Cramer's 'Mad Money' Recap: Sept. 17

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"Fear, not facts or fundamentals, is what's driving this market," Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

He warned that while the selling might not be over, investors will miss some opportunities of a lifetime if they stay too negative.

The fear in the markets today reminded Cramer of the great market crashes on 1987 and 1990. However, citing President Franklin Delano Roosevelt, he told viewers that the only thing they need to fear, is fear itself. He said that while everyone is worried about the system and has no confidence in the system, ultimately the system will emerge again.

In times like these, said Cramer, it's wise to return to the fundamentals and look for solid companies with good long-term outlooks. "We are not a bankrupt country with bankrupt companies," he said. "Keep your powder dry and wait for the opportunities to emerge."

Cramer reminded viewers that after the crash of 1987, every stock on the most active list before the crash was higher a year later. He said that today is likely not the bottom for this market, but there will be a time to buy again soon. "Don't stay negative forever," he said.

Cramer: I'm Buying GE Now

Making Some Headway

"We are better off today than we were yesterday," Cramer told viewers. Despite the market's huge selloff, he took a moment to talk about what went right today.

Cramer said that the surprise bailout of AIG (AIG Quote) is big news for the markets.