Cramer's 'Mad Money' Recap: On Firm Footing A Year After Lehman's Fall (Final)

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NEW YORK ( TheStreet) -- "The system has been saved, and we're a lot better off now than we were a year ago," Jim Cramer told the viewers of his "Mad Money" TV show on the one year anniversary of the fall of Lehman Brothers.

Cramer said that we are well on our way to a full-blown economic recovery, despite what the headlines may say.

Cramer said in his new upcoming book, Getting Back To Even, he's added a new rule for investors that reads: just because someone has a Nobel prize, it doesn't mean they know about the economy. Cramer said this rule is vital in an era where everyone seems to have an opinion about the markets, while few have any real world experience.

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Cramer said while many in the media talk of financial reforms falling by the way side, the reality is the financial system has been fixed. He said that much of the risky trading of the past has vaporized, and bankers now fear for their lives if they make a risky trade.

In other areas of the economy, Cramer said we're much better off than anyone could've hoped for just a year ago, with banks now opting for forbearance rather than foreclosure and the housing and credit markets beginning to thaw, helped by low interest rates. In autos, the Cash For Clunkers program has reduced inventories and spurred a recover in the auto industry.

Cramer said the evidence is all around us, in shipping, technology and even retail, that the recovery is here. Even the beleaguered aerospace industry could return as Boeing's ( BA) embattled Dreamliner could begin flying by year end.

The people who write the headlines may not see it, said Cramer, but that doesn't mean it's not there.

New Growth Areas

Cramer cleared the air on the state of the U.S. economy by talking with Peter McCausland, chairman and CEO of Airgas ( ARG), a supplier of industrial gases to a multitude of industries throughout the economy. Since his appearance in October of 2008, the stock of Airgas has risen a solid 43%.

McCausland confirmed that the recession did put an abrupt halt to many of the infrastructure projects in this country, but noted that some of those projects are starting to come back on line. He added that investment in the country's infrastructure is "crucial" and needs to continue at a much faster pace.

When asked about his company's performance during incredibly difficult times, McCausland credited the Airgas' diverse customer base, which always allows it to "find new places to grow" its business.

Cramer continued his support for both McCausland and for Airgas, calling McCausland a "bankable CEO" and one that he has come to trust.

Outrage of the Day

Cramer recapped two of his recent outbursts, the first of which was his May 27 plea to Federal Deposit Insurance Chair Sheila Bair to close Corus Bankshares ( CORS), a bank which then was trading for pennies and was still acting recklessly, according to Cramer. On Friday, Corus was finally shut down by the FDIC.

Cramer's second outrage turned to the U.S. Natural Gas ( UNG) ETF, a fund which Cramer warned traded at an 11% premium to the price of natural gas, but could lose that premium instantly if new regulations went in affect.

Two days later, those regulations did go into effect, and on a day when natural gas was up 12%, the U.S. Natural Gas Fund was up only 2%. Cramer reiterated that even on a day-trade basis, these funds don't work and have no reason for existing.

-- Written by Scott Rutt in Washington

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