TheStreet.com TV Recap: Stale Newspapers

Cramer believes that what newspapers need to do is fire everyone. "When you're in trouble, what you do is cut people and get ahead of it on the expense side," he said. The chief financial officers at the newspapers need to realize that journalism is the most "expendable part" of their businesses and should just be cut out.

Fade to Blackstone

Moving on, Greenberg asked Cramer what it could mean for Wall Street if private-equity firm Blackstone goes public.

"It's important to be able to rip everybody off when you're hot," Cramer responded. "One of the things I love about Blackstone is they're very hot, so you just have to gouge the eyes out of retail."

"You've got to bamboozle as many people as possible to be successful on Wall Street," he continued. "This is the maximum bamboozle moment. I applaud them."