Cramer's 'Mad Money' Recap: Three Must-Go CEOs

Cramer said that these CEOs will have to leave before these companies can thrive. Cramer still likes Citigroup, but said that Syntax Brillian and Alcatel Lucent are immediate sells.

Fed Game Plan

In his "Game Plan" segment, Cramer said that he is struggling to find a way to look at the glass as half-full. He hopes the Federal Reserve will cut interest rates but said he was not certain.

Cramer looked at three Fed scenarios. The first would be no rate cut at all, which could lead to "armageddon." The second would be a quarter-point cut, which would still be a bad outcome. Similarly, the third possibility, a half-point cut, would be another bad outcome.

Cramer said that both a quarter- and a half-point cut would cause many investors to "sell hard." Instead, investors should consider defensive stocks like Coca-Cola (KO Quote), PepsiCo (PEP Quote), Kellogg (K Quote) and General Mills (GIS Quote), and "wait for the investors who wanted a bigger [rate] cut" to do their selling.

On Wednesday, investors should look into buying infrastructure and agriculture-related stocks, Cramer said.

If there is a half-point cut by the Fed on Tuesday, investors should look into buying high-quality financial stocks. Cramer likes Wachovia (WB Quote) and its 5% yield in addition to Morgan Stanley (MS Quote) and Goldman Sachs (GS Quote), which he owns for Action Alerts PLUS.