Cramer's 'Mad Money' Recap: Jamie Dimon's Prophetic Call (Final)

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"It's 1991 all over again," Jim Cramer told the viewers of his "Mad Money" TV show Thursday.

Cramer said there was a looming real estate crisis then and the markets were in a tailspin. He said it was Wells Fargo (WFC) who sounded the all clear, but its comments were largely ignored. Cramer said the naysayers were proved wrong and the financials recovered.

Cramer said history is repeating itself when JPMorgan Chase (JPM), a stock which he owns for his charitable trust, Action Alerts PLUS, came out today and said that things are getting better. Cramer believed the call is right on target.

Cramer said that despite all of the worries over continued foreclosures, credit card delinquencies and credit woes, he's putting his faith in JPMorgan CEO Jamie Dimon, who's in the trenches and should know better than anyone else where the market is really headed.

Cramer said those who don't believe JPMorgan's call that the economy is improving are wrong. He said negativity may sound credible on TV, but it's not based on facts.