Cramer's 'Mad Money' Recap: Buy a Boring Bank ETF

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"You've heard enough people blab about Mr. Bernanke opening the screen-door window," said Jim Cramer on his "Mad Money" TV show Monday.

Cramer believes that the decision of the Federal Reserve to cut its discount interest rate to 5.75% saved the market from a 1,000-point decline. But in addition to helping an estimated 7 million homeowners, that action "helps your stocks go higher, and it will continue to help your stocks go higher," he said.

Calling Wall Street "a gigantic fashion show," Cramer explained that stocks regularly "come in and out of style." One area he foresees becoming "fashionable" is regional banks. These banks make money off the spread between "the short rates," the cash borrowed from the everyday customers -- the rate that Cramer expects to get cut -- and "the long rates," which is what they lend to home-buyers.

Cramer thinks the Fed's rate cut will make the difference. These banks will "go from making no money" beyond ATM fees to "making a huge amount of money" on "what they take from you and loan out to others."

Cramer's pick of the bunch was KBW Regional Banking ETF (KRE Quote). KBW has more than 50 holdings, and its five-year earnings growth is more than 9.4%.

It also carries a "weighted average market cap" of more than $2 billion with no mortgage problems foreseen.