"You may wish to relate the two, and others insist on relating it, but in the end, these are stocks of companies, not pollster ratings, and they go up on their own merits, not on a presidential firing, or even, shockingly, a potential delay in the much-ballyhooed Trump economic agenda that just keeps getting pushed back and pushed back further and further by a parade of very strange, very 'out there' news," Cramer said.
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