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Despite the passage of federal bailout package, Jim Cramer told viewers of his "Mad Money" TV show that he did not trust this market.

He reminded investors to sell into any moments of strength and play defensively as the details of the bailout plan begin to play out.

Cramer then shifted his attention to

Wachovia

(WB) - Get Report

, saying its shareholders have good reason for hope after some nifty behind-the-scene moves by CEO Bob Steel.

Cramer praised Steel for working out a deal with

Wells Fargo

(WFC) - Get Report

.

He admitted he was wrong when he placed Steel on his "Wall of Shame" list of the worst CEOs on Monday. He said he did so because he was disheartened by the federal government's decision to sell Wachovia's assets to

Citigroup

(C) - Get Report

and the fact that Steel had not come forward to defend his position.

However, after today's announcement of a deal with Wells Fargo, Cramer said he had an entirely different view of Steel.

Cramer: Being Too Negative Hurts

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Cramer credited the CEO for putting his company before his own reputation and staying quiet while the Wells Fargo deal was being done. "I thought the shareholders were finished," he said, "but now there's hope." He added that Steel should be commended for not quitting and giving up on his company.

Filling the empty slot in the Wall of Shame, Cramer added Sen. Harry Reid (D., Nev.) for a comment he made Wednesday that a major insurance company was preparing for bankruptcy.

Cramer said that irresponsible comment caused the stocks of

Prudential

(PRU) - Get Report

,

MetLife

(MET) - Get Report

and

Hartford

(HIG) - Get Report

to suffer double-digit percentage drops.

Cramer said Reid deserved to be on the Wall of Shame for adding fear to an already fearful market.

Biotech Shines

Cramer spoke with Henry Termeer, chairman and CEO of

Genzyme

( GENZ) to find out if the biotech stock has what it takes to be a recession-proof stock.

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Since Cramer last recommended Genzyme on August 12 at $79 a share, the stock is down just 3.8% in a turbulent market. But he said he's now high on Genzyme's prospects since biotech companies often shine during recessions and should fair even better if a Democrat assumes the White House.

Termeer noted that Genzyme's strategy is different from that of most other biotechs, in that the company focuses exclusively on "orphan" drugs, or drugs for rare diseases or diseases where there are no other treatments. He said that while these markets are small, patients often start treatments and stay on them for life, creating a stable earnings for the company.

Termeer also said insurance companies are often not resistant to paying for these treatments since they work well and are often the only option available. He said that while the FDA remains a big, complex hurdle for drug approvals, Genzyme is managing the process effectively.

Cramer said he likes Genzyme for its diversification into drugs in larger markets such as cholesterol, MS and renal failure. Termeer confirmed that the company does have drugs in late stage testing in all these areas.

A New Metric

While Cramer remains bearish on the market as a whole, he's now beginning to prepare for the situation to improve. He continues to look for value in stocks that have been relentlessly beaten down by seemingly endless hedge fund redemptions. One sector that's been hit especially hard are the industrials.

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Cramer said he's evaluating the industrial stocks by two simple measures: their dividend yield and how much cash they have on the balance sheet. Earlier in the week, he recommended

KBR

(KBR) - Get Report

, a company where two-fifths of its marketcap is cash.

Tonight he recommended two other companies that he says are approaching the "value" threshold. The first on his radar screen is steelmaker

Nucor

(NUE) - Get Report

, with its 3.6% dividend yield. The company was downgraded today by an analyst at Merrill Lynch. With a share price below $30, Cramer said Nucor is solid value stock.

Cramer also recommended

Freeport McMoran

(FCX) - Get Report

, a stock which he owns for his charitable trust,

Action Alerts PLUS, as another company close to a value moniker. With a 4.4% dividend yield, Cramer said he's beginning to buy additional shares to reinforce his position for his trust.

Admittedly, Cramer said gold and steel prices continue to fall, but in the case of Freeport, the stock has fallen from a high of $127 to $44 today. With such a decline, Cramer believes the downside has to be minimal going forward.

Mad Mail

In this segment, Cramer told a viewer that he's not recommending any insurance companies, including

Manulife

(MFC) - Get Report

.

Cramer told a second viewer that

McDermott

(MDR) - Get Report

is too low to sell, but with continued hedge fund selling, he's still not a buyer of the company yet.

Lightning Round

Cramer was bullish on

Starbucks

(SBUX) - Get Report

and

Waste Management

( WMI).

He was bearish on

Computer Sciences

(CSC)

,

Boyd Gaming

(BYD) - Get Report

,

Las Vegas Sands

(LVS) - Get Report

,

Wynn Resorts

(WYNN) - Get Report

,

Energy Recovery

(ERII) - Get Report

,

EMCOR Group

(EME) - Get Report

,

Green Mountain Coffee Roasters

(GMCR)

,

Vishay Intertechnology

(VSH) - Get Report

,

Mosaic

(MOS) - Get Report

,

Sovereign Bancorp

( SOV)and

Zimmer Holdings

(ZMH)

.

Where will the Dow Jones Industrial Average stand at the end of 2008?Above 10,0009000-10,0008000-90007000-8000Below 7000

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clicking here

.

Read more of Cramer's Mad Money Lightning Round insights

.

For "Mad Money" performance statistics and other links, check out Mad Money stats

At the time of publication, Cramer was long Freeport McMoRan.

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.