Cramer's 'Mad Money' Recap: Fight the Panic

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One could say that Gisele Bundchen, New York Attorney General Andrew Cuomo and perhaps rapper Jay-Z played a role in today's market selloff, Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

The currency markets were rattled when Bundchen, who was recently hired by Procter & Gamble (PG Quote) to endorse the company's Pantene hair product line, said she wanted to be paid in euros, Cramer said.

Her comments fell in line with a trend lately that has seen a 35% decline in the dollar in the past six years while the euro has appreciated.

Cuomo added to the spate of bad news when he subpoenaed home-loan financers Fannie Mae (FNM Quote) and Freddie Mac (FRE Quote) today in an effort to get information on mortgages they bought from Washington Mutual (WM Quote).

Cuomo is coming down on Washington Mutual, and his investigations might be making things worse for the mortgage market, according to Cramer. "There's only one way out of the mortgage morass," he said. "We need to see lower down payments." What people don't need is "overzealous regulators" trying to scare lenders out of lending.

Even Jay-Z has turned his back on the dollar, Cramer said. The music artist recently came out in a video flashing 500 euro bills in a money clip. "On one side we have Gisele and Jay-Z causing a panic with our currency," while Cuomo, on the other side, is probing the mortgage industry, said Cramer.

Don't panic and stick to the stocks that work, he advised.