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NEW YORK (TheStreet) -- It's the first crisis of the year and the markets are handling it terribly, Jim Cramer told his "Mad Money" viewers Thursday. But with things in the U.S. better than they've been in ages, investors should be looking at the market declines as "game on," not "game over."
Cramer said there's no use fighting the first wave of panic that's stemming from the possibility of a regional Chinese bank default. The markets will respond, as they always do, by selling the S&P 500 futures, which in turn will take our entire markets lower. But while others panic, savvy investors should be buying up great stocks on the cheap, said Cramer.
Problems in China don't translate to the strength of the U.S. housing market, Cramer noted, nor the revolution in American oil and gas or big pharma. Cramer said Unilever (UL) just posted a terrific quarter and he still likes Mondelez (MDLZ) and Bristol-Myers Squibb (BMY).
Restaurants like Wendy's (WEN) remain attractive, as do stocks with big yields like Linn Energy (LINE). Cramer also gave the nod to anything social, mobile or dealing with the cloud, and even cult stocks like Tesla Motors (TSLA) and Amazon.com (AMZN).
All of these names are only getting cheaper, Cramer concluded, so investors should be ready as the selling continues tomorrow.
Executive Decision: Chuck Bunch
For his "Executive Decision" segment, Cramer spoke with Chuck Bunch, chairman and CEO of PPG (PPG - Get Report), the specialty chemical maker that has seen its shares rise 358%, including reinvested dividends, since Cramer first got behind the company in June 2009.
Bunch said that despite today's headlines, he feels good about PPG's prospects in China. He said business remains good and the company expects a solid first quarter from the region.
In addition to China, Bunch was also bullish on America, saying U.S. commercial construction is finally making a comeback, albeit a slow one. He said things are improving regionally, with the South being the strongest U.S. region at the moment.