Cramer's 'Mad Money' Recap: Going to Disney at USC

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LOS ANGELES -- The market tanked today because the Federal Reserve didn't listen to Cramer," Jim Cramer said on his "Mad Money" TV show Friday at the University of Southern California.

Cramer continued his call for a Fed rate cut, replete with replays of his famous rant on "Stop Trading" last month, imploring Fed Chariman Ben Bernanke to cut rates amid the credit market meltdown.

Although Friday's jobs report of declining U.S. employment moved the economy closer to recession, Cramer does not believe that the stock market is dangerous.

Instead, he told his "Back to School" tour audience at the Marshall School of Business that it's time to buy some stocks that are being thrown away.

He Believes Northrop Can Fly

An ideal growth stock for this market is Northrop GrummanNOC, Cramer said. While Cramer also likes Raytheon RTN and General Dynamics GD, he believes that California-based Northrop Grumman is the most attractively priced.

Cramer said that Northtrop has percentage growth in the teens, and that a recent buyback put a floor under the stock at $77.

Mouse House

Cramer believes that many people wrongly think of Disney DIS as a "new media company." However, Disney is arguably the "only global brand" in the movie business.

Cramer welcomed Disney President and CEO Bob Iger onto the program. Cramer said Disney "should be so much higher than it is now for so many reasons."

Beyond its 28% growth in operating income in 2006, Cramer likes that Disney repurchased $5.2 billion of its stock in the first nine months of 2007.