The auto giant is a "heavily unionized company, and it's going to be non-unionized," Cramer said. "This is a non-union company very soon. I salute GM." He recommended preferred shares for more conservative investors.
Cramer weighed in on Kynikos Associates' Jim Chanos' short position in bond insurers
. The move makes "a huge amount of sense," Cramer said. "The Buffett thing is really bad" for these companies.
"I admit Chanos is a rigorous thinker. I have watched his thinking for 20 years," Cramer added, recalling the investor's excellent call on Boston Chicken, which filed for bankruptcy in the late 1990s.
Cramer also discussed Pershing Square Capital founder Bill Ackman's call on
. Cramer agrees with Ackman's long position in the retailer. "In Eddie Lampert I trust," he proclaimed, referring to Sears' chairman. "I'm not going back on my view."
Cramer continued, "It's very clear that this is a housing recession and
Sears is housing." He said he thinks critics have been too hard on Lampert and Sears.
At the time of publication, Cramer was long Sears.
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