Cramer: Worst-Case Scenario, Part II

Be sure to check out the first part of this two-part column on where the Dow Industrials may be headed if the Paulson plan isn't implemented.

OK, let's continue our projections of the individual components.

11. McDonald's(MCD Quote - Cramer on MCD - Stock Picks): This one's going to suffer for pennies by a stronger dollar, but not much more, and it just boosted the dividend. I think it would be a gift below $57.

12. Home Depot (HD Quote - Cramer on HD - Stock Picks) retreats to where it was on that July 15 low, $21, where it finds buyers for that dividend.

13. Bank of America(BAC Quote - Cramer on BAC - Stock Picks): With the plan, this is the biggest winner in the Dow. Without the plan? Sorry, it revisits the low of July 15 as it has to get rid of these bad mortgages it is stocked with. Target is $18.

Cramer: Dow's Most Bearish Scenario

14. Chevron(CVX Quote - Cramer on CVX - Stock Picks): This is a slow-growth company with decent oil assets that would quickly go down to where its dividend made it compelling. Call it $54 as in a falling-oil environment -- perhaps down to $70. You will see price/earnings shrinkage continuing.

15. Hewlett-Packard (HPQ Quote - Cramer on HPQ - Stock Picks): This company's acquisition of EDS is going to work and help numbers for years, but the stock will still have to revisit at least its recent lows on fears of a worldwide tech slowdown; call it $41.

16. JPMorgan (JPM Quote - Cramer on JPM - Stock Picks): This company keeps doing everything right, but the plan would make this the best bank on earth other than Bank of America. Without the plan, it goes to its July 15 low of $31.

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