Cramer's 'Mad Money' Recap: Rate-Cut Time

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"We need to get America moving again," Jim Cramer told viewers of his "Mad Money" TV show Friday. He had a simple message for the Federal Reserve: "We need another rate cut."

Cramer said the country is in the grips of some of the worst deflation he's ever seen, and it's imperative that the Fed cuts rates to save it. Deflation is all around us, he said. Oil and natural gas continues to plummet, along with just about every commodity out there. The retail sector, said Cramer, is also horrible. Worst of all, the housing market continues to sink, with homes still losing value by the minute.

Cramer said that while no one is talking about a Fed rate cut yet, they will be by next week. He said the Fed needs to step up and answer the call, and unlike last year, take swift and decisive action to stop the deflation.

Cramer: Commodities Are Still Sketchy

Cramer also again called for an immediate end to the mortgage crisis, and urged the Treasury to bail out Fannie Mae (FNM) and Freddie Mac (FRE). The markets need this mess to finally be over, he said. "Save our homes."

Cramer told investors that their gameplan for next week should be to buy more of his recommended banks and brokers before the rest of the market wakes up to the possibility of a rate cut and before the mortgage crisis get solved.

Nat Semi Chief Speaks

Cramer talked with National Semiconductor (NSM) Chairman and CEO Brian Halla and asked the tough question -- "What have you done for us lately?"