Cramer's 'Mad Money' Recap: Obama's Chilling Impact on the Markets

Cramer said Johnson & Johnson also has many upsides, including its aggressive cost cutting, strong drug pipeline and many great divisions with strong sales.

A weakened dollar should also bode well for the company's vast international sales. Johnson & Johnson, which traditionally trades at 17 times earnings, is trading at just 13 times earnings.

The company is exactly the stock to own in a recession, said Cramer, "and what could be better than getting it cheaper than Warren Buffet?" He said Johnson & Johnson could easily see $70 a share.

A Big Bang for the Buck

Cramer checked in with Family Dollar (FDO Quote) chairman and CEO Howard Levine, to find out if there's more to come after the company reported better-than-expected earnings.

Family Dollar reported 42 cents a share in earnings compared to the 40 cents a share Wall Street was expecting. The company also raised 2009 guidance from between $1.58 to $1.78 a share to $1.63 to $1.81 a share. Additionally, Family Dollar lowered its inventory levels 4.5% while increasing gross margins by 0.8%.

Levine credited some of the company's successes to its emphasis on food programs, including accepting food stamps at many of its stores. He called the move, along with accepting credit cards, "the right place to be."

Levine also reminded viewers that Family Dollar is celebrating its 50th anniversary, and noted that the company has the experience to compete effectively in any environment, good and bad, since it's been through many economic cycles before.

Levine also talked about the company's private label program, which he expects to expand on in 2009, by improving merchandise and upgrading packaging. Cramer said he thinks Family Dollar just had the first of many great quarters to come.