Cramer's 'Mad Money' Recap: Grilling Wells

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"There is no leadership in this market," Jim Cramer told viewers on a special, midday episode of his "Mad Money" TV show Tuesday.

He said the markets are stuck in "no man's land," with many traders on vacation and not much news driving the action.

Despite the late summer lull, Cramer said there is still money to be made if investors have a little cash, stay diversified and use a little ingenuity.

He talked with John Stumpf, president and CEO of Wells Fargo (WFC Quote), about some of the recent moves by the bank.

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Of particular interest was Well's decision to raise its annual dividend from 31 cents a share to 34 cents a share during what has notably been one of the worse times in recent history for the banking and financial sector.

Stumpf defended the decision, stating that the dividend boost was not done for show, but was based on the company's fundamentals and earnings. Despite stress in the industry, Wells Fargo has stayed strong because of its assets, liquidity and balance sheet, he said.

When asked about a possible government takeover of Freddie Mac (FRE Quote) and Fannie Mae (FNM Quote), Stumpf said that a takeover would be good for housing and the economy, but would have little impact on the operations of Wells Fargo.

With regards to the company's balance sheet and earnings report, Stumpf defended the bank's decision to extend the change the amount of time to charge off bad home loans to 180 days from 120 days. He said it was not done to prop up earnings but to give customers more time to negotiate their loans and avoid foreclosure.