Cramer's 'Mad Money' Recap: Oct. 16

Pickens said that the American people, however, do support the plan. He pointed his Website, pickensplan.com, has attracted more than 10 million visitors and has a mailing list of 1.25 million people.

Asked if lower oil prices make implementing the plan harder, Pickens said that lower oil prices don't change the fact that 65% to 70% of America's energy comes from overseas.

He called the huge level of dependence on foreign oil a "real security issue" for the country. He reminded viewers that for every gallon of domestic natural gas they use, the country imports one gallon less of foreign oil.

Pickens said he still supports Clean Energy (CLNE Quote), a provider and operator of natural gas fueling stations and a big proponent of wind power as a clean, renewable and domestic energy source.

Day of Reckoning

On Thursday's "Sell Block" segment, Cramer sentenced AIG (AIG Quote) to a life sentence without parole. He said Oct. 21 will be a day of reckoning for the once great insurance company.

On that date, Cramer noted that the companies who wrote insurance policies against the debt of the now defunct Lehman Brothers, will be forced to pay up. He said that thanks to failed regulation by the Securities and Exchange Commission, the $158 billion worth of Lehman debt was allowed to be insured for $365 billion.

Cramer said he believes that AIG, which was given a gracious bailout by the federal government, is likely to be on the hook for most of this egregious amount. He said it's outrageous that the company's management could have allowed it to take on such an incredible amount of debt.

Cramer took further issue with the company's management and board of directors who, despite the recently approved federal bailout, still allowed $440,000 worth of corporate retreats, golden parachutes and millions of dollars in bonuses for its executives.

"How could this happen," Cramer asked?

Mad Mail

In this segment, Cramer told a viewer that Wal-mart (WMT Quote), a stock which he owns for his charitable trust Action Alerts PLUS, is the only retailer he likes in this market.

Cramer told a second viewer that he's still a buyer of Tootsie Roll (TR Quote).

Lightning Round

Cramer was bullish on ConocoPhillips (COP Quote) and CVS Caremark (CVS Quote).

He was bearish on E-House (China) Holdings (EJ Quote), Garmin (GRMN Quote), Key Energy Services (KEG Quote) and CBS Corp (CBS Quote).

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