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

Yesterday, he said, we were worried AIG was going under. Today, we know it's going to be OK. Yesterday, we were worried about other banks failing as a result of AIG. Today we don't have to worry as much. Today, another one of the market's 'black holes' has been filled.

Cramer also said the SEC's announcement of new rules against relentless short selling is big news for the markets. He credited chairman Christopher Cox with making a good first step in undoing the damage caused by short selling and urged the commissioner to at least "try" reinstating the uptick rule, which is designed to prevent short sellers from pummeling a stock.

Cramer reiterated that today is not the bottom for stocks and said some companies like Ethan Allan (ETH Quote), Sears Holdings (SHLD Quote), Panera Bread (PNRA Quote) and Bankrate (RATE Quote) could rally as the market begins to stabilize and the new SEC rules take effect.

A Silver Lining

Even on bad days, there are still great companies reporting great quarters, said Cramer.

He spoke with Ken Powell, chairman and CEO of one such company, General Mills (GIS Quote), a stock which he owns for his charitable trust Action Alerts PLUS, about the company's quarter and its future outlook.

Powell said General Mills delivered another one-two punch with their focus on productivity and strong innovation. He said that the company's productivity offsets inflation and its strong innovation and brand building also helped protect margins.

Powell dispelled rumors that consumers are "trading down" for generic brands. He said the only trend General Mills has seen is people making few trips to restaurants and more trips to the grocery store.