Cramer's 'Stop Trading!': RIG Could Win Big

"The administration has to present this as: 'If you vote against this, you want to kick people out of their homes,'" Jim Cramer said on Wednesday's "Stop Trading!" segment on CNBC, referring to the government's proposed bailout plan.

Cramer offered his opinion on four financial stocks. AIG(AIG Quote - Cramer on AIG - Stock Picks), he said, is "a total loser. I think AIG would be down substantially if not for the reason you can't short."

He called Freddie Mac(FRE Quote - Cramer on FRE - Stock Picks) and Fannie Mae(FNM Quote - Cramer on FNM - Stock Picks) "interesting." Since you can't short them and since both companies -- and particularly Fannie Mae -- have portfolios that would benefit "greatly" from the government's plan, Cramer said, he can understand why some might see a rational for owning them and flipping them. But, he said, "I don't want to buy any dollar stock."

People see potential for Washington Mutual(WM Quote - Cramer on WM - Stock Picks), too, he said. "There's a lot of people who feel like the moment the plan gets in, there's going to be a premium bid for Washington Mutual. I think that's just ridiculous."

Moving away from financials, Cramer said that if the rules against offshore drilling are done away with and "we actually open up our shores, Schlumberger's(SLB Quote - Cramer on SLB - Stock Picks) a big win, not just Transocean(RIG Quote - Cramer on RIG - Stock Picks)." Transocean is the leader, he said, and "Schlumberger will follow."