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NEW YORK ( TheStreet) -- The Federal Reserve has worked its magic, but now there are other forces at work, Jim Cramer told his "Mad Money" TV show viewers Wednesday as he examined just how much the Fed really matters to the markets at this point in the recovery. Cramer said the speculation over what the Fed may or may not do next and when certainly captures a lot of headlines and added to the confusion of today's trading in particular. He also acknowledged that continued low interest rates are literally forcing those who manage money to abandon bonds and invest in high paying dividend stocks instead. That may affect stocks like American Electric Power ( AEP) and ConEd ( ED), said Cramer, but that doesn't explain the entire market rally. Nearly half of the market's gains since the sequester debate have come from good old-fashioned earnings, said Cramer. He noted that a rising birth rate is driving retail sales while aging American autos are fueling AutoZone ( AZO) and Ford ( F). The pickup in housing has been partially fueled by Chairman Ben Bernanke, admitted Cramer, but also by the fact we're simply not building enough homes to meet demand. The American energy boom has not been caused by Bernanke, said Cramer. That's American know-how, as is the boom in biotech with companies like Biogen Idec ( BIIB) and Celgene ( CELG). So while the Fed may play a role in the market's rally, there's certainly a lot to love outside of Bernanke, Cramer concluded.
Executive Decision: Alan McKimIn the "Executive Decision" segment, Cramer welcomed back Alan McKim, chairman and CEO of Clean Harbors ( CLH), one of the companies on the front lines helping to clean up after disasters like the recent tornado in Oklahoma City and last year's Hurricane Sandy. Shares of Clean Harbors are up 73% since Cramer got behind the stock in June 2010. McKim reminded viewers that Clean Harbors is a lot more than just disaster recovery services. The company owns and manages over 100 facilities across the country and is the leading provider of incineration services. He said Clean Harbors also operates several landfills and recycling facilities as well.
In addition to emergency services, McKim noted Clean Harbors often partners with companies and has employees on site to help maintain, clean and dispose of hazardous waste that is generated through normal operations. One huge area of opportunity for the company has been the oil and natural gas business, said McKim, with Clean Harbors providing services to help drillers recycle their fracking water as well as other hazardous waste. McKim also talked about his company's recent acquisition of Safety Kleen, which offers services to smaller companies that also see the need to do the right thing with their waste products. Cramer said he continues to believe in the Clean Harbors story.