Cramer's 'Mad Money' Recap: Giuliani Talks Economy

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Jim Cramer went one-on-one with Republican presidential candidate Rudolph Giuliani in a "Mad Money" TV show special on Thursday.

With oil prices close to record highs, Cramer started the discussion asking Giuliani for his long-term approach to an energy policy. Giuliani said he supports anything that will make it possible for the U.S. to become energy independent, including moves to step up nuclear energy and energy exploration.

Asked if he would support imposing tariffs to get the money to become energy independent, Giuliani said he doesn't like tariffs. "They close us off to the rest of the world," he said, noting they are only well-employed when they are used as temporary incentives.

The U.S., Giuliani said, is virtually in control of nuclear power and should be making money on it. Further, "we have more coal reserves than Saudi Arabia has oil reserves," the former mayor pointed out.

The U.S. should increase its coal supply through government subsidies, and it needs to give oil corporations and other energy companies a chance to succeed.

Shifting to the housing crisis, Giuliani said he does not believe in specific bailouts for mortgage lenders. And he said taxes should be lowered, government spending should be curtailed and lenders should fix their own mess.