"Yesterday justice was served when Walter Forbes, the former CEO of now-defunct

Cendant

, was convicted of a conspiracy so unbelievably large that I still can't believe it was pulled off," Jim Cramer said on his

"RealMoney" radio show Wednesday.

Cramer said he finally got his payback when Forbes, the man who lied to his face about how well Cendant was doing, "ripped out $18 million from me and my partners in one brief moment," was convicted.

Cendant was the merger of two service companies, CU International and HFS, Cramer explained.

Before the merger, Cramer said he spent a day with Forbes while the former chief executive "painted a picture of ever-growing revenues and initiatives that were going to guarantee years and years of steady growth." However, they were "all lies," Cramer said.

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As he is "always a believer in going where the big money goes," Cramer said he and his partner, Jeff Berkowitz, had 1.5 million shares and bought another 500,000 shares when the stock dropped three points.

"We bought the stock because the CFO, another convicted criminal, had told us all was well that night before," he said. "Of course, he failed to mention that he had been fired and he was part of the conspiracy to lie about the books."

However, on Tuesday it "all came to an end for Forbes, who maintained his innocence and played a lot of golf for eight years," Cramer said.

If Forbes had pleaded guilty in 1998, he probably wouldn't even have to go to jail, "that's how loose the regulators were then," Cramer said. But now, Forbes "will go away for a long time."

"We are overbought in this market after back-to-back great months," said Cramer.

Sometimes it can be "very discouraging" to figure out what the market is doing, but the fact of the matter is the market should be a lot lower right now, he said.

There's reason to believe that stocks should be weak from an earnings point of view, there are worries about inflation again from the minerals complex and worries that the Democrats might take over one or both houses, Cramer said.

But we aren't down more because "there is a relentless amount of money coming in from the public and a relentless number of stocks coming out because of buybacks and tremendous takeovers," he said.

"We are in a pure demand/supply market, and the market is craving more supply."

The media is not the place to go to find out information about the stock market, Cramer said. There, people will see reports about the consumer weakening.

However, using

MasterCard

(MA) - Get Report

as a measure of spending shows us that "the consumer is alive and kicking," he said. "Those who think otherwise are wrong."

Moreover, MasterCard does not have better-than-expected earnings, Cramer said. Its earnings are more like "you have no idea how much we can make at MasterCard" or "you have no idea what our normalized earnings power can be," he said.

The MasterCard IPO was severely mispriced in favor of the buyers, and it is still very undervalued and is not going down, Cramer said.

"Always be on the lookout for IPOs that are tepid, like MasterCard and like

SAIC

(SAI)

," he advised. "Those are the best bets because you can get a lot and make a nice position without paying up."

Vonage

(VG) - Get Report

"pulled off the unthinkable" and managed to replicate what happened in the dot-com era by growing "fast but profitlessly," Cramer said.

He called the numbers Vonage reported Tuesday "pathetic." But the media focused on how the loss was less than expected, Cramer said incredulously. Still, Cramer said he "salutes" Vonage for pulling off its goal of extracting "as much money as possible from the public."

Cramer's Callers

The recent acquisition by

CVS

(CVS) - Get Report

of

Caremark

( CMX) is a "mistake," Cramer told a caller.

"I don't like this acquisition," he said. "I like the high growth CVS gives us, but I don't like the slower growth Caremark gives us."

Peabody Energy

(BTU) - Get Report

should be bought here, Cramer told his next caller.

"There will come a time when we run out of oil in this country," he said, adding that as we get closer to the election, if Peabody gets lower, people should definitely get into it.

Responding to another caller,

UAL

( UAUA) should see more upside, Cramer said.

However, because the caller mentioned having a 15% profit with UAL, Cramer recommended ringing the register.

ABB

(ABB) - Get Report

is not done going up, Cramer said.

As the caller reported a 50% gain on ABB, Cramer told the caller to "take a little off the table and let the rest run."

Caterpillar

(CAT) - Get Report

is related to housing, and it's got a big truck engines business, he told another caller.

"People are starting to think its engines business will go down in 2007," and the housing cycle is not good, so people are coming out of Caterpillar, Cramer said.

However, he believes the housing cycle won't be so horrible. Cramer likes CAT and believes that it "represents great value."

When a caller asked about

Sprint Nextel

(S) - Get Report

, Cramer said "the fundamentals are completely in decline here."

"I don't want to touch this stock, he said. "Sure it could be taken over, but right now it's way too risky."

He advised people to stay away from the stock.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

Action Alerts PLUS. Listen to Cramer's RealMoney Radio show on your computer; just click

here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click

here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click

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here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by

clicking here.

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