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Cramer's 'Mad Money' Recap: The Sky Isn't Falling (Final)

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NEW YORK ( TheStreet) -- "Don't be scared by today's market action," Jim Cramer told the viewers of his "Mad Money" TV show Wednesday after a down day on Wall Street.

He said that it would be far more frightening to miss out on this exceptional rally.

Cramer went on the offensive against the media, and others, who have been keeping investors away from stocks. He said high-yielding dividend stocks remain a great investment, far better than U.S. Treasury bonds.

Cramer reminded viewers that earlier this year he predicted that when the International Monetary Fund stepped in to bail out Europe, a bottom would be formed. Despite the media's continued attempts to create uncertainty around Europe, the bottom was indeed formed this past July as the euro has gained steam ever since.

Cramer said while the media continues to portray Europe's economy as a drag on our own, the truth is that Europe's economy is doing better than our own, and is racking up big profits for U.S. multinationals.

Just look at the Dow Jones Copper Trust (JJC), said Cramer, the metal that's most sensitive to the global economy. He said it's on fire.

Then there's housing. Cramer said no matter what the data says, the press is never impressed. He said housing has been ticking up slowly for months.

Cramer said that investors should set aside their fears and take advantage of bargains in great stocks.

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