Cramer's 'Mad Money' Recap: The Secret Game Plan to Revive the Economy

For oil plays, Cramer likes Kinder Morgan Energy(KMP Quote), with its 9% yield, and BP(BP Quote), although oil is still going down.

Cramer would be careful with financials, but he likes US Bancorp(USB Quote), and threw in a recommendation for Duke Energy(DUK Quote).

The new leadership is companies that don't need money, Cramer said.

Half-Empty

Cramer likes that traders dodged a bullet on Friday, with a "spectacular" rally off the lows of the morning, but he believes it's important to lay out the worst-case scenario so investors can go forward "with their eyes open."

In the worst case, the model isn't the 1987 market crash, which saw equities bounce back only a year later, but a "1929 scenario" which brought an 89% peak-to-trough drop and a "decline that just wouldn't quit."

In that model, Cramer said, currently flailing stocks like U.S. Steel(X Quote) and General Motors(GM Quote) wouldn't be done yet.

Cramer said that unfortunately the parallels with the 1929 crash are too close for comfort. As in 1929, he explained, we have a presidential administration that's in over its head. Listening to Bush say the government taking necessary actions to solve the crisis is like President Herbert Hoover saying than that the worst is behind us.

Cramer noted the market's tanking after Bush's most recent comments about the market, as well as the similarities of a Federal Reserve too focused on inflation and a wave of bank failures.

Cramer said he believes the federal bailout plan can help, but that a second Great Depression is still on the table. "That's why you have to be careful with your buying," he said.