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Jim Cramer's 'Mad Money' Recap: A Total Calamity in Washington

Stocks in this article: UTX LMT GD NOC FFIV CSCO FI WFT D HIMX NLY IRM IBM VMI HEI

Lightning Round

In the Lightning Round, Cramer was bullish on Himax Technologies (HIMX), Iron Mountain (IRM) and Heico (HEI).

Cramer was bearish on Annaly Capital (NLY), International Business Machines (IBM) and Valmont Industries (VMI).

Executive Decision: Tom Farrell

In the "Executive Decision" segment, Cramer checked in with Tom Farrell, chairman, president and CEO of Dominion Resources (D), the electric utility with a 4.6% yield that's just off its 52-week high. Dominion also has a natural gas storage and transmission business with its own export terminal on the way.

Farrell said it's too early to tell whether the government shutdown will have any effect on Dominion. He said electric usage was up in the second quarter but the company is seeing some impact on government and commercial usage.

But beyond Dominion's electric business, everyone is excited about the company's natural gas export project in Maryland. Farrell said Dominion already has 20-year contacts in place with India and Japan to virtually take all of the capacity of the new terminal, which recently received its export permit.

Farrell said the site already has a direct pipeline to the Marcellus shale region, along with 14,5 billion cubic feet of natural gas storage and a terminal fit for supertankers. All that's needed is the equipment to liquify the gas.

When asked about the government's involvement thus far, Farrell described the process as "balanced," with the Department of Energy weighing both domestic and international needs. Farrell noted that exports will not drive up the price of gas because once the price reaches a certain level, producers will make more money using the fuel domestically.

Cramer reiterated that Dominion remains his favorite utility.

No Huddle Offense

In his "No Huddle Offense" segment, Cramer said when it comes to the Oct. 17 debt ceiling deadline, we simply don't know what will happen. Some posit that it will be business as usual come Oct. 18, while others predict financial catastrophe. But if the latter were true, wouldn't bonds be getting crushed ahead of the debacle?

Cramer said only time will tell if the President will invoke the 14th amendment and force the U.S. Supreme Court to decide whether the U.S. must pay its bills. President Obama has said in the past that he didn't find that option viable, but it could send the debate into a whole new arena and, perhaps, force the hands of those needing to be forced.

In the end, Cramer said, panic is not an option. But for the time being, clarity on the matter remains illusive.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

To sign up for Jim Cramer's free Booyah! newsletter with all of his latest articles and videos please click here.

-- Written by Scott Rutt in Washington, D.C.

To email Scott about this article, click here: Scott Rutt

Follow Scott on Twitter @ScottRutt or get updates on Facebook, ScottRuttDC

At the time of publication, Cramer's Action Alerts PLUS had a position in CSCO.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC Universal or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor TheStreet.com, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on TheStreet.com. The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in TheStreet.com, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.

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