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'Mad Money' Recap: Buffett Comes to the Rescue (Final)

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NEW YORK ( TheStreet) -- "It was time to give some back," Jim Cramer frankly told the viewers of his "Mad Money" TV show Thursday after another down day on Wall Street.

Cramer said after two days of stock market gains, gold reversed course and headed higher as the crisis agenda returned to center stage.

America is back on recession watch, said Cramer, as disappointing jobless claims once again fanned the flames of worry. "There's still nothing good happening in Europe," Cramer added, as leaders there are still on vacation.

But there was at least some good news, said Cramer. First, shares of Apple (AAPL), a stock which Cramer owns for his charitable trust, Action Alerts PLUS , didn't get crushed after CEO Steve Jobs announced his resignation. There was also the news of Warren Buffett taking a $5 billion stake in Bank of America (BAC), another Action Alerts PLUS name.

Cramer said the news of Buffett's investment is particularly good news for the beleaguered bank. He recalled that in 2008, there were bear raids on bank stocks that drastically lowered share prices, spurring rating agency downgrades that led even lower prices and eventually sent countless banks to their demise. Cramer said the same thing was happening with Bank of America, as the shorts were circling like vultures, waiting for their next move.

But just as the short sellers were close to cracking the safe at Bank of America, in comes Warren Buffett, putting all of those fears to rest once and for all. The worst case scenario is off the table, said Cramer, but the bank still has a lot of work ahead of it. He said shares of Bank of America might even soon be a buy.
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