Cramer's 'Mad Money' Recap: 1929 All Over Again? (Final)

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NEW YORK (TheStreet) -- "Days like this one are why we stay in the game," Jim Cramer told viewers of his "Mad Money" TV show Thursday.

But are the bull's days numbered? Are the markets about to take a nosedive? Cramer took aim at the naysayers and replied "absolutely not."

According to the latest round of fear and skepticism, the bears have drawn an eerie correlation between recent market action and that of 1929, where after the great crash, the markets rallied 46% in 147 days, a so-called "dead cat bounce," before sliding 85% over the next two years.

But Cramer called any correlation between now and 1929 "backwards logic." He said that in 1929, the worst was yet to come, while today, the worst is clearly already behind us.

Cramer said in today's markets, the banks have already failed and been resurrected. He said the same has occurred with the insurers, auto makers, and countless other industries.

In 1929, however, Cramer said there was no Federal Deposit Insurance Corp. to insure deposits, nor any social safety nets like Social Security. Back then, the Hoover administration was raising taxes and trying to balance the budget, while today the Federal Reserve is printing money as fast as it can, he said.

The bears say this rally is not for real. But Cramer argued that this 80-year-old coincidence in the chart of the Dow Jones Industrial Average is not a trading event. He said with most of the stimulus bill still not spent, it's hard to imagine things are not looking up in the future. "Only the fundamentals matter," he concluded.