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NEW YORK (TheStreet) -- The markets are better off now that the Federal Reserve is keeping interest rates right where they are, Jim Cramer told his Mad Money viewers Thursday. Put simply, the Fed "gets it."

After famously criticizing the Fed in 2007 with his "they know nothing" rant, Cramer said the Fed under Janet Yellen is making all the right moves. With no signs of inflation and rampant worldwide uncertainty, it would have been a huge mistake to raise interest rates, Cramer continued, especially since there's no compelling reason to do so.

Why then did the markets sell off on the Fed news? Cramer said investors were just locking in some gains after the runup going into the decision.

Yellen was right to consider Europe, China and Brazil in her decision because these markets would've been put into an instant tailspin by an even stronger U.S. dollar. Meanwhile, here in the U.S. there are clear signs of economic slowing, from housing to autos to manufacturing, all of which would've been made worse by a global recession.

There was no risk in doing nothing, Cramer concluded, and thankfully the Fed read the writing on the wall.

Who Needs People?

Why is the U.S. economy not seeing more jobs and higher wages? Just take a look at all of the faster, better and smarter technology that is coming out of Silicon Valley.

Some call it "disruptive," but when a company uses technology and automation to help drive its business, it often has a lot fewer people behind the wheel. Whether it's - Get Report delivering your packages faster, Workday(WDAY) - Get Report automating your human resources department, or the oil drillers advancing by leaps and bounds, all of these are examples of using technology to the detriment of humans.

New companies such as Airbnb are stunting the growth of the traditional hotel business. Ride-sharing giant Uber is disrupting traditional taxi services. Cloud computing is laying waste to the traditional on-premise computing industry, taking all those who service it along with it.

In short, technology is building a new peopleless economy, and that is what the Fed is starting to see in its labor and wage reports.

Executive Decision: John Stumpf

For his "Executive Decision" segment, Cramer sat down with John Stumpf, chairman, president and CEO of Wells Fargo(WFC) - Get Report, a stock which Cramer owns for his charitable trust, Action Alerts PLUS.

Stumpf said at Wells Fargo it's not about making money, it's about serving customers. Making money is the result of serving customers well. That's why Wells remains committed to innovation and looks up to tech companies that make complexity simple.

When asked about today's interest rate news, Stumpf said he tries not to speculate on where rates might be headed, but noted that rates are likely to be lower for longer than many people expected as the rest of the world is playing a bigger influence.

When asked about his company's growth, Stumpf said Wells was conservative prior to the Great Recession, but that gave the bank the capital to purchase Wachovia, which has been absolutely transformational in making Wells a leading national brand.

That's part of the reason why Cramer calls Wells Fargo the best bank in the country.

Fresh Market Has Value

When a high-flying growth stock stumbles, it can be catastrophic for shareholders. But for those who are patient, growth stocks can eventually turn into value plays with lots of upside potential.

Cramer said that's the case with The Fresh Market (TFM) , the natural and organic grocer with 174 stores in 27 states, primarily in the southeastern U.S.

After its initial public offering in November 2010, The Fresh Market soared to a high of $65 a share in August 2012, but has since spent nearly three years in the doghouse as the company's expansion plans stumbled and its same-store sales faltered.

Capitulation finally came on Aug. 24, "Black Monday," when shares lost 25% of their value, falling to a low of $18.70, as investors finally threw in the towel. But that capitulation spurred a few analyst upgrades because shares traded for just 15 times earnings, as compared to Whole Foods (WFM) at 18 times and Kroger(KR) - Get Report at 17 times earnings.

Cramer said The Fresh Market is now finally a value story. With a new CEO, it is poised to once again start marching higher.

Lightning Round

In the Lightning Round, Cramer was bullish on Energy Transfer Partners (ETP) , Eaton(ETN) - Get Report, Schlumberger(SLB) - Get Report, Celgene(CELG) - Get Report, Pepco Holding (POM) , Dominion Resources(D) - Get Report and Regeneron Pharmaceuticals(REGN) - Get Report.

Cramer was bearish on SunCoke Energy(SXC) - Get Report, U.S. Silica Holdings(SLCA) - Get Report, PTC Therapeutics(PTCT) - Get Report and Geron(GERN) - Get Report.

Executive Decision: James Park

In his second "Executive Decision" segment, Cramer sat down with James Park, chairman and CEO of Fitbit(FIT) - Get Report, the leader in connected fitness devices.

Park touted his company's new partnership with retailerTarget(TGT) - Get Report as just the latest example of the company's focus on corporate wellness. As part of the deal, Target employees will be able to monitor their health via Fitbit devices and Target will donate over $1 million to charity.

Fitbit is not just about hardware, Park continued, but health and wellness solutions for individuals and corporations. His company focuses on long-term solutions through its subscription services that offer continual guidance and coaching to stay healthy.

When asked about competition, Park said the fitness market is over $200 billion a year and Fitbit's devices, audience and community are very different from its rivals.

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 a position in ETP, TGT and WFC.