Cramer's Stop Trading: Bank of America

NEW YORK (TheStreet) -- On his Stop Trading segment on CNBC, Jim Cramer expressed enthusiasm and relief over the latest, better-than-expected jobless report and said "we've been on life support for a long time ... maybe the patient is reviving."

"If you get a positive, it's positive," he said optimistically.

Cramer said with some relief that if he did not hear any good news on jobs by now, he would have thought that 2010 would have "gone away from us."

Cramer doesn't buy into the idea that the U.S. can't come out of the recession without government help and says that businesses can create new jobs and survive even if the Federal Reserve raises interest rates in response to the unexpected decline in the national unemployment rate.

"I wouldn't care if the Fed kicked up the rate a bit," emphasizing the importance of avoiding "permanent corporate socialism," in the U.S.

A 1% to 3% feds fund rate is still okay for Cramer. Only when it goes to 3% to 5% and start to compete against Kimberly-Clark( KMB ) type companies, he said, would he be worried about where the Fed funds rate is heading.

In the wake of the jobless report, Cramer is also looking at gold stocks as the dollar firms up.

Likewise, he's looking at Intel(INTC), Microsoft(MSFT) and retail stocks, as well as Bank of America(BAC), which have benefited from today's unemployment news.

Bank of America has raised $19 billion selling new securities for its TARP exit, it said late Thursday, while last year raising $1.9 million would have been difficult for the company, Cramer marveled.