Bank of America is not alone, Cramer said, as Citigroup (C) and JPMorgan Chase (JPM), another Action Alerts PLUS holding, have all seem their share of oversights, scandals and omissions. These banks are all not only too big to fail, but too big to manage.

All of these banks are made up of great people, Cramer conceded, but in this environment, with the complexity increasing, no boat is safe, which is why all investors need to take a pass and steer clear.

These banks may seem inexpensive, Cramer concluded, but as Bank of America showed us today, they really aren't.

Executive Decision: Brian Sharples

For his "Executive Decision" segment, Cramer spoke with Brian Sharples, cofounder and CEO of HomeAway (AWAY), the vacation rental marketplace that posted a two-cents-a-share earnings beat when it reported last Thursday on a 28% rise in paid listings. Shares immediately sold off on the news, however, as the momentum stocks have fallen out of favor.

Sharples said that in today's market, stock prices don't seem to correlate to corporate news so he's not overly worried about his stock's recent losses. He said unlike the Internet stocks of the past, HomeAway is making a lot of money and has access to globe markets, which means they will be growing for a long time to come.

Sharples pointed out HomeAway's listing service is appealing to both individual owners and professional property managers alike, as more and more homeowners are opting to rent out their properties for at least part of the year.

Sharples also noted the company's recent acquisition of a new mobile application, one that will not only tell renters all about the house they're staying in, but will also offer local points of interest around the property as well. He said this higher level of personal service is what sets HomeAway apart from everyone else.

Cramer said the turn is not yet at hand for these momentum stocks, but when the turn arrives it will be profitable companies like HomeAway that will be leading the charge.

Off the Charts

In the "Off The Charts" segment, Cramer went head to head with colleague Tim Collins over the charts of this year's momentum names to see if there are any parallels between the meltdown of 2014 and the dot com collapse of 2000.

If you liked this article you might like

Amazon Teams With Food Delivery Service to Launch Amazon Restaurants

LA Times Tops 100,000 in Digital Subscriptions

The 10 Craziest Pumpkin Spice Items You Can Buy off Amazon

The 12 Most Ridiculous Kitchen Appliances You Can Buy From Amazon