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NEW YORK ( TheStreet) -- The bears may be proclaiming the sky is falling, but if you examine when the sky actually did fall you'll find that we're nowhere near those dangerous levels, Jim Cramer said on "Mad Money" Thursday. Cramer said the markets have seen parabolic moves in the past, such as the period between 1999 and early 2000. Back then, the Nasdaq rallied nearly 500 points per month. But in recent months, the Nasdaq has only rallied 200 points per month. Back in 2000, the market leaders were trading at huge valuations, he added, but in today's markets, Google ( GOOG), Microsoft ( MSFT) and Cisco ( CSCO) trade at 19, 12 and 11 times earnings, respectively -- hardly reckless valuations given that both Microsoft and Cisco sport 2.8% yields. In another market panic, that of 1987, Cramer noted the S&P 500 traded at an average valuation of 29 times earnings. Today, that number is only 16 times earnings. These are not ludicrous valuations, he continued. The semiconductor stocks are nowhere near their 2007 peak and even the best-performing financial stock, Citigroup ( C), is still $450 a share from its all-time highs. Those stocks that do seem frothy, such as Tesla Motors ( TSLA), are victims of a short squeeze, which illustrates that stock never should have been so low in the first place. Meanwhile, others, such as Netflix ( NFLX), are also nowhere near their 2011 highs. So are stocks overvalued and poised for a huge decline? Cramer said he thinks not.