Cramer's 'Mad Money' Recap: Google's World

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"It's time to buy Google (GOOG Quote)," Jim Cramer told viewers on a shortened, midday episode of his "Mad Money" TV show Wednesday. He called the company a steal at its current $500 price point.

In a special guest appearance, Cramer talked with Google Chairman and CEO Eric Schmidt, to learn more about the company whose stock has risen more than 700% since its IPO.

Schmidt said that Google has no plans to split its stock, and he feels part of a company's value should be reflected in its stock price. He defended the company's policy of not providing earnings guidance by stating that he will not let Wall Street get in the way of running the company's business.

On a philosophical level, Schmidt dismissed the notion that Google promotes "intellectual laziness." He said that people get smarter by having access to information and that Google simply organizes that information in the best possible way. He touted knowing how to search as one of the most important skills for children to learn in today's world.

Cramer: The SEC Doesn't Get it

Regarding the company's business, Schmidt said he feels international sales could eventually surpass domestic sales and potentially account for up to 60% of the company's business. He also said that mobile computing could eventually surpass domestic computing in importance due to its personal, targeted nature.

Pressed by Cramer about a possible slowdown in the company's growth because of its huge size, Schmidt responded by saying that all companies eventual suffer from the laws of large numbers and can't simply keep growing exponentially. He said that at Google, the company is solving this problem by continually creating new businesses to keep growth alive.