Here's a Game Plan for the Decimated Market

Understand that if you are buying, you are looking at a host of companies that are trading around cash. That takes homework, but they are available.

You have to expect that interest rates are going through the floor, so if you can find a self-financing company, one that is a food bank that yields an attractive 4% -- here I am talking about Altria(MO Quote - Cramer on MO - Stock Picks), Kraft(KFT Quote - Cramer on KFT - Stock Picks), H.J. Heinz(HNZ Quote - Cramer on HNZ - Stock Picks) -- you could take in a 25% position right here, as the risk/reward has changed.

Unilever(UN Quote - Cramer on UN - Stock Picks) stands out here, and Coke(KO Quote - Cramer on KO - Stock Picks) is almost there.

You can make a case to begin to buy some cyclical with 4%-5%, Nucor(NUE Quote - Cramer on NUE - Stock Picks) and Freeport-McMoRan(FCX Quote - Cramer on FCX - Stock Picks), but there you can only by a beginning position, as they are not self-financing, because in a prolonged recession they are going to have to reach down deep for that dividend. Chevron(CVX Quote - Cramer on CVX - Stock Picks) qualifies at 4.57%, and BP(BP Quote - Cramer on BP - Stock Picks) is just too juicy to not start buying, even if Russia is confiscated.

Then you can buy the companies that are going to take over the world at this pace, and I am thinking of Wal-Mart(WMT Quote - Cramer on WMT - Stock Picks).

The question is, what financials can you buy? U.S. Bancorp(USB Quote - Cramer on USB - Stock Picks) has the best balance sheet of the majors and yields 6%. Intriguing.

I don't have many others.

You can only buy a quarter of any financial, because the Morgan Stanley(MS Quote - Cramer on MS - Stock Picks) deal hangs in the balance.

Finally, good yielders that are safe: Kinder Morgan Energy Partners(KMP Quote - Cramer on KMP - Stock Picks), Duke Energy(DUK Quote - Cramer on DUK - Stock Picks), Con Ed(ED Quote - Cramer on ED - Stock Picks).

There's a decent buy list.

Random musings: General Motors(GM Quote - Cramer on GM - Stock Picks) says bankruptcy is not on the table. Someone better tell them it isn't for them to decide.

At the time of publication, Cramer was long Chevron, Freeport-McMoRan, Kraft, Unilever and Altria.

Editor's note: Jim Cramer will present his 2009 stock outlook for the first time at TheStreet.com Investment Conference on Saturday, Oct. 25. Click for details.