Cramer's 'Mad Money' Recap: May 22

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"Washington matters to Wall Street," Jim Cramer told viewers of his "Mad Money" TV show Thursday.

He said one just needs to look at President Obama's agenda to understand why why the market took such a bruising today.

"Obama put the fear of a serious recession back on the table today," said Cramer. Last week, Cramer warned that an overly aggressive Obama agenda was one thing that could derail the economy.

Today, he said, those fears might be coming true as Obama is taking aim at five key industries. Cramer said he would take profits in all five of the areas going into the long Memorial Day holiday weekend.

Cramer said the industries on Obama's enemy list include the credit card companies, coal industry, steel makers, utilities and drug companies. Obama has a mandate from the voters and his rhetoric is more than just saber rattling, he said.

Cramer said the government has the ability to hurt businesses more than any other entity. Such is the case with Obama's new credit card bill, he said, which limits the fees companies like Cramer favorite Capital One (COF Quote) can charge cardholders.

Obama's also taking aim at anything carbon, said Cramer, including the coal stocks, steel makers, and utilities. Even strong growth in China cannot stem the effects of cap and trade on these industries, said Cramer. He said he'd definitely sell companies like Southern Company (SO Quote) which has high carbon exposure.

Finally, there's healthcare. Cramer said Obama's priority here is not profits, but rather cost cutting, which could have serious effects for shareholders. "Obama's threats are real and investors need to pay attention."