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"For everyone who missed out on the 400-point rally yesterday and today, I have one thing to say: It's not too late, you've barely missed a thing," Jim Cramer said on his "Mad Money" TV show Wednesday.

The 50-basis-point rate cut is a reason to get in the game and stay in it, he said. As proof that it's not too late for people to get into the market, Cramer pointed out similar moments in history.

When the

Federal Reserve

realized the extent of the problems in 1990, for example, it was a great time to get in

the market, he said. "Since then, the

Dow Jones

is up 10,000 points."

In addition, looking back at 1998, when the Fed blinked, the

Nasdaq

rallied 110% straight off of that, Cramer said.

A lot of people are trying to talk this market down because they either were sitting on the sidelines, or were shorting, or thought the market was going to go down, he said. But now is not the time to get scared out of the market. People should not pay attention to these "Negative Nancies," Cramer said.

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Don't listen to the theoretical issues people are going to talk about to try to get others out of the market, he advised. "We don't care about theory, we care about practice: the practice of making money." It's not that the theories are wrong, Cramer said, but they are irrelevant.

"The rate cut is great for stocks, so many stocks," he said. It's been great for

Kohl's

(KSS) - Get Report

and

Target

(TGT) - Get Report

, as well as the banks, Cramer said.

People should consider buying

Wachovia

(WB) - Get Report

,

Downey Financial

(DSL) - Get Report

and

FirstFed Financial

(FED)

, he said.

Moreover, maybe the cut can and maybe it can't save the homebuilders. Cramer said that while he still wouldn't touch the

Lennars

(LEN) - Get Report

or the

KB Homeses

(KBH) - Get Report

, he also wouldn't short them anymore.

'T' Time

AT&T

(T) - Get Report

, Cramer told viewers, is a company with a good dividend that has "totally reinvented itself as a growth business."

It "boldly" took on the iPhone deal without even seeing the demo version and has made some "gutsy acquisitions," he said. But while AT&T is willing to invest in growth, it won't just purchase anything, Cramer said. It's doing it the right way by building its triple play with telco companies.

Calling AT&T a "sexy and cheap" company, Cramer welcomed CFO Rick Lindner to the show and asked him how he views the telecommunications business.

The telco industry, Lindner responded, is making a resurgence. He said he believes AT&T has the best assets in the business and he is seeing great performance across all the company's segments. Sales of the

Apple

(AAPL) - Get Report

iPhone, said Lindner, have been great, and have not only brought the wireless company new customers, but it has also increased store traffic for AT&T.

Wireless data revenue is growing significantly, and Lindner said he's seen nice margin expansion in the wireless segment. Further, there's been good demand for broadband, and the company's video division is taking off as well, he added.

Lindner said that since Apple has cut the iPhone's price by $200, he has seen a dramatic increase in demand as customers continually come in from other networks.

From a financial standpoint, Lindner said AT&T has a strong balance sheet and no credit concerns. So the choppiness of the market and interest rate environment has not been much of a factor in financing the business, he said.

Cramer remained bullish on AT&T, and told viewers that if they're looking for one stock to buy for their children, AT&T should be it.

Mad Mail

In the "Mad Mail" segment, a writer commented on

Cisco's

(CSCO) - Get Report

recent acquisition of wireless solutions company Cognio and asked if all WiFi companies are headed down the bandwidth road to the extent that

Level 3 Communications

(LVLT)

will soon experience explosive revenue and profit growth.

"I hope so," Cramer responded. But remember, LVLT is stalled here.

Am I Diversified?

In his "Am I Diversified?" round, Cramer's first caller asked if he was diversified with the following five stocks: Apple,

Noble

(NE) - Get Report

,

Potash

(POT)

,

Research In Motion

(RIMM)

and

Schlumberger

(SLB) - Get Report

.

Cramer pointed out two pairs with Apple and RIMM, and Noble and Schlumberger. He advised the caller to make some changes.

Throw out Noble and Apple and add a defense play like

Northrop Grumman

(NOC) - Get Report

and a financial like Wachovia, he suggested.

Separately, Cramer said he prefers

Deere

(DE) - Get Report

,

Monsanto

(MON)

and

Bunge

(BG) - Get Report

to Potash.

His second caller named these five picks:

Genentech

(DNA)

,

Fuel-Tech

(FTEK) - Get Report

,

NightHawk Radiology

(NHWK)

,

L-1 Identity Solutions

(ID)

and

US Gold

(UXG)

.

Cramer told the caller she had too much of a gambling portfolio with too many speculative stocks like ID, FTEK and UXG. He suggested getting out of those and into less speculative names.

Lightning Round

Cramer was bullish on

PepsiCo

(PEP) - Get Report

,

BEA Systems

(BEAS)

,

General Motors

(GM) - Get Report

,

RRSat Global Communications Network

(RRST)

,

Zumiez

(ZUMZ) - Get Report

,

Superior Offshore International

(DEEP)

,

Oshkosh Truck

(OSK) - Get Report

, Northrop Grumman,

L-3 Communications

(LLL) - Get Report

,

Lockheed Martin

(LMT) - Get Report

,

General Dynamics

(GD) - Get Report

,

Cisco Systems

(CSCO) - Get Report

,

XTO Energy

(XTO)

,

GMX Resources

(GMXR)

,

Siemens

(SI)

,

Transocean

(RIG) - Get Report

,

Schlumberger

(SLB) - Get Report

,

Prudential Financial

(PRU) - Get Report

,

MetLife

(MET) - Get Report

and

Halliburton

(HAL) - Get Report

.

Cramer was bearish on

Smart Balance

(SMBL)

,

Parametric Technology

(PMTC)

,

DirecTV

(DTV)

,

Parker Drilling

(PKD) - Get Report

and

Assurant

(AIZ) - Get Report

.

Want more Cramer? Check out Jim's rules and commandments for investing from his latest book by

clicking here

.

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

.

At the time of publication, Cramer was long Transocean and XTO Energy.

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.

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