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NEW YORK ( TheStreet) -- The Federal Reserve is run by intelligent people after all, Jim Cramer said Wednesday. He told his Mad Money viewers they should stop worrying and start thinking about how to make more money.

Cramer said the Fed is doing the right thing, making judgments based on the facts and not on what the market pundits are expecting. Fed Chair Janet Yellen admitted that interest rates are being kept lower for longer than the central bank would like, but that's what's required given the aftermath of the Great Recession.

Cramer called this common-sense approach to central banking "refreshing," but admitted that it drives money managers bonkers as they can't be exactly sure what's coming next. But while these same managers charge that the Fed is "behind the curve," in actuality they just don't understand the plight of real families or that companies just aren't hiring the way they were before.

Cramer said the stigma of the Great Recession is not unlike what our grandparents had for the Great Depression. Many of our grandparents were scarred for life from those events, he noted, and many never invested in the markets again. That's why this time the Fed wants to be absolutely certain things are moving swiftly before it intervenes.

One day the pain of the Great Recession will be a distant memory, Cramer concluded. Until then, the Fed is likely to stay the course.

Executive Decision: Stanley Crooke

For his "Executive Decision" segment, Cramer spoke with Dr. Stanley Crooke, chairman, president and CEO of Isis Pharmaceuticals (ISIS) , a biotech with 32 drugs under development. Shares of Isis are up 47% since Cramer last checked in back in May and a staggering 336% since Cramer first recommended the stock two and a half years ago.

Crooke admitted that Isis is a complicated story as the company has both orphan drugs and mass market drugs under development. He said that investors should focus on both sides of the business because Isis' platform allows the company to have a growing pipeline of applications.

When asked about those applications, Crooke noted Isis' strength is in its efficiency. He said the company only has 400 employees yet is able to have 32 drugs currently under development. That leads to a tremendous advantage and why companies like AstraZeneca (AAZN) are partners and collaborators with Isis.

Cramer said that with so many exciting drugs under development, Isis remains a compelling investment story, even if it may be complicated to figure out.

Just Buy DuPont

With activist investor Nelson Peltz pushing for big changes at DuPont (DD - Get Report) , should investors buy in for the ride? "Absolutely," Cramer said, because Peltz is the only activist who has consistently made money for shareholders after he's gotten involved.

Cramer explained that Peltz is pushing for DuPont to split into two, a fast-growing component and a cyclical component that would encompass things like the company's performance materials, safety and electronics products.

While Peltz ultimately sees $120 a share of value hidden inside DuPont's current $60 share price, company management cited that its shares are up 220% since 2008, more than the S&P 500 average.

But even if the two sides don't see eye to eye, Cramer said that's OK because Peltz has a way of rewarding shareholders even if he doesn't ultimately get his way. But when he does the story gets even better, as it did with Kraft Foods (KRFT) , which spun off Mondelez (MDLZ) for a 78% gain.

Cramer said his bottom line on DuPont is, just buy it.

Executive Decision: T.J. Rodgers

In his second "Executive Decision" segment, Cramer sat down with T.J. Rodgers, president and CEO of Cypress Semiconductor (CY - Get Report) , a stock that currently sports a 4.2% dividend yield.

Rodgers said Cypress knows that it needs to do new things, which is why the company has invested heavily in its emerging technology division, 14 new companies that are just now starting to bear fruit. He said these companies are finally breaking even and will no longer be a drag on Cypress' balance sheet.

Rodgers noted that among the 14, AgigA Technologies has the most promise and could be another huge win for Cypress like SunPower (SPWR - Get Report) was. He said the company's technology will allow computers to maintain their memory when powered off so they will be able to boot much much faster.

When asked about the smartphone market overall, Rodgers said handset sales are moving forward and, more importantly, Cypress has remedied the problems that caused some manufacturers to get their components elsewhere.

Turning to the emerging wearables market, Rodgers said smart watches are an interesting area but not yet large enough to move the needle.

Finally, Rodgers gave his opinions on the state of California's economy, saying the state could be doing a lot more to help Silicon Valley but has instead made itself very unfriendly to business.

Lightning Round

In the Lightning Round, Cramer was bullish on Intel (INTC - Get Report) , RR Donnelley (RRD - Get Report) , Pharmacyclics (PCYC) , Goldman Sachs (GS - Get Report) , H&R Block (HRB - Get Report) , Zillow (Z - Get Report) , Dominion Resources (D - Get Report) and American Electric Power (AEP - Get Report) .

Cramer was bearish on Advanced Micro Devices (AMD - Get Report) , Leucadia National (LUK) and FirstEnergy (FE - Get Report) .

Am I Diversified?

In the "Am I Diversified" segment, Cramer spoke with callers and responded to tweets sent via Twitter to @JimCramer to see if investors' portfolios have what it takes for today's markets.

The first portfolio included Caterpillar (CAT - Get Report) , Schlumberger (SLB - Get Report) , Citigroup (C - Get Report) , Kinder Morgan (KMI - Get Report) and Verizon (VZ - Get Report) .

Cramer said Schlumberger trades in tandem with Kinder Morgan and he'd sell the former and add a drug stock like Abbott Labs (ABT - Get Report) to better diversify this portfolio.

The second portfolio's top holdings included Apple (AAPL - Get Report) , CVS Health (CVS - Get Report) , Discover Financial (DFS - Get Report) , Gilead Sciences (GILD - Get Report) and Hi-Crush Partners (HCLP) .

Cramer said this portfolio was "picture perfect."

The third portfolio had Apple, EOG Resources (EOG - Get Report) , Gilead Sciences, Cognizant Technology (CTSH - Get Report) and Emerge Energy Services (EMES) as its top five stocks.

Cramer said this portfolio can't have both EOG and Emerge. He suggested selling Emerge and adding a diversified industrial like United Technologies (UTX - Get Report) .

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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-- Written by Scott Rutt in Washington, D.C.

To email Scott about this article, click here: Scott Rutt

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At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL, GS, KMI and UTX.