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Jim Cramer's 'Mad Money' Recap: Hooray for the Federal Reserve



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NEW YORK ( TheStreet) -- The Federal Reserve is run by intelligent people after all, Jim Cramer said Wednesday. He told his Mad Money viewers they should stop worrying and start thinking about how to make more money.

Cramer said the Fed is doing the right thing, making judgments based on the facts and not on what the market pundits are expecting. Fed Chair Janet Yellen admitted that interest rates are being kept lower for longer than the central bank would like, but that's what's required given the aftermath of the Great Recession.

Read More: 10 Stocks George Soros Is Buying

Cramer called this common-sense approach to central banking "refreshing," but admitted that it drives money managers bonkers as they can't be exactly sure what's coming next. But while these same managers charge that the Fed is "behind the curve," in actuality they just don't understand the plight of real families or that companies just aren't hiring the way they were before.

Cramer said the stigma of the Great Recession is not unlike what our grandparents had for the Great Depression. Many of our grandparents were scarred for life from those events, he noted, and many never invested in the markets again. That's why this time the Fed wants to be absolutely certain things are moving swiftly before it intervenes.

One day the pain of the Great Recession will be a distant memory, Cramer concluded. Until then, the Fed is likely to stay the course.

Executive Decision: Stanley Crooke

For his "Executive Decision" segment, Cramer spoke with Dr. Stanley Crooke, chairman, president and CEO of Isis Pharmaceuticals (ISIS) , a biotech with 32 drugs under development. Shares of Isis are up 47% since Cramer last checked in back in May and a staggering 336% since Cramer first recommended the stock two and a half years ago.

Crooke admitted that Isis is a complicated story as the company has both orphan drugs and mass market drugs under development. He said that investors should focus on both sides of the business because Isis' platform allows the company to have a growing pipeline of applications.

When asked about those applications, Crooke noted Isis' strength is in its efficiency. He said the company only has 400 employees yet is able to have 32 drugs currently under development. That leads to a tremendous advantage and why companies like AstraZeneca (AAZN) are partners and collaborators with Isis.

Read More: Here Are Five Takeaways From Janet Yellen's Press Conference

Cramer said that with so many exciting drugs under development, Isis remains a compelling investment story, even if it may be complicated to figure out.

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