Cramer's 'Mad Money' Recap: Inside Obama's Transition Team

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In an exclusive interview, Jim Cramer welcomed Eric Schmidt, chairman and CEO of Google (GOOG Quote), to his "Mad Money" TV show to get his insights on President-elect Barack Obama's economic advisory board.

Schmidt, an advisor on the board, said there was a "tremendous sense of seriousness" in the team's meeting today as it dealt with potential solutions for the global economic crisis. He characterized Obama as someone who listens carefully and is prepared to act quickly to address the crisis head on.

One of the topics discussed was energy independence. Schmidt outlined what he called "Google's energy plan," which like Obama's plan, focuses on using wind, solar, and geothermal energy to achieve energy independence.

The plan, he said, also concentrates on plug-in hybrid cars and creating jobs in America by transitioning laid-off auto workers into industries like batteries and insulation.

Schmidt felt Obama touched a cord with the American people, and that prior financial stimulus programs were a mistake. He said the government should make it a point to hand out money to solve problems instead of passing out checks without a purpose.

He also took issue with much of the financial bailout packages, noting they did little for taxpayers.

Asked about his future plans, Schmidt replied that he has no intentions to leave his job for the post of chief technology officer in the new administation.

As for the impact of the advertising slump, Schmidt said advertising is usually the first thing that's cut in a downturn but called that a mistake. He said he expects advertising spending to rebound quickly and sees exciting opportunities ahead for Google.

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