Cramer's 'Mad Money' Recap: Jan. 14

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With the Dow and S&P posting their worst yearly opens since record keeping began, Jim Cramer told the viewers of his "Mad Money" TV show Wednesday that the real market action has nothing to do with earnings or fundamentals.

Cramer said there's a war that's been brewing between shareholders, creditors and now, the federal government. He said that the real behind-the-scenes action has been the quiet assault on common shareholders as the the "bond bullies" stand firm on their payment terms.

For example, Cramer said, Nortel Networks (NT Quote), was forced today into bankruptcy by bondholders and creditors unwilling to negotiate. That was ruinous for the common stockholders, who saw their shares fall to 32 cents a share.

The Obama administration is only adding to the assault, said Cramer, with its letter to Congress stating that banks in need of additional TARP money must comply with strict rules that punish only the shareholders.

This, he said, is again putting fear into names like Citigroup (C Quote) and Bank of America (BAC Quote), along with the insurers like Hartford Financial (HIG Quote), Prudential (PRU Quote), Principal Financial (PFG Quote) and Lincoln National (LNC Quote).

Cramer said all of these stocks were presumed to be out of the woods, but now are not.

Cramer said only the recession resistant names, those with little debt, are immune to this war. He recommended stocks like Pfizer (PFE Quote), Coca Cola (KO Quote), Colgate (CL Quote), Clorox (CLX Quote) and Kimberly-Clark (KMB Quote).

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