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The war against the U.S. dollar might be over, Jim Cramer told his Mad Money viewers Wednesday. He praised the Federal Reserve for taking a "common sense" approach to interest rates by only taking action when needed.

The Fed acknowledged in its statement Wednesday that taking rates any higher would create an uneven playing field for the rest of the world, which is currently taking rates lower. The dollar immediately plunged on the news, and Cramer said that will mean good things for a host of companies.

Among the winners in a lower-dollar environment are the tech stocks, which sell a lot into Europe. Cramer called out Oracle (ORCL) for its 3.8% rally today and said that all of the cloud stocks, including Workday (WDAY) are more attractive.

Cramer also blessed Microsoft (MSFT) , Alphabet (GOOGL) , a stock he owns for his charitable trust, Action Alerts PLUS, and even IBM (IBM) , which trades at just 10 times earnings with a 3.6% yield.

Other benefactors from a weaker dollar include consumer packaged goods companies like Procter & Gamble (PG) and drugmakers like Johnson & Johnson (JNJ) , which also have lots of European exposure.

Finally, Cramer recommended Apple (AAPL) , another Action Alerts PLUS holding, and FedEx (FDX) , which shot up 5.7%.

The war against the dollar has been a big deal, Cramer concluded, and now that it may be taking a pause it's an even bigger deal.

Give Munoz a Chance

On the heels of the news that United Continental (UAL) CEO Oscar Munoz is returning to work after a heart transplant, activist investors have announced they'd like to see big changes at the airline. Do they have a point? 

According to the activist's report, United is the worst-performing airline stock over the past five years, the "entrenched" board of directors lacks experience and the company needs a course correction.

Cramer said in addition to the incredibly poor timing of their announcement, the activists do have a point about United lagging its peers over the past five years. However, looking back just seven years, shares are up 1,470%. Not too shabby.

As for that board of directors, Cramer said it just appointed three new independent directors, with most directors having served for less than four years. That's not quite "entrenched," said Cramer.

Regarding the final point, needing a new course, Cramer said United's CEO Munoz is that new course. His heart attack and subsequent recovery time away were unfortunate, he said, but let's at least give the guy a chance before making frivolous accusations.

What Donald Trump Says

Forget about the 2016 political horse race, Cramer told viewers. Pay attention to what the candidates are actually saying. When it comes for Republican front runner Donald Trump, Cramer said the man does have real things to say when it comes to the economy, taxes and free trade.

Cramer said the fact is, America does have a trade problem. Practically every deal our country has made since Nafta has resulted in a net loss and not the surpluses that were promised. America has been horrendous in its trade deals and Trump is right to call us out.

What about all those companies Trump mentions on the campaign trail? Cramer said Trump calls for Apple to make its products here in the U.S., but the U.S. simply doesn't have the workforce to make that happen and all of the component makers are in Asia, so assembly just makes sense there. Trump should be praising Apple for putting people to work all over the globe and for building its new headquarters, which is the largest construction project in the county right now.

Then there's Carrier air conditioners, a division of United Technologies (UTX) , which is moving manufacturing to Mexico. Cramer said the only way to stop moves like this, which make a lot of sense for the company, will be to rewrite Nafta, which makes moving so economical in the first place.

Others in Trump's stump speeches include Eaton (ETN) and Pfizer (PFE) , which are inverting to Ireland to lower their tax bills. Cramer said this, too, is a no-brainer for the company, and it's perfectly legal.

All of these deals are unlikely to be undone by Trump, Cramer concluded, but by changing trade deals and laws he could prevent additional ones from occurring. Unfortunately, that's the job of Congress, not the President.

Off the Tape

In his "Off the Tape" segment, Cramer sat down with Dan Finnigan, CEO of the privately held Jobvite, an online recruiting and hiring platform for businesses.

Finnigan explained that Jobvite lets companies leverage social networks and use their employees for referrals, which ultimately leads to better candidates. Also, Jobvite allows companies to create their own job-related content and use that content to build a pipeline of talent from prospects to candidates and beyond.

Finnigan said many younger employees will change jobs more often, making the demand for Jobvite even higher. He said while tech company hiring has slowed slightly, more and more companies are becoming tech companies that need tech talent, and that is offsetting any weakness.

Lightning Round

In the Lightning Round, Cramer was bullish on Skechers USA (SKX) , Intrexon (XON) , Kohlberg Kravis Roberts (KKR) and Ashland (ASH) .

Cramer was bearish on GW Pharmaceuticals (GWPH) and Jazz Pharmaceuticals (JAZZ) .

No Huddle Offense

In his "No Huddle Offense" segment, Cramer said that not all quick-serve restaurants are created equal, and the problems at Chipotle Mexican Grill (CMG) are only temporary.

Cramer said no one should've expected Chipotle to be turning a profit or recovering overnight from its E.coli outbreak problems. But the fact remains management believes in the company, buying back $787 million worth of its own stock. So do Chipotle customers, who are slowly returning to the chain that gives them healthy food they can't find elsewhere.

It's not often you get to buy a high-quality company at a discount, Cramer concluded. This is one of those times.

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

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

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