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NEW YORK (

TheStreet

) -- "You have to be skeptical when it comes to the press," Jim Cramer cautioned the viewers of his "Mad Money" TV show Wednesday.

He said the media has been wrong about the markets for months, and continues to be wrong everyday.

Case in point: the notion that the markets are headed lower because of weakness in China. Cramer said the media has been hammering this issue daily, despite the fact that China accounts for only 15% of the

S&P 500

, and almost two-thirds of that lies in the oil sector.

Cramer told viewers that China is important, but only to oil and natural gas, mining and minerals, and a handful of other names. China has nothing to do with health care, banking, retail or a good part of the rest of the economy, he said.

Where else has the media been wrong? He cited a headline in the

Wall Street Journal

that said the consumer is holding back the recovery. "But that's not true," said Cramer, who noted that

Target

(TGT) - Get Report

, along with

Wal-Mart

(WMT) - Get Report

and

Kohl's

(KSS) - Get Report

all said the back-to-school season was looking better than expected.

Another headline warned that

Home Depot

(HD) - Get Report

, a stock which Cramer owns for his charitable trust,

Action Alerts PLUS, and

Lowe's

(LOW) - Get Report

were also feeling the pinch. "But that's false," said Cramer, given that Home Depot raised its guidance Tuesday and is clearly outperforming Lowe's.

Cramer also called out an article saying that

Family Dollar

(FDO)

was a good stock to own since the company's acceptance of food stamps is helping the bottom line. Cramer, though, put that company in the "Sell Block" last week, saying that Family Dollar is the worst stock to own in a recovery.

Still another article said that

TJ Maxx

(TJX) - Get Report

profits were up and that it was a good stock to own. Cramer was aghast, noting that company management just

lowered

guidance.

"Be skeptical," Cramer concluded.

Surprising Turnaround

Despite fears of a pending collapse in the commercial real estate market, the stocks of the commercial real estate trusts have been soaring higher. Cramer found out why when he spoke with Jerry Sweeney, president and CEO of

Brandywine Realty Trust

(BDN) - Get Report

.

Sweeney said while commercial real estate is a challenging and capital intensive business, he's now seeing a disconnect between the headlines and the activity on the ground. He said there's a positive bias in the psychology of his tenants, a stark contrast from that of a year ago. He said as companies begin to expand again, they'll need more office space, and that's good news for Brandywine.

Sweeney also said that it's been a wonderful surprise to see the stock market trending higher, allowing companies to refinance and reposition themselves. He said what will be painful for some in commercial real estate will be an opportunity for others, as the markets revalue commercial real estate and the companies that operate in that market. He said Brandywine will continue to concentrate on strengthening its balance sheet and delivering on its earnings.

Cramer said he's a believer in Brandywine, and said "if I tell you to get in on one of these secondary offerings, you need to listen!"

A Piggyback Trade

In his "Eureka Moment" segment, Cramer took a page from the history books to justify his recent call to buy

Citigroup

(C) - Get Report

, which is already up 9% in just two short weeks.

Cramer said the federal government's bailout of CitiGroup is similar to that of its bailout of Chrysler in 1980. Back then, the government offered the troubled company loan guarantees in exchange for warrants to buy stock in the future, at hopefully higher prices. Chrysler took the money in 1980, invented the minivan, turned a profit by 1982, and the government in turn cashed in its warrants in 1983 for a 280% gain.

Cramer said the same is likely to be true for Citigroup. He said there's nothing like the government owning 34% of your company to prod management into doing the right thing. "The stakes are higher now," he said, and that's why he's predicting Citigroup will see $12, or roughly a 280% rise from its lows, by 2012.

"You can't ignore history," said Cramer, and piggybacking off the government's investment is historically a great move.

Am I Diversified?

Cramer spoke with callers to see if their portfolios have what it takes. The first caller's portfolio included

Huntington Bancorp

(HBAN) - Get Report

,

Ford

(F) - Get Report

,

Embraer

(ERJ) - Get Report

,

RF Micro Devices

(RFMD)

and

Clean Energy

(CLNE) - Get Report

.

Cramer said he's not a fan of any airline, including Embraer.

The second caller's top holdings included

Schlumberger

(SLB) - Get Report

,

Oracle

(ORCL) - Get Report

,

Cisco

(CSCO) - Get Report

,

General Mills

(GIS) - Get Report

and

Genworth Financial

(GNW) - Get Report

.

Cramer said Oracle and Cisco are two of a kind and this portfolio needs a healthcare stock to be diversified.

Lightning Round

Cramer was bullish on

Walt Disney

(DIS) - Get Report

,

Union Pacific

(UNP) - Get Report

,

Vale

(VALE) - Get Report

and

Wells Fargo

(WFC) - Get Report

.

He was bearish on

Burlington Northern Santa Fe

( BNI)and

Teck Cominco

(TCK)

.

-- Written by Scott Rutt in Washington

Check out the latest edition of

"Cramer's Take onTop-Searched Stocks" on Stockpickr.

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clicking here

.

For more of Cramer's insights during the Lightning Round, click here

.

At the time of publication, Cramer was long Home Depot, Wells Fargo, Vale, Cisco.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor TheStreet.com, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on TheStreet.com. The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in TheStreet.com, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.