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You can let the prospect of an interest rate hike paralyze you with fear, or you can use the weakness it creates to buy stocks at great prices, Jim Cramer told his Mad Money viewers Wednesday. The choice is yours.

Cramer said the Federal Reserve's mandate hasn't changed: help bolster the U.S. economy without letting inflation run rampant. So why are so many investors paralyzed with fear about a pending rate hike? Sure, rising rates will affect some companies such as those that sell overseas and the auto makers. But it won't affect all of them.

That's why Cramer told viewers to stick with stocks that aren't affected by interest rates, like "FANG," his high-growth stock quad-fecta, or any number of biotechs and drug stocks.

Play it smart, Cramer concluded. Never buy everything all at once. Instead, buy in stages as the market essentially puts everything on sale.

Executive Decision: Jeff Immelt

For his "Executive Decision" segment, Cramer spoke with Jeff Immelt, chairman and CEO of General Electric (GE) - Get General Electric Company Report , the industrial giant that's undergoing a transformation as it sheds its legacy financial businesses.

Immelt said a number of things are coming together now that the spinoffs and divestitures are nearing completion. He said GE is now easier for investors to understand and his team knows what they need to do and has the tools to get it done.

GE in investing for growth, Immelt continued, making long-term bets on technology and globalization. He said GE's diversification is its strength and the company provides both organic growth and capital returns for shareholders.

When asked about climate change, Immelt said GE has been working on the problem for over a decade, with a host of clean energy and energy efficiency products. That trend will only continue as green energy moves into the mainstream.

Meanwhile, Immelt said GE is invested in the oil and gas business not because prices were high, but because the industry needs technology to be more efficient over the long-term.

Cramer remains a big fan of General Electric.

When Negativity Is Healthy

Sometimes, too much negativity is a good thing, Cramer told viewers. When everyone else despises a stock, that's often when you should be buying it.

That's the case with the vitamin retailers, Cramer explained. This group has been in the crosshairs of regulators for months, causing the stock of GNC (GNC) - Get GNC Holdings, Inc. Class A Report to fall 35% and rival Vitamin Shoppe (VSI) - Get Vitamin Shoppe, Inc. Report to slide 37% so far this year.

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Of the two, Cramer said he'd bet on GNC because vitamins are proving to be one item that you don't want to risk buying online, and GNC sells mostly its own brands and knows where all its ingredients come from. That also affords the company the highest margins of the group.

Additionally, shares of GNC trade at less than 10 times earnings and the company is buying back $200 million of its own shares, which translates to a hefty 8% of GNC's market cap.

Executive Decision: Manny Chirico

In his second "Executive Decision" segment, Cramer sat down with Manny Chirico, chairman and CEO of PVH Corp (PVH) - Get PVH Corp. Report , the apparel maker that delivered a 19-cents-a-share earnings beat on better-than-expected sales despite the warmer weather and strong currency headwinds. Shares of PVH responded by rallying over 4.8% on the news.

Chirico said he continues to focus on the underlying business. After being in the apparel business for over 20 years, he's used to managing things like fashion risks and even weather risks.

When asked about the global economy, Chirico was upbeat about sales in Europe and even Latin America, calling out the U.S. as the toughest market at the moment. He said there are too many stores in America and it's getting tougher for bricks and mortar retailers. Nearly 85% of all PVH sales still stem from traditional retailers, he noted, with only 15% coming from online sales.

Cramer said that PVH remains a great company even in a tough environment.

Lightning Round

In the Lightning Round, Cramer was bullish on Nike (NKE) - Get NIKE, Inc. Class B Report , Tesla Motors (TSLA) - Get Tesla Inc Report , Cheniere Energy Partners (CQP) - Get Cheniere Energy Partners, L.P. Report and Sirius XM Radio (SIRI) - Get Sirius XM Holdings, Inc. Report .

Cramer was bearish on CVR Refining (CVRR) , Consol Energy (CNX) - Get CNX Resources Corporation Report and Cheniere Energy (LNG) - Get Cheniere Energy, Inc. Report .

No Huddle Offense

In his "No Huddle Offense" segment, Cramer opined on OPEC's plans to crush the U.S. oil industry by flooding the market with oil. So far, the U.S. producers haven't felt much pain, he noted, but next year is a different story.

Cramer said next year the hedges come off and U.S. producers will have no choice to temper production, something that has yet to happen. But make no mistake, OPEC can indeed crush the U.S. producers, eventually, which is why they're likely to continue keeping oil prices low for the foreseeable future.

For Saudi Arabia, it's all about market share at all costs, Cramer concluded.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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At the time of publication, Cramer's Action Alerts PLUS had no position in stocks mentioned.