TheStreet.com TV Recap: Rate Cut Could Be Subprime's Gift

Of the brokers, Bear Stearns (BSC Quote) seems to be getting the worst of it here because it made a series of acquisitions in the subprime business, Cramer told Greenberg. But Cramer said he's been told that most of the company's big mortgage business is in Europe, "which is very safe."

He also believes that Bear CEO James Cayne is "acutely aware of the problems, and Bear, like Goldman and Lehman Brothers (LEH Quote), can take affirmative action."

Moreover, Bear's "mosaic of business is far larger than people realize," Cramer said, adding that he would rather see a problem in Bear's subprime division than a decline in its M&A operation, "where its real profit margin is."

Dish on Deals

Moving on to recent deals, Cramer called UnitedHealth's (UNH Quote) purchase of Sierra Health Services (SIE Quote) "brilliant."

He said UNH, which he owns for his charitable trust, was "brain dead." The deal with Sierra, "the fastest growing HMO in the country," will help UNH tackle its biggest problem: the need to grow fast in Medicare. The transaction also shows market players how much cash UNH has, because it didn't pay for Sierra with stock.

Concerning Schering-Plough's (SGP Quote) offer to buy European pharmaceutical company Organon, Cramer said that while people were all over this deal as being bad, the market didn't go down because Schering CEO Fred Hassan is a "miracle deal maker."