Cramer's 'Mad Money' Recap: A Divided Market

Cramer was bearish on Toyota Motor (TM) and Capital Product Partners (CPLP) .

Executive Decision

In the "Executive Decision" segment, Cramer sat down with Russell Goldsmith, chairman and CEO of City National (CYN) , a Los Angeles-based business bank that also offers wealth management services.

Goldsmith said that many of City National's customers fall into two camps when it comes to the looming fiscal cliff. He said that many are simply sitting on their hands, not hiring, not investing and not borrowing. Uncertainty breeds caution, Goldsmith noted, which is why many are waiting to see what the new rules will be before moving forward.

But a few customers see opportunity, even in an uncertain market, and City National has been making loans to those customers, primarily in the technology and entertainment sectors.

Goldsmith also commented on California's growing economy. He said his state is now number one in job creation and unemployment is finally coming down thanks to some budget stability at the state level. You can't have an American recovery without California, Goldsmith continued.

Turning back to the business at City National, Goldsmith said his bank continues to have a strong balance sheet and has been making smart acquisitions to bolster its already strong wealth management business. He expects the U.S. economy to pick up in the second half of 2013.

Cramer continued his recommendation of City National, one of the few growth banks he follows.

No Huddle Offense

In his "No Huddle Offense" segment, Cramer reminded viewers that things are only relevant until they aren't.

He said that at this time last year the markets were embroiled in Europe's sovereign debt woes, troubles that, it was thought at the time, would never end. But they did. The European Central Bank hammered out a grand compromise, banks raised cash and the countries themselves forged the budgets thy needed to regain their footing.

That's why Banco Santander (SAN) , which traded just above $4 a share this time last year, is now worth almost $8 a share today, because the crisis has largely passed, he said.

Fast forward to today, when the U.S. is having its "Santander" moment, taking stocks like KeyCorp (KEY) , a stock Cramer now owns for his charitable trust, Action Alerts PLUS, from almost $10 a share to now down below $8. Cramer said there's nothing wrong with KeyCorp other than being based in the U.S.

Be prepared to buy when everyone else is selling, Cramer concluded.