When it comes to President Donald Trump 's agenda to deregulate banks, Jim Cramer says investors are fixated on that everything has to go through Congress.

"That is the conventional wisdom, and it is just plain wrong," the " Mad Money " host said.

The president has freedom when it comes to how hard he wants to enforce rules, and Cramer interprets Trump's actions so far as signaling that he wants regulators to have a lighter touch. In the past, regulators have used the Dodd-Frank Act to come down hard on banks.

Those days are over.

So, while many investors think a big, bad Trump-related correction in the stock market is coming, Cramer said to count him out. Trump's recent executive orders will slow the economic agenda of corporate tax reform and maybe repatriation of foreign assets, but Cramer thinks a big correction is less likely than others have suggested.

The repercussions of the dramatic decline in department stores have reverberated deeply into the retail sector, and Cramer says this cannot be dismissed as a one-time-only incident.

"The implications here are horrendous for a host of different companies," Cramer said.

Perfume and make-up have stood strong as the best segments for stores like Macy's (NYSE:M). When Cramer listened to the conference call for Estee Lauder (EL), he realized the struggles of the department store have cut into the company's growth.

The conference call made Cramer want to recommend Ulta Beauty (ULTA), which was cited by Estee Lauder as one of its best venues. However, he couldn't ignore that department stores were mentioned repeatedly as a source of weakness for Estee Lauder.

North Face is a department-store brand that Cramer attributed as the chief reason for VF Corp (VFC)'s tumble. PVH (PVH) has been hurt from Tommy Hilfiger and Calvin Klein's holiday sales, while Newell Brands (NWL) cited declining mall traffic as the reason for moderate sales growth.

Hasbro (HAS) seemed to be the only company that could fight the trend, as shares skyrocketed 14 percent on Monday, the company's CEO Brian Goldner explained that the success could be seen right in the brand blueprint .

"It's all about engaging the consumer across storytelling and innovation, a lot of digital engagement. We do it all around the world," Goldner said. "Our international business, category for category and region for region, we are up considerably."

Hasbro has the exclusive rights to make toys, games and action figures, thanks to a valuable partnership with Disney (DIS). It covers well-known franchises movies such as "Star Wars", "Frozen" and the older brands such as Nerf and My Little Pony.