Wagoner was interviewed earlier on the network and asked to compare his company's situation with Lehman Brothers, the investment bank that filed for bankruptcy in September.
"He has far more jobs on the line than Lehman," Cramer said. "What he didn't say is the system is riddled with GM paper [and] with GMAC paper."
Were GM to become insolvent, that could lead to a global meltdown in the trust of the U.S. system, Cramer said. "Can't let it fail," he said of GM. "It cannot fail."Also, Cramer said Fluor (FLR) should consider acquisitions and become "the ultimate infrastructure company."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV