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) -- "Enjoy it while it lasts," Jim Cramer said on 

Mad Money

 Thursday about the current bull market. It may not last forever but while it's here, good things seem to be happening every day.

That was certainly the case for Vale Resorts(MTN) - Get Report , Eastman Chemical(EMN) - Get Report and Conversant (CNVR) , the former two making acquisitions while Conversant itself was taken over, send shares up a quick 33%.

Cramer said these deals, along with Twitter(TWTR) - Get Report , a stock Cramer owns for his charitable trust, Action Alerts PLUS, being able to raise money at cheap rates, all stem from low interest rates.

But it's not just the Federal Reserve that's helping to keep rates low. Cramer said the continued weakness overseas is also helping, along with falling prices for oil and food.

Europe's pain is our gain, Cramer continued, which is why he'd be mad if companies weren't taking advantage of all this cheap money to spur growth and take out their competition.

Handbags Back in Fashion?

Is it too soon to invest in the handbag stocks again? Cramer said he thinks so because stocks like Michael Kors (KORS) and Kate Spade (KATE) , once stocks that could do no wrong, have still not found a bottom.

Cramer recalled how Coach (COH) used to be the handbag, and the stock, to beat. But two years ago, Coach hit a wall and has since lost half its value. Are the same fates in store for Kors and Spade?

After peaking at $100 a share earlier this year, Michael Kors has seen its shares fall to just $75. When the company last reported, its same-store sales were up but its gross margins declined, with management forecasting more margin pressure to come. After using the dreaded word "markdowns" on the conference call, investors started fleeing for the exits.

A similar pattern happened for Kate Spade. That once-$40 stock now trades just above $30 a share after the company reported declining margins in August.

But while Spade shares were priced for perfection at 47 times earnings, Kors' shares trade at just 15.7 times earnings, less than the average stock in the S&P 500.

But Cramer cautioned that it's still too soon to jump back into even Kors because the stock could follow Coach if it has a second bad quarter in a row. He said investors need to hear what the company says this quarter before making a decision.

A Taser World

Are wearable video cameras for law enforcement going to be the new standard in America? Cramer said he thinks we're at a pivotal moment in our country and he's betting that products from Taser (TASR) will likely become that new standard.

Cramer said Taser's non-lethal weapons division is already attractive as it enjoys 30% gross margins and has little competition but still has plenty of room to grow overseas. Moreover, the weapons side of Taser also throws off a ton of cash, cash that the company has been investing into new technology like wearable cameras.

It's already been proven that everyone behaves better when they know they're being filmed, and that's a big win for both law enforcement and the public it serves. For municipalities, it's all about economics. Outfitting police with cameras is proving to be less expensive than lawsuits, whether they are frivolous or with merit.

But Taser isn't stopping with just the hardware -- the company has also pioneered, a cloud-based service that helps law enforcement store and manage all of the video officers are collecting.

With shares up 45% in recent weeks, Cramer said Taser is expensive trading at 40 times earnings, even with the company's 30% growth rate. He said on a pullback, however, he would be a buyer.

The Next Biotech Deal

With so many smaller biotech names getting snapped up by big pharma, Cramer set off to recommend the next possible takeover targets.

First on Cramer's list is Arcadia Pharmaceuticals(ACAD) - Get Report , a $2.7 billion company working on the psychotic symptoms related with both Parkinson's and Alzheimer's diseases. It's estimated that Arcadia's treatments could be worth $1 billion a year, making this stock -- which is up only 10% for the year -- worth buying.

Next up is Isis Pharmaceuticals (ISIS) , a company that focuses on genetic disorders with a number of treatments in both Phase II and Phase III testing. With this stock up on 6% for the year but still off 20 points from its highs, Cramer said this is another terrific takeover target.

Then there's Achillion Pharmaceuticals(ACHN) - Get Report , known for its work treating Hepatitis C. Cramer said he's willing to take a pass on this stock because it's already up huge, 270%, largely on the promise of a takeover. Cramer said there's nothing wrong with saying "you missed it" but the stock is just too risky at these levels.

Lightning Round

In the Lightning Round, Cramer was bullish on Alliant Techsystems (ATK) , American International Group(AIG) - Get Report , Starbucks(SBUX) - Get Report , Oneok(OKE) - Get Report , SandRidge Energy(SD) - Get Report , Sonoco Products(SON) - Get Report and First Solar(FSLR) - Get Report .

Cramer was bearish on Smith & Wesson (SWHC) , Rackspace Hosting (RAX) and Just Energy Group(JE) - Get Report .

No Huddle Offense

In his "No Huddle Offense" segment, Cramer opined on the disappointing results from Restoration Hardware(RH) - Get Report .

Make no mistake, he said, this company blew the quarter. But management was upfront in acknowledge its misguided forecasts and seemed hungry to fix the problem. He called the company's CEO a visionary, and with shares still up 19% for the year Cramer said he's willing to give the company a second shot. After all, shares have less risk and more reward at these new, lower levels.

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

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-- Written by Scott Rutt in Washington, D.C.

To email Scott about this article, click here: Scott Rutt

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At the time of publication, Cramer's Action Alerts PLUS had a position in AIG, SBUX and TWTR.