Cramer's 'Mad Money' Recap: Profit Mining With Freeport-McMoRan

However, because every bank will profit if the Fed cuts, he said he's more concerned with recommending the bank with the least downside risk in case there isn't a rate cut. That bank, Cramer said, is Hudson City Bancorp (HCBK Quote - Cramer on HCBK - Stock Picks). This is the one he feels safe about recommending.

The company's CEO is concerned with only two things: depositors and shareholders, Cramer said.

Hudson City Bancorp "has an amazing model," he said. "It takes deposits; it lends to good, hard-working people who then pay the loans back."

It stays away from subprime, Cramer said. In fact, the bank holds fewer nonperforming loans than the rest of the banks -- even Wells Fargo (WFC Quote - Cramer on WFC - Stock Picks).

They do a thorough job of lending to people that they're sure will be able to pay their loans back, he said. Plus, it doesn't nickel-and-dime its customers by charging them exorbitant fees for things like overdrafts. They're more concerned with the bigger picture, Cramer said.

If the Fed cuts next week by half a point, the banks should go up, but if it doesn't cut Hudson City has the least to lose, he said. It's the bank people should consider owning.

A Well-Positioned REIT

Federal Realty Investment Trust's (FRT Quote - Cramer on FRT - Stock Picks) Donald Wood joined Cramer on the show, and the chief executive discussed the investment strategy behind his company's portfolios.

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