Cramer's 'Mad Money' Recap: Riding Out the Bottom

That's also the case for Blackstone (BX Quote). Cramer recommends holding shares already owned, but would not buy more.

And finally, Cramer said he would be a buyer of Thornburg Mortgage (TMA Quote), but only the preferred shares, which he believes would see a greater return if the company were to get a takeover bid.

Making Money From Bankruptcies

If you believe the Federal Reserve won't cut rates fast enough and a recession is likely, Cramer recommends EPIQ Systems (EPIQ Quote) as "the ultimate hedge against prosperity."

EPIQ, Cramer says, makes its money from bankruptcies and foreclosures. The company has 38% sales growth, but trades at less than twice its growth rate, which Cramer says makes it a cheap stock.

The company also recently completed a secondary offering to provide itself with adequate liquidity to take advantage of increasing bankruptcies, which according to Cramer, makes EPIQ the best play if a recession does come.

It's All in the Brands

Cramer welcomed Eric Wiseman, the new president of VF Corp. (VFC Quote) to the studio to discuss the current retail environment. While many retailers are struggling, VF Corp. appears to be firing on all cylinders.

Wiseman said the retailer's strength lies in the diversity of its brands, channels, and products. He also notes international sales, which currently account for 30% of its sales, are still growing strong.