Jim Cramer criticized FTC Chair Lina Khan's policies on CNBC's 'Mad Money', claiming they harm investor returns by opposing mergers and acquisitions. He cited the blocked merger between Nippon Steel and U.S. Steel as an example of undervaluation due to these policies. Cramer also mentioned potential mergers like Merck with Bristol-Meyers and Kraft Heinz with Hershey or General Mills, arguing they could increase competitiveness. He highlighted the FTC's attempts to stop Microsoft's acquisition of Activision-Blizzard and Amgen's purchase of Horizon Therapeutics, noting that only large companies can afford the litigation costs of acquisitions.