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

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"We need to stop the fear-inducing rhetoric," Jim Cramer told viewers of his "Mad Money" TV show Tuesday.

He said that while there are indeed things to fear in the market, Franklin Delano Roosevelt's famous line "the only thing we have to fear is fear itself" may ring true again.

Cramer said the possibility of another Great Depression is off the table now that the federal government is actively involved with the markets. But, he said, panic can destroy otherwise healthy businesses, and that's what worries him the most.

According to Cramer, there are still three major worries in the markets: the European banks not cutting rates aggressively enough, the big, bad unemployment number due out later this week, and the possibility of the Chinese economy never recovering.

But he argued comparing today's economy to that of the Great Depresssion in the 1930s just doesn't make sense.

Cramer said even if unemployment skyrockets to 8%, that would still be only a third of what it was in 1933. And while a huge jobless number would certainly spark another round of foreclosures, there are still many positives in the markets.

Cramer again credited the government's "whatever-it-takes" attitude with laying the seeds of stability in the markets. With the bailout of Citigroup (C Quote), the buying of mortgage backed bonds and individual mortgages and offering to back trillions in loan guarantees, the government is doing everything it can to save us, he said.

Cramer said he's not advocating to go out and buy stocks without discretion. He is, however, saying "enough with the hysteria."

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