Cramer's 'Mad Money' Recap: Sept. 15

Steel also said any rate cuts by the Fed would help keep people in their homes, and that $10 billion of his company's $500 billion loan portfolio was "problematic."

When asked if it was his goal to simply prepare Wachovia to be sold to somebody else, Steel said "we're going to do what's right for shareholders," but he was focusing on getting the business back on track.

Mad Mail

In his Mad Mail segment, Cramer said he was right a year ago that the Fed should've intervened to thwart what has now hit financials. "But they didn't, so we're going to have to try to pick up the pieces."

Cramer also said he thought that Under Armour(UA Quote) could start gaining market share from Nike(NKE Quote), but that right now Under Armour was overvalued and Nike was undervalued.

Cramer also said there was not going to be a bottom in financials until the mess in AIG(AIG Quote) and other names is settled.

Lightning Round

Cramer was bullish on Unilever(UN Quote); Trinity(TRN Quote); and General Dynamics(GD Quote).

He was bearish on Cavium Networks(CAVM Quote); Visa(V Quote); Google(GOOG Quote); LB Foster(FSTR Quote)

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