Cramer's 'Mad Money' Recap: Dec. 2

Cramer for SEC Chief

Cramer offered himself as chairman of the Securities and Exchange Commission. He officially threw his hat into the ring for the position, telling his viewers that he's the right man for the job and one that would provide investors with a level playing field in the market.

Cramer said it takes a fox to guard the henhouse, and as a Harvard graduate, lawyer, stock trader and hedge fund manager, he has the skills to stop the insanity in the market. He vowed to undo current chairman Chris Cox's legacy of empowering the short sellers at the peril of the average investor if appointed to the position.

Cramer said there are four things he'd do on his first day as chairman. First, he would stop the relentless bear raids on stocks. "It's time to issue subpoenas," he said, citing a recent Wall Street Journal article outlining raids on Morgan Stanley (MS Quote).

Second, Cramer said he'd reinstate the uptick rule, which Cox repealed. The rule was designed to prevent the endless short selling of individual stocks. The absence of the rule, said Cramer, only instills fear and panic in the market.

Third on Cramer's to-do list is to stop the highly-leveraged ETFs that get around traditional margin rules. These funds, he said, act like lighter fluid, setting fire to stocks that are already getting pounded. "The markets are not too big to be manipulated," he said.