Cramer's 'Mad Money' Recap: Avon, Clorox Panic-Proof

Furthermore, he warned, it's time to get out of "no-growth" CBS (CBS Quote) and get into Consolidated Edison (ED Quote), which is safer and has a better yield, or into Viacom (VIA-B Quote) for growth.

Second Thoughts on Diana Shipping

Cramer welcomed Diana Shipping's (DSX Quote) Simeon Palios and asked the chief where dry shipping rates are going.

The dry-bulk market is a "very dangerous" place to predict future rates, Palios responded. Short-term, he said, the cargo movements make him optimistic of the freight market.

In terms of new competition, Palios said eventually he believes more dry-bulk ships might come to the market. For the moment, he said his company is safe as the forces of supply and demand look good for the short and medium term.

"I like the stock, but am not hitting the bull button," Cramer said. "That was not the reassurance I was looking for."

GFI Group a Bright Spot

Although it seems like brokerage stocks are getting killed everywhere, GFI Group (GFIG Quote) was up eight points today, said Cramer, who rated it a buy. To make sense of this, he called CEO Mickey Gooch to the show.

Gooch said the stock is up because the company, acting as a middle man in the markets, benefits from increased market volatility.

"We're dealing with the professional markets," explained Gooch, noting the company's customers are big banks and securities houses that trade millions of dollars at a time. If these clients are worried about subprime exposure or credit worthiness, "they can buy GFI's credit default protection," he said.