The Fed gave Cramer -- and the rest of Wall Street -- what he wanted Wednesday afternoon when the central bank announced a 50 basis-point rate cut. In a split second, the news turned the Mad Money host from doomsayer to cheerleader.

Cramer was -- to put it mildly -- vocal about his displeasure with the Fed's lack of response to the credit and housing woes that have gripped the markets since last summer. But now he's so confident in the economy he's considering buying what might be "the most loathed and toxic investment around": a house. The additional cut, which came just a week after another 75 basis-point emergency cut, has made a turnaround in housing "inevitable," he said.