dollar, it will go higher. >> a big run-up in energy, and some upside calls. >> shut out to the retired lieutenant colonel, my dad.>> we love you. >> any gold mines. >> that is it. >> right now. my mission is simple to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer! welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to make you some money. my job is not just to entertain but to educate, teach and explain to you why days like today can happen so call me at 1-800-743-cnbc or

tweet me @jimcramer. turns out, get this, turns out inflation was all about logistics. we caught a real break today with a much lower than expected consumer price index number. and a huge part of that came down to how much it costs to get goods to the consumer from here to here. and that's how the dow skyrocketed. 1,201 points s&p surged 5.5%. and the nasdaq roared 7.35%. ♪ hallelujah ♪ because lower inflation means the fed won't need to raise interest rates as aggressively as it may have thought it needed to logistics is the art of getting goods where they need to go. and unfortunately though a boring topic supply chain disruptions have really been the biggest source of inflation since the pandemic got rolling and finally they are peaking and that's definitive. and it's huge. that's what the day was really about. after all, why would the fed

need to keep tightening ever harder if the root cause of inflation, moving stuff from place to place, is finally going to the right direction ♪ hallelujah ♪ i know it's hard -- something as prosaic as the freight business. but they go hand in hand when you look at all the positives that went down, check them all off with today's cpi reading you come back knowing that it was just hard to move goods around maybe people retired, we had a shortage of equipment. these shortages then led to vastly inflated prices to you the consumer and those are peaking! [ applause ] of course you can't blink at the nasdaq up more than 7% and say that's all about get ourg supply chain house in order many of these tech companies have barely any chance -- but you see the nasdaq runs on lower interest rates same way they say america runs

on dunkin' when inflation cools interest rates go lower as they did, they went down huge today >> the house mof pleasure. >> plus inflation erodes the purchasing power of your dollars, your future dollars, which makes long-term growth stories less attractive. a good cpi causes money to flood into the most aggressive tech stocks, including the cloud plays, conceptual names that are far from turning a profit, and of course fabulous stocks like apple which you were supposed to sell rierkts didn't all those analysts say sell it? i forget sell it, trade it, short it. what were they saying? >> get rid of of it. >> get rid of it that's right we know the cloud stocks have been awful performers. that's in part because they're all jammed together in some etfs that a lot of brokers like to make money off of. but today the etf pressure allowed the cloud price to soar. of course the banks do well here too because if the fed can keep rates this high but not this much higher these companies can make fortunes off your deposits while facing not that many

defaults remember, here's something i learned when i went through economics at harvard remember, the banks pay you next to nothing for your deposits then turn around and invest it at 4.3%. do the math. they get 4.3%. and this is something i learned in economics class you get bubkes i got an a but let's go back to the original thesis. when inflation was starting to roar, it was the consumer, right? not really so much at the producer level although obviously fertilizer went up because of ukraine and oil went up because of ukraine and how much do you hate the russians i mean, seriously. very few people saw this thing coming aside from, say, a wise man. a wise man in seattle. and that wise man's name is rich galantic he's the cfo of costco if you read his excellent conference calls he was adamant that logistics was the big battleground specifically shipping and trucking not something i heard from any other chief financial officers there just weren't enough ships

to bring the goods we needed from overseas. the ports were jammed. not enough truckers. all this stuff turns out the port situation came down mostly to labor unions taking advantage of the situation. hey, what the heck bankers took advantage in 2008 these guys got a shot, they took it more importantly, though, there weren't enough ships so what did costco do? created its own armada both to ensure they got their own goods but also because they wanted to know the true cost of moving the stuff costco is now demanding that any price increases based on something that went way up during this period but not coming down, uh-uh take it down because they work for the customers. it's why the charitable trust owns a ton of the stock of costco of course the decline in oil prices month over month also helped bring the cpi down even as the war in ukraine's been a real sticking point year over year same with natural gas. that came down a tad too but to get to the real reason why we may be in better shape on inflation you need to just look at a freight company a freight company called c.h.

robinson oh, i saw you yawn, you son of -- this is a huge business. so don't go and say who cares about c.h. robinson. it's got 28 billion in freight under management how much freight do you have under snjt and more than 20 billion in annual revenue. making it one of the top shipping companies out there at the height of the pandemic c.h. robinson was one of the main choke points of the global supply chain crisis. they needed more trucks, more drivers, more fuel, so the cost of everything went up. and they had to pass it on to the people, say, at a store who then had to pass it on to you. the company struggled to meet demand they weren't bad actors. so did competitors it got to the point where giant sleeper trucks went from $30,000 before the pan demic to 120,000 meantime drivers retired so they had to bid up the price of the ones remaining and teach others. y.h. robinson said we might see a peak in the cycle in 2023 or

2024 according to their october fact sheet which is excellent if you go to the website. turned out it happened immediately. so quickly that today we learned they have to lay off lots of mostly white-collar workers because the slowdown happened that soon. you know what? i want to conclude you know what i want to conclude like they're paying attention to me because of -- you know what i'd like to conclude that october was a very weak month in this country. that's right october's going to go down, when we look back at this period we're going to say holy cow, october's when it started. that's when the slowdown started. oh, and the sleeper trucks, they are baaren't back down to 30,000 yet. but they're at 65,000. that's where the big deflation gain really kicks in and let me tell you something. that's coming. what else? we know the retail situation looks very promotional as we

head into the holidays that means you're going to get really great buys at olly's, i'm a member of the army or cramer favorite tjf anything that gets moved from the distribution center of clothes to the tjf store costs less that's why you may not see if but there will be a subtle rollback how sustainable is this? lots of analysts have been waiting for a day like today to downgrade their favorite stocks i do expect negativity about semis the cloud somebody's going to say something bad about apple i bet we'll get the usual downgrades from the people who don't have any cuts. again, apple but the bottom line, what matters is the choke rope of inflation may finally be loosening or at least fraying just when we least expect it, all on a day when some crypto clown named sam bankman fried, right out of the simpsons, was supposed to crush the entire market with his 15 minutes of ill-fated infamy let's go to brian in

connecticut. brian. >> caller: hey, jim. how are you? >> brian, couldn't be better how about you? >> caller: good, thank you long-time caller, first-time listener quick shout out to my sister sheena bass, we are members and we love you. >> oh, man, they're members of the club we want club members what's up? >> caller: how are you doing, jim? calling about the stock unity. will the effects of the numbers have a -- >> okay, listen to me and listen good this unity is not a good stock not a good company it's just a good stock for today. let it go up another three, four points and then we say good-bye. all right, listen. the choke rope of inflation may finally be loosening, or at least fraying, just when we least expect it! "mad money" today, a special veterans day show. what can the navy teach wall street about leadership? i'm sitting down with secretary of the navy and learning some important lessons. then campbell's soup, mm, mm, ceo mark clouse, he knows how the military service can aid in

making smart decisions and i'm hearing more about how service has made him a stronger leader plus goldman sachs has always been on the forefront of veteran handling so don't miss my exclusive with ceo david solomon from the company's headquarters in new york city. hear how the bank is continuing to lead the charge so stay with cramer! >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter have a question? tweet cramer #madtweets send jim an e-mail to madmoney@cnbc.com. or give us a call at 1-800-743-cnbc miss something head to madmoney.cnbc.com.

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world than at any point since the end of the cold war. that doesn't matter for the stock market we've had a land war in eastern europe who'd have thought that? nine months. maybe worse, we had the real prospect that china might invade taiwan hasn't happened yet. because we've got the best navy in the world but the chinese are indeed trying to catch up that's why we were thrilled to speak with the honorable carlos del toro, the u.s. secretary of the navy, about some of the biggest threats out there on the eve of veterans day. take a look. >> mr. secretary, welcome back to new york, i should say. this is a very special day for the navy, isn't it >> it's a special day for the navy it's a special day for the marine corps we're celebrating 247 years of the marine corps so happy birthday, marines here in the u.s. and all around the world. >> people -- my dad was in the army, and he had nine so-called hot landings in the pacific. and he told me, he said never forget, the marines were always there before us. that is the reputation of the marine corps, isn't it

>> they're the 911 force of our nation and when the president calls, they're there to serve >> now, when the president called you came to serve you have business experience so i wanted to ask you, we don't get enough veterans working where we are what should we all do about this it's a real issue. >> sure. well, don't try to recruit active duty navy and marines i think after they transition out of the military i think it's a logical place for them to come for the leadership skills that you pick up in the navy and the marine corps are essential to society in so many different ways, and it's so different to wall street. they build skill sets, both subject matter expertise and the fundamental leadership skills that they have are essential to wall street. >> we desperately need them. now, let me ask you something. we're in a very tough time in our country. we've got an active war, land war, not that far from western allies we've got china as a putative

enemy basically trying to do things that we must stop i oftentimes think that the navy is what stands between, say, china and taiwan and the navy is the way to project power in an area where russia seems to want to do things that we don't want. this is a stretched situation. how can you meet all these threats? >> well, you're absolutely right, jim and the navy and marine corps actually are the deterrent force for our country. and our job is to maintain the open ceilings of communication so that we can actually have peace throughout the world and we can deter our adversaries from violating our international norms of behavior and so that we can have peace and stability, stable economies, free trade, so we can uplift all economies from around the world >> where is the navy allowed to go the reason i mention this, because in 2016 president xi promised president obama that he would not go south, deep into the south china sea. and then immediately broke his promise. but we're reluctant, obviously, to have a naval confrontation

with them. but if they were capable of doing that, then why aren't they capable of challenging taiwan, which is a great american ally >> well, you hope that president xi actually won't challenge taiwan, obviously. it would be detrimental to their own economy. it would be detrimental to the global economy president xi's a smart man, and i hope he doesn't go down that path and what our job is in the department of the navy, the navy and the marine corps, is to make it clear that the cost of doing so would be extremely high and detrimental to the chinese economy, detrimental to his own regime and so that's our job, to provide ready combat forces basically to our combatant commanders to be able to deter china, russia or any other adversary from not following the norms of international behavior. >> now, when you're a great nation, a great nation means also that you have civilians who lead the military. that's the way it works. you may tell the president we could go into the black sea and we could project power there but the president is the one who

could say listen, that's too provocative. to what level would you take it to the mat if you felt there was something you could do in ukraine vs. russia >> i think as secretary of the navy it's important for me to provide my best advice to the secretary of defense, who then provides his best advice to the president of the united states and so every day we think about tactics and operations and strategy and we make very informed, mature, stable decisions to advise the secretary of defense, who then advises the president on the right course of action, whether it be in ukraine or whether it be in china. but again, our job is to deter from conflict from occurring and that's what we're most focused on >> are you being given what you need are you being given the right technology i often hear now that the only area that we're superior in is submarines i have to believe that if you're given the right technology our navy is the best in the world. >> well, our navy is the best in the world. and actually, we make investments here in the united

states and our commander in chief president biden actually has a military budget that's three times the size of that of china and ten times the size of just about any other nation in the world sclugincluding russia we're making the right choices with technological choices such as unmanned technology, for example, to try to bring to bear the asymmetric, you know, tactics and concepts of operations that are necessary to again deter our adversaries from doing what they want to do >> but what happens if it turns out we have in our ships chinese-made parts that are not what we need should we be concerned should we rip them out >> we should always be concerned about it, and actually that takes discipline to ensure our industrial base is actually not buying chinese technology and implementing them and the products that they sell with the department of defense. so we go to great lengths to try to prevent that from happening >> good. last thing i need to know, i want people to hire veterans so do you. what is the best way for people

to communicate and get your best or help train people who didn't get the training yet in the navy and it starts tomorrow what do we tell people tomorrow who need to hire vets? >> well, you couldn't hire a better employee. that vet, male or female, is going to show up on time they're going to be dedicated. they understand what perseverance is all about. and they've been challenged throughout their entire military career with many circumstances that sometimes don't have clear answers. so they know how to think. they know how to think strategically to solve the problems that you have in the private sector, whatever the size of your company, small, medium or large. if i could just say one other thing, jim, i want to thank the american people for their support of our navy and marine corps team we need them to continue to do that and to support us in our recruiting efforts and our efforts to retain more of the service members in the navy and marine corps team. >> you and i are old enough to know that wasn't always the case i'm grateful for what you're doing and for everyone who serves with you. secretary of the navy carlos del

toro >> great to be here with you >> announcer: coming up, a shining opportunity to dig deep into the financials. cramer goes one on one with goldman sachs. next

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on an explosive day in the market who better to sit down with than the ceo of goldman sachs? david solomon. he also has some very compelling things to say about hiring veterans and i was able to emcee a fascinating session with some young people at the firm pitching ideas to make the world a better place take a look. >> david, everybody wants your view on what's going on in the world. i want to do two things before we get to that one, i just saw young people do amazing things for causes who work at goldman. i worked at goldman. we did not do that back then and second, i want to

congratulate you for hiring as many veterans as you did it's always been important it's where i met my first vet other than my dad. these are great things the culture is quite different from what i worked here. >> well, we're, first of all, super proud of what you just saw. our analyst impact fund where we have thousands of analysts from around the world competing to champion causes they believe in and then the partners philanthropically support those causes and give out awards, you know, based on presentations they make. and as you just saw, jim, the presentations were just extraordinary. really extraordinary it makes me proud. and as i said, you know, when i see these young colleagues, you know, so energized by these things and just the way they present and their intellectual, you know, rigor and engagement, just makes me proud and very sure that this firm is on the right track. >> well, there's no doubt about it i am blown away because i know when i was here, yes, it was a different time and i was poor, consumed with

trying to do well in a money way and then do well after and you make them do well -- they want to do well now and you let them so with that let's talk about last time i saw you the times were a little different from this morning this morning we got what i felt is the first hope perhaps that maybe inflation is peaking because you were very concerned when we sat down here that perhaps things would get very tough, the fed was going to have to get very tight and you wouldn't be able to have the full complement of people get to the other side where are we >> well, i think that today's print certainly is a, you know, positive sign in the journey that the economic tightening that the fed's been exercising is starting to have an impact. and i think one of the things that's going to be important to hear is to watch some data with tightened economic conditions materially and start to get a sense of where are the declines. i looked at the information quickly. i've been with you for the last two hours. >> thank you for the time. >> so i haven't had a chance to

really look through it and really understand what really changed in the cpi data that led to that print. but it was certainly better than expected the markets reacted very positively to it and so you know, now we'll have other data points over the course of the next few months. and obviously the fed's trajectory from here will be very tied to what additional data points come from here it's good that if they are data dependent it's a good piece of data sflp good piece of data >> when we sat here you said something and a lot of people didn't believe you you said look, if we have underperforming units we have levers to make better numbers. well, darn it you did exactly that and you produced better numbers. is this an event or are you assessing at all times as some firms are that you may need to more people go we >> well, we like to take a long-term view in how we run the business we're investing in our asset management business and wealth business platform. in particular we continue to

invest to strengthen our core business and i think we've got the firm in a reasonable position if the economic environment got tougher, we've looked at the facts and circumstances and make judgments accordingly. i feel good about where the firm is, and i feel particularly good about the firm's performance, jim. i feel good about the firm's performance in what is certainly a tougher operating environment than we'd like to see. not a lot of capital markets activity very little equity issuance. no question from an investment perspective investment returns have been constrained. so it's a challenging operating environment. but i feel like our business is broad, diverse, global we're doing really well with our clients. and aas long as we're focused on our clients and serving our clients well our relative performance will continue to be strong >> do you think that -- are there companies that are ready to come public if days like today continue >> there's always a backlog of companies that need to go public i think what we're going through at the moment is a reset of valuation expectations and that takes some time

we're three quarters into a more difficult capital markets environment. history would tell you three, four, five, six quarters you get that readjustment. i think we're going to reach a point in 2023 where people that need to get public, that need to raise capital are going to accept the reset valuation levels it hasn't happened yet but it's coming i think we'll see that in the coming months. we'll see a little bit of a reopening in the capital markets when people get used to this valuation adjustment >> now, we just had an election and a lot of people feel the elections change things. the one thing they don't is there are agencies and there are agencies that are very powerful in this administration including the ftc and the assistant attorney general jonathan canter, justice department do you tell people look, this is not the time to merge because these deals will be blocked? what advice do you give people given the fact that these agencies seem to be anti-merger, pro competition to a point that i think you and i may think is extreme?

>> well, i don't think the election, this election changes the current tone around the regulatory environment broadly and particularly with respect to the scrutiny that merger transactions are going to receive, particularly in certain industries we don't tell people don't merge. but i do think that all companies and all boards that are considering something very transformative, very strategic are looking at the regulatory lens and some of the hurdles through a tighter frame than they would have in a different administration at a different time and so that's something we'll continue to watch. i don't expect a big change because of the midterm elections. but ultimately, you know, i think it's important scale matters in the world we have to strike the right balance in the context of how we look at these things but we want to make sure that american businesses are positioned well to compete in a global world >> excellent when i was here the customer's always right and that's always been the attitude. but i must ask you, is the customer right to spend a lot of

money on crypto? >> crypto's a big word and i realize in the context what you're asking you're probably asking about cryptocurrencies you and i have talked about this before i think the technology is super interesting. i think there's a lot of room for disruption of our financial infrastructure to allow us to be able to move money with less friction, to create more accessible financial rails to give people more access to the banking system i think there are lots of opportunities through that we've spending a lot of time thinking about that. i'm watching obviously what's happened this week with ftx. i think cryptocurrencies are highly speculative i don't have a strong point of view as to the value of these. i think they're very speculative. i think investors should be very cautious as we watch this sector and this infrastructure develop as we move forward >> is this the time for goldman -- now it seems to be a

collapse you say coming back down to earth. is this the time for goldman to move in and to be a stable force, a stable coin, or is that just not what goldman does >> well, there's an enormous amount of regulatory friction for banks to participate regulated banks to participate in this ecosystem. most of the activity in this ecosystem is outside of the regulatory banking system. it's obviously a significant discussion in washington about how the regulatory infrastructure around a variety of these things including tokens, stablecoins, et cetera should evolve. certainly what's happened to ftx this week is only going to accelerate the focus on making sure we have a prudent regulatory structure for all these activities it's going to be very, very important to make sure our regulatory structure protects, you know, individuals in these markets, and i'm sure this week will bring more scrutiny and focus to that. >> where is goldman in wealth management i'm on the apple call. goldman's with the credit card goldman has markets.

a lot of my friends are in markets. i of course look at -- for the best rate at all times but when i worked here i was told listen, don't go after anyone who's got less than $10 million. what is the right place for goldman in the firm amt of wealth management? >> we have a broader wealth management platform than when you were with the firm a number of decades ago we of course have an extraordinary private wealth network for very, very wealthy people that's been a core business at the firm for a long time but we've expanded meaningfully. and really it's through our access to employees in corporate environments, you think about our relationships with corporate, we've attracted more what i'd call high net worth clientele to our wealth platform and also because we now have a deposit platform and people can now leave deposits here, et cetera, we're finding ways through digital applications to help people with their financial wellness more broadly. and so i think we'll continue to expand who we serve but we generally are serving people

that have some investable assets and so by definition that's people that are a little bit further up the wealth chain. >> in the last minute we have dave costin, friend, puts out big pieces every sunday. he actually got a little negative on the market, got negative on where the s&p can be everyone has their own view at goldman. i always love that but do you share the idea that perhaps next year could be a tougher year, maybe the fed should stop this -- what is what you and i both know huge percentage gain fed funds? should they go slower? should they be more concerned about what you see out there in the environment? if they keep rolling like this >> i think you said it before, jim. the fed has to be very data dependent. i'm a student of the data. i know the fed will be a student of the data. and i think the fed's trajectory from here is going to depend on what the economy delivers. with respect to david costin, who i know cut his s&p earnings estimate, i would say that david's view is more in line

with my view when you look ahead to next year i think in an environment with tightening economic conditions you have to ultimately slow down economic growth to some degree not sitting here saying we're absolutely going to have a recession. and given that, given some of the con zrants, and as i talk to most big companies they're feeling margin pressure. and if you're feeling margin pressure and you have a slower economic environment then you probably have slower earnings growth i'm not surprised that people are coming to a view that earnings growth could be slower or sluggish in 2023. >> last thing i want to say is congratulations to the new partners i absolutely love the fact that the partners look like the world. it's not like yes, you said a few decades ago. salute >> well, thank you we're very excited about our new partner class. it's the most diverse class we've ever had it is a true representation of our people all over the world, 45 different countries and you know, still, jim, and i

know you know this, and i made a bunch of calls yesterday to these new partners to congratulate them. it's a really aspirational thing. we're going to keep it that way. and it's something that's really special at goldman sachs and that really helps us serve our clients well, track great people, really keep our organization strong. >> diversity, veterans, charity. goldman sachs. i salute the way you've driven this company because these are all the values that we need to be good americans, good citizens of the world. david solomon, chairman and ceo of goldman sachs thank you, david >> thank you very much, jim. really nice to be with you i appreciate those comments. >> back in a moment. ♪ i was having relationship issues with my old bank. it was just take, take, take. so i moved to sofi checking and savings. get up to 3.00% interest, and earn up to $250 when you set up direct deposit.

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all right. well, everything else is rocking

but the classic recession stocks get hit on days like today as much as i like the core cpi reading i don't think it's time to give up on these defensive names when they're well run. look at campbell's soup. down 2%. trading over 17 times earnings this year. forecast nearly 3% dividend yield. i think it might abe buying opportunity. this stock has been a really fabulous one to own. campbell's soup also makes a point of hiring veterans that's probably one of the reasons why it's so fabulous it's run by a west point grad. on the eve of veterans day we are checking in with mark clouse he's the president and ceo of campbell's soup. to take a closer look at what his company does for vets and how he's doing it. mr. clouse, welcome back to "mad money. >> hey, jim, great to see you. >> well, first, mark, congratulations. you've had an incredible stock during a very difficult period i'm going to ask you point blank. i do want to conflate your -- let's say your academy background with what you've had to do at campbell's. when you came into campbell's, frankly, it was a wreck. i don't want to actually point

fingers. but you had to do some very tough actions. how often did you rely on what you learned when you were a captain and what you learned at the academy to get this company going right? >> yeah. it's a great question. and i tell you, throughout my career i've leaned on those experiences in a big way you know, as i say, many times there's really no other organization or starting point where you get the experience of learning leadership better than starting in the military and i think as you learn some of those lessons early on they become incredibly valuable, especially when you're in moments in a tough environment or tough set of circumstances where you've got to sift through a lot of complexity, make decisions in a rapid way, and keep an organization motivated and inspired while you're moving forward. and those are all foundational experiences that the military

and west point provided. so a lot in these last several years for many reasons >> well, let's dig down. an outfit that you had, a fabulous salad dressing. and it didn't fit in but that's a tough thing once something's bought it tends to have to stay bought how did you have the guts to take care of what was really a very good product but it didn't fit in, especially with that balance sheet? >> yeah. it's -- i tell you, those are tough decisions. and i think one of the hardest things to draw a conclusion on is when you make a decision. that decision may not play out for a multitude of different reasons. and you have to make the decision and the longer you wait to make decisions that you know you need to the worse they get. and i think for us, and i was grateful to have the support of the board and the organization alignment, to do the things that we needed to do to really focus this portfolio and you know, as i sit here

3 1/2 years later i'm very happy to have the 13 categories and two divisions, north america focus. it's proved to be very powerful in the moment that we're in. and as much as it was a hard decision, there were also a lot of great learnings that have helped us better position our brands and our business today. and i think one of the reasons we're having the success that we are. >> i have seen a campbell's that has been muddled at times, a campbell's with a not good balance sheet, which is rather shocking a campbell's with a lot of extraneous divisions and then i see the campbell's that you built transparent, clear, clean with goals. i have to believe that's west point. >> yeah, well, i certainly do agree that one of the powerful pieces of education while you're in the military is this focus on keeping things very simple and clear so that the entire

organization understands where you're going and in the absence of a day-to-day communication you know what you're expected to do and what's most important to the success of the organization. there is no doubt that that was foundational in the military and at west point and has been very applicable in a moment like coming into the campbell's situation where the power of focus i think enabled us to really do the things that were necessary to have an impact on the business that we've had. >> when you're in the army you learn supply chain because logistics is what -- napoleon told us what armies run on when you got into the campbell's job, did you realize, one, that we'd have the logistical nightmare that of course was covid but also two, did you have the skill set better than your other compadres i think to figure out where the waste was and who was gouging you? >> yeah. well, i will say that one of the skill sets that i think that i got from the military that has consistently served me well is

understanding and having clarity on the things that you know and the things that you don't know and making sure you supplement the things you dona't know with the right people around you and the expertise. so certainly i felt well prepared to deal with a little bit of the challenge of the moment or the complexity of the moment but to navigate successfully through a period like we've been through you need to put the right people around you that have those skill sets and capabilities to really complement what's perhaps a more well-balanced view than i might have brought to the table. >> i know i'm supposed to be wrapped but i've got to ask you this i think there are people who recognize when you took the job, and i was one of them, i was skeptical. balance sheet awful. i thought me wrecked the company. there's something about your training, or maybe it's just your persona, of hope. and optimism that you would get this done and i have to believe that your training made that and reinforced it so that you stuck

with this thing to what i regard as being pretty great success. >> well, i appreciate that, jim. as you know, it is a team effort done. but i will say one of the big learnings in the military is that if you're not bringing the energy and passion and belief it's hard to ask your soldiers to do the same thing and i think in this particular case we needed that permission to be confident again in the bills businesses that we had as i say many times the iconic fabric of the nation businesses that we had, with tremendous talent and capability in our organization was a formula or a hand i would take any day of the week and keeping that energy and passion high throughout the process i think makes a big difference and if i can't show up that way i'm not asking anyone else to. >> well, it's sure working not every day's going to be like today. there's a lot of bad days. on those dals i see campbell's go up. i want to thank mark clouse.

he's campbell's soup company president and ceo. he said things, he laid out challenges on the show, and he beat them. "mad money's" back after the break. it takes a village to support society and businesses have a responsibility to support that village. ♪ ♪ i am peter akwaboah, chief operating officer for technology, operations and firm resilience. when you think about diversity, the employee network group is fundamental to any organization to provide a community and a belonging environment for the employees. they provide an avenue to support employees and ultimately it leads to retention of the best and brightest. the employee network represents the community at large, and it provides a good feedback loop

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and they're rapid fire one after the other. you tell me the name of the stock and i tell you whether to buy buy buy or sellsale sell i do not know the callers or stocks ahead of time my staff prepares the graphics on the fly when you hear this sound, the lightning round is over. are you ready, skee-daddy? time for the "lightning round" on cramer's "mad money." i'm going to start with buck in virginia buck >> caller: boo-yah, professor cramer i'm one of the thousands of people -- i'd be one of the thousands of people that would stand in line just to shake your hand and say thanks for all that you've done for us i was able to retire -- >> i know this sounds bad but i needed to hear it. >> i'm glad. i was able to retire years earlier thanks to your sage advice my questioning has to do with amd. ever since they took over in 2014, and several months ago you mentioned there would have to be a blowout in 2022. do you still see that happening and is it going to hit those 2021 highs again >> i'll tell you, i think it's going to be hard because there's been such a slowdown in their

end market certainly not their fault. they've been putting out the best chips in the world other than nvidia. we're happy and con toent let it run. please join the sclub. i think you'll get more wisdom that way michelle >> caller: thanks for having me. >> thank you for calling, michelle what's going on? >> caller: so i'd like to ask about a health care stock i'm currently looking at called medtronic. i'd like to get your input >> i'm confused about medtronic personally it's a great franchise it does not seem to be doing very well right now. and therefore, i can't recommend it i'd like to know what jeff martha's going to do to try to get it so the company's back on track. it's been disappointment after disappointment after disappointment there are many better health care stocks out there. let's go to michael in maine michael. >> caller: boo-yah, jim. this super secret yacht club keeps making fun of me

am i a bing bong here? i'm calling about activision blizzard >> i actually think that activision blizzard on its own right at this point could be worth what it's selling for and therefore i no longer advocate that you should sell it. and that, ladies and gentlemen, is the conclusion of the "lightning round"! >> announcer: coming up, lessons from a crypto crisis that could have been much worse cramer explains why the best defense is to just stay put. next you ok, man? the internet is telling me a million different ways i should be trading. look! what's up my trade dogs? you should be listening to me. you want to be rich like me? you want to trust me on this one. [inaudible] wow! yeah! it's time to take control of your investing education. cut through the noise with best-in-class education resources

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all right, get this. last night tons of very smart, of course very rich people contacted me, texted me, to warn me that our financial system was about to collapse because it has real exposure to the crypto meltdown and that would happen today. now, these are earnest wealthy souls who want me to get you out of the stock market before the sam bankman frieds of the world take us for everything we're worth. they think the carnage at ftx, the crypto exchange, is what they always say, a lehman brothers moment. now, many of these guys are generally much smarter and certainly a lot wealthier than i am but i'm not as worried about crypto collapse contagion as these richer betors and i'll tell you why first, lehman was a disaster because our leaders dropped the

ball they deliberately decided to do nothing. they thought that was the right thing to do. the people in charge now lived through that moment. think about what happened when the pandemic broke out given the nature of covid it seemed inevitable that we'd get hit with a wave of bankruptcy pmz cruise lines were toast, airlines were finished, airlines were dead on arrival except jay powell didn't want that he knew he had power to get money into the system and keep these companies alive. same goes for then treasury secretary steve mnuchin. he didn't want to leave the moment neither did speaker of the house nancy pelosi even though they were polar opposites politically they worked tirelessly to create plamz to bail out the whole economy. sure, there were errors. things were done in haste. but look, they averted an economic catastrophe i don't think crypto can crush the whole economy. if it can, though, neither the fed nor our elected leaders would let it happen. the crypto collapse is a bad reason to sell your stocks because of the lehman moment and thelessons that moment taught our policy makers.

don't believe me go read my great friend bob pisani's book "shut up and keep talking" where he's got page after page of data about what happens when you panic out of things like this and flit in and out of stocks, causing you to miss out on very big up days like this one. these periodic panics are not rare occurrences 11 years ago we witnessed something terrifying, the downgrade of u.s. debt because of political theater gone awry if you go back and look at the coverage of the debt ceiling, you'd think we were about to lose our life savings. it was horrendous. i keep a copy in a drawer just so i can see how bad the media can be the stock market plunged 19% into negativity. i remember going to watch the eagles practice and at the end i was bombarded by players asking if it was time to go into cash i told them absolutely not, that it was ridiculous. i said my biggest worry was that they would sell and miss the inevitable giant rally once washington sorted out its ridiculous non-problem sure enough, if you bailed on the market in 2011 you missed one of the greatest runs of all time now, there are moments where the

whole system's genuinely at risk we had one indeed in 2008 when lehman went under. but what made that moment so horrible was the lack of regulation the cluelessness of the financial ceos and the government's total -- in order to stop an obvious train wreck. we had a lehman moment because the fed and treasury secretary and s.e.c. blessed it, they let it happen. to go full circle i can't remember many rich people telling me that a downturn is a great time to buy stocks i'm instead dealing with what i call the apple effect. they want to trade you they want a trade-in not invested unlike me they can make their moves privately, which means they never seem to make the mistakes at the same time nobody in this business ever gets punished for being too negative so it would be very easy for me to come out last night and warn you that sam bankman fried was going to pull down the rest of the financial world with his idiocy but i just didn't see how that was possible i know these crypto clowns have caused an immense amount of pain for some but i don't think it will hurt you as long as you don't have any crypto exposure

when it comes to the stock market my advice is simple stay invested so that you don't miss out on incredible days like today. what mattered to this market today was the cpi, not the ftx i like to say there's always a bull market somewhere. i promise to try to find it just for you right here on "mad money. i'm jim cramer sigh tomorrow. see you tomorrow a glimmer of hope. >> definitely cooler than expected >> leads to a major reversal >> man, markets reacting in a big way. >> which leads to a stampede on wall street. >> this is turning out to be a massive day for the bull >> that just didn't stop this is taking stock on cnbc the dow ends the day up 1200 points, nasdaq up 7% has inflation peaked does this change the fed's path. the questions on investors minds tonight. for some not waiting for