Cramer said the Fed's bond-buying initiatives have worked and the housing and auto sectors are already reaping the benefits. But the Fed can't do anything more.
Who does have the power to stimulate the U.S. economy? Cramer said that job lies with the Congress, which could easily provide the markets with certainty and stimulus to kick-start commercial spending. Companies don't like to begin operations or expand in times of uncertainty, yet that's exactly what we're likely to have until November.
Cramer said investors should pay attention to Fed Chairman Ben Bernanke's testimony on Thursday, but realize that ultimately his words won't mean much for the markets anytime soon, as our problems can't be solved by the Fed.
Here's what Cramer had to say about caller's stocks during the "Lightning Round":Cisco Systems (CSCO): "I think it's dead money. I don't see anything you want to buy there." Cummins (CMI): "I think the quarter isn't going to be good enough." ABB Ltd (ABB): "It's Europe and I will touch nothing in Europe right now." BHP Billiton (BHP): "It's a Chinese play and China is collapsing. It yields 3.6% and I think 4% is where it bottoms." Prudential (PRU): "I can't believe how low this stock has fallen. I can't get behind it here." Netflix (NFLX): "I don't want anything to do with Netflix. I think it's starting to slow."
Fighting CancerIn the second "Executive Decision" segment, Cramer continued the oncology theme and spoke with Harvey Berger, chairman and CEO of Ariad Pharmaceuticals (ARIA), a speculative biotech company also fighting the war on cancer. Berger briefed viewers on Ponatinib, Ariad's drug to fight otherwise drug-resistant forms of leukemia. He said the data have been compelling and over half of the patients who have seen other drugs fail have seen success, with well-tolerated side effects. The company plans to file for regulatory approval for Ponatinib in the third quarter of this year. When asked about Ariad's business model, Berger explained the goal is to build a fully integrated oncology company that discovers, develops and commercializes its own drugs without larger partners. He said that while the "go it alone" process is a difficult one, over the long term it will provide more value to shareholders. To date, Ariad has discovered four cancer treatments and is working on development on all four. In the case of Ponatinib, the company is beginning to explore the drug's effects on other forms of leukemia. Berger noted that current estimates for the company do not yet include the potential for these other indications. Berger closed by saying the best is yet to come for Ariad and the company is "very close" to realizing its dream of bringing those new drugs to market. Cramer agreed with Berger's outlook and continued to recommend the stock.
No Huddle OffenseIn his "No Huddle Offense" segment, Cramer responded to the critics who claim the media is over-reporting the bad news in Europe and that the time to buy is now. Cramer said that contrarian investing isn't a smart move at this point in the European crisis as so many things are still up in the air. There are still no compromises in Europe, nor any interest rate cuts in China. U.S. markets, such as the S&P 500, are still up for the year. That is not the definition of a bottom, said Cramer. Cramer said the goal still remains to protect your portfolios, not try to outthink the media coverage. --Written by Scott Rutt in Washington, D.C. To contact the writer of this article, click here: Scott Rutt. To follow the writer on Twitter, go to http://twitter.com/scottrutt. To submit a news tip, send an email to: email@example.com. To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.
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