TheStreet.com TV Recap: Fed-Cut Bet

Ben Bernanke's testimony today makes it clear he's just looking for a reason to push through a Federal Reserve rate cut, said Jim Cramer on the TheStreet.com TV's Wall Street Confidential video.

Cramer told Wall St. Confidential host Gregg Greenberg that he wanted to scream as he watched how the conventional media misinterpreted Bernanke's Congressional testimony as a possibility that he might raise rates.

"He's looking for an excuse to cut," Cramer stressed. "Why don't people see that?"

"Our short rates are way, way too high and totally out of whack," he continued. "It is driving me crazy to see the conventional wisdom reading him negatively. There will be a cut in May."

Cramer urged those who believe he's wrong to look at how stocks are trading up today. "The market reads this and understands the cut is coming," he said.

Big Cuts

Cramer said DaimlerChrysler (DCX Quote) is in a tough spot.

Although there is "good demand" for autos, "there are companies that can't make them profitably to meet the demand," said Cramer.

Ford (F Quote), General Motors (GM Quote) and Chrysler have always pursued market share over profitability, so the fact that Chrysler has joined Ford and General Motors in focusing on profits now is "remarkable," Cramer said.

Now those three, along with Toyota Motor (TM Quote) "are flying," he said.

However, Cramer says the smart money should go into auto-parts manufacturers. He believes Johnson Controls (JCI Quote) will go above $100 and Lear (LEA Quote) can hit $41 or $42.

Good Eatin'

Cramer said "Applebee's (APPB Quote) is the kind of deal that will create a backlash." He said he believes it would be a "really bad thing" in the long term if Appleby's puts itself up for sale. The restaurant operator said Tuesday it is exploring a sale.

"We can't have every board under siege, including the performing ones," Cramer said. "The cash flow can be turned off on a dime here. I really don't like this deal."

On the other hand, he said he does like Chipotle Mexican Grill (CMG Quote) going into the quarter.