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Mad Money Interviews Ford’s Mulally

“There are still bright spots in this dark and gloomy market,” Cramer said Wednesday, “and one of them is Ford.”

The company today announced it will pay down $4 billion in debt, including $3.8 billion to the United Autoworkers Retiree Medical Benefits Trust and another $255 million to previously deferred quarterly distributions on Ford’s preferred stock. That puts the total debt paid off at $7 billion in the second quarter alone.

CEO and President Alan Mulally worked a similar miracle at Boeing , and now he’s doing it again at Ford . Some are worried about slowing auto sales, but with the company’s improved balance sheet, Ford can borrow at better interest rates, thereby boosting its earnings. And that will propel the stock higher.

All of this cements Mulally, Cramer said, “as, I think, the greatest turnaround artist of all time.”

For more on Ford and what’s coming next for the company, watch Cramer’s full interview with the CEO.

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