RealMoney Radio Recap: Alive and Kicking

Rising interest rates and gas prices prompted analysts to proclaim the consumer dead, but he's very much alive and buying hand over fist, Jim Cramer said on his "RealMoney" radio show Wednesday.

In fact, there are many retailers, such as Federated Department Stores (FD Quote), TJX (TJX Quote), J.C. Penney (JCP Quote), Home Depot (HD Quote) and Best Buy (BBY Quote) that are doing well, Cramer said.

"Employment has always been the driver of consumer spending," and employment has the most direct ties to retail, he said. Because employment is strong in the U.S. and there are a lot of jobs, people feel comfortable about spending some money.

Therefore, don't get caught up with what the media is saying because most of the press doesn't know what moves stocks and doesn't do homework, Cramer said.

"There is a legion of lunacy on Wall Street," he said.

As oil has been dropping the last few days and natural gas is under some pressure, market players are abandoning anything that has to do with oil, natural gas or drilling, he said. Cramer called the decline in these stocks "stupid."

"People don't realize that oils and oil drillers are going to make fortunes," he said.