Cramer's 'Mad Money' Recap: No Day of Reckoning

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NEW YORK ( TheStreet) -- There's no day of reckoning coming to the stock market, Jim Cramer reassured "Mad Money" viewers Wednesday.

While the markets do have some big worries ahead, they only represent price risk, and not a systemic risk that would lead to a wholesale market collapse.

Cramer said the "day of reckoning" for the markets came a few years ago when the Dow Jones Industrial Average fell from 14000 to 6000 over a few months. Today, however, the market's problems are quantifiable and more like a laundry list of things that must be done rather than a great unknown waiting to destroy us all.

There was once no leadership at all in Europe, Cramer noted, and the markets feared that country after country would fall like dominos. Today, there is at least some leadership, some plan for recovery and some areas of stability.

The markets once feared that China's economy would collapse, taking the rest of the world with it. But now China just has a list of issues it must deal with. Fears of the U.S. "fiscal cliff" have also tempered a bit, with many investors expecting that political will can eventually win out.

In today's market, bad news such as what FedEx ( FDX) reported, is being met with only modest declines. Shares of FedEx didn't see any dramatic moves lower and was able to quickly recover from not one, but two, cautious earnings announcements.

Add all of these factors up and the markets simply aren't as bad off as they were a year ago and they're certainly not in a position where they would be blindsided into a panic-level collapse, Cramer said.

Upon Further Review

In his "Upon Further Review" segment, Cramer took a closer look at the stock of Dole Foods ( DOLE), a company he panned when it went public in October 2009, a call that turned out to be correct as shares fell from $12.50 to just $8.

Cramer explained Dole has been horribly managed since its initial public offering, but recently changed its ways when management announced it would sell its packaged foods business for cash, creating value for its shareholders. He said Dole still owns some terrific assets that are worth more than the sum of its parts, which is why management's change of heart makes the company a buy, buy, buy.

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