Cramer's 'Mad Money' Recap: Qwest for Contract Gold

Sell Block

In the show's "Sell Block" segment, Cramer said people have to give up on and get out of Blockbuster (BBI Quote) now that its CEO John Antioco is leaving.

"Without him at the helm, I am much more comfortable taking the big profits we have," he said.

Moving on, Cramer said it's time to "schnitzel" out of GSI Commerce (GSIC Quote) and take some of it off the table, because it is up 28% since he recommended it.

Last on the list, Cramer advised people to sell Nokia (NOK Quote) even though analysts believe Motorola's bad news is good for Nokia and have gone positive on it.

What's bad for Motorola is bad for Nokia, as well, Cramer said.

On Countrywide's Side

Cramer welcomed Angelo Mozilo, Countrywide Financial's (CFC Quote) chairman and CEO, to the show and asked him why he stopped writing "bad loans" while everyone else was still giving them.

"I had mentioned a year ago that I was deeply concerned about New Century (NEWC Quote) and Ameriquest" in terms of the quality of their loans and the companies' margins, Mozilo responded. "Their business model forced them to do that. They had a bad business model."

Further, while people who never should have been allowed to take out loans for houses are not out, Mozilo said, his concern is that the first-time buyers, such as young families and minorities, will be closed out because liquidity is being taken away. Without them, the entire housing market will get impacted, he said.