Cramer's 'Mad Money' Recap: Sept. 23

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"The Paulson plan is awful, it stinks and it's nasty... but it's also far better than anything else," Jim Cramer told viewers of his "Mad Money" TV show Tuesday.

Cramer strongly defended the plan, which he said, needs to pass to avoid another Great Depression.

Cramer said the bailout plan proposed by Treasury Secretary Henry Paulson focuses on one thing and one thing only, curtailing mortgage foreclosures.

But he said Congress just doesn't get it. The plan aims to stop the now 10,000 foreclosures a day that happen in this country, he said. Without the plan, he warned, the banking and financials stocks will continue to collapse.

Cramer dispelled what he called the top five "lies" about the Paulson plan.

Critics argue the plan doesn't address the real problem of people losing their homes. Cramer said people are losing their homes because of declining values and foreclosures. Taking out the bad loans, he said, will stop the foreclosures.

Critics complain the plan costs too much. Cramer said the plan will not cost a lot of money and could even make money. "Paulson will make money for us," he argued.

Critics say executives of the failing firms will make too much money from the bailout. Cramer argued that there are ways to deal with this issue, such as creating an executive compensation board, or requiring executives to waive their salaries in order to take advantage of the plan.

Cramer: Paulson's Plan Is Our Best Plan