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Click here for an archive of Cramer's "Mad Money" recaps.

When the

Federal Reserve

is almost finished raising interest rates, it's time to buy bank stocks, Jim Cramer said Monday on "Mad Money."

Although the Fed might raise rates a couple more times, Cramer said we can be confident that there aren't another dozen rate hikes on the horizon.

When assessing which bank stocks to buy, the key is to look for banks that are cutting costs, because banking is a low-margin business.

Cramer said the bank with the best opportunity to bring costs down is

J.P. Morgan Chase

(JPM) - Get JPMorgan Chase & Co. Report

.

An article in the

Financial Times

Monday said J.P. Morgan plans to hire 4,500 graduates in India over the next few years as part of an effort to send 30% of its back-office operations there.

While J.P. Morgan hasn't done much to cut costs since its acquisition of Bank One, Cramer said incoming CEO Jamie Dimon is on a crusade to cut costs. "Nobody else is coming close to them" among banks trying to take costs out, Cramer said.

You "can't make money protesting outsourcing," he said. But, "you can make money buying J.P. Morgan."

Loco for Conoco

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Cramer mentioned an article in the

Washington Post

Monday that talked about competition between two pipeline proposals to be built from the Arctic, which might make a gambler want to place a bet on one pipeline or the other. The Alaska Gas Pipeline and the Mackenzie Valley Pipeline are being proposed, but only one can be built. If the McKenzie Valley Pipeline is chosen,

Imperial Oil

(IMO) - Get Imperial Oil Limited Report

would be the big winner, Cramer said.

The Mackenzie Valley Pipeline appears to be leading the competition, but the outcome can't be known. So, why gamble when you can buy

ConocoPhillips

(COP) - Get ConocoPhillips Report

, Cramer asked, and make money no matter which pipeline is built?

ConocoPhillips is the best of the integrated oils, Cramer said, and is the largest natural gas producer in Alaska, as well as one of the largest in Alberta and Canada as a whole. Whichever pipeline is chosen, ConocoPhillips should make money using either pipeline to transport its gas to the U.S.

Cramer said to be disciplined buying ConocoPhillips because we are "no longer in the nirvana period for oil." Nevertheless, he said buy Conoco, and you should win no matter what.

In response to a question about

Kinder Morgan Energy Partners

(KMP)

, Cramer said KMP is good, but parent company

Kinder Morgan

(KMI) - Get Kinder Morgan Inc Class P Report

, is the "real deal" because of CEO Richard Kinder.

Viacom's Break-Up Boost

Viacom

(VIA) - Get Via Renewables, Inc. Class A Report

started splitting its shares Monday into two separate entities, which will separate CBS's radio and TV operations from Viacom's movie and cable networks. With those businesses together, Viacom's stock was unownable, Cramer said. Viacom was essentially "two great assets that were meant for different kinds of investors."

The CBS part of the business is stodgy and without much growth, said Cramer. But, it has great cash flow and was attractive to value investors.

The movie and cable channel side of the business, which includes MTV, VH1 and Nickelodeon, was attractive to growth investors.

The result of these two types of businesses being under one roof is that "hardly anyone wanted to hold

the stock," said Cramer.

Splitting into two is a "brilliant move," said Cramer. While he believes that once the two stocks officially begin trading Jan. 3, the new Viacom's stock is "going to jump," the new CBS stock is going to go up too.

Although Cramer prefers the new Viacom slightly for its aggressive growth, he recommends you "buy a little of both."

XM Chairman Speaks Out

Gary Parsons, chairman of

XM Satellite Radio

( XMSR), joined Cramer by telephone. Parsons had taken issue with Cramer's recent comments that XM's subscriber numbers were "not as good as I would have liked."

Parsons said that contrary to the picture Cramer had painted, growth is not slowing. The seasonally strong fourth quarter will be the strongest ever, Parsons said. "We'll add roughly a million net new subscribers this quarter... and we're solidly maintaining our guidance for six million subscribers by the end of this year and 20 million

subscribers by 2010."

Cramer asked how not signing big stars, like

Sirius Satellite Radio

(SIRI) - Get Sirius XM Holdings, Inc. Report

has done with Howard Stern, is affecting XM's bottom line.

Parsons said XM has "the leadership in just about all the financial metrics." He added that XM has more conservative accounting than Sirius. "If we were counting subscribers the same way our friends do and giving one-year promotions instead of our three-month promotions, we'd have in excess of 6 million

subscribers today."

"Will you beat Sirius to free cash flow profitability?" asked Cramer.

"I think that is likely to be the case," said Parsons. He added that both XM and Sirius should do well because satellite radio is an "addictive product."

Cramer summed up the interview saying he believes there is room for both XM and Sirius to succeed. "I'm blessing them both between here and year-end."

To view Cramer's interview with Parsons, click here.

Lightning Round

Bullish

Cramer was bullish on

Wal-Mart Stores

(WMT) - Get Walmart Inc. Report

,

Home Depot

(HD) - Get Home Depot, Inc. Report

,

Skyworks Solutions

(SWKS) - Get Skyworks Solutions, Inc. Report

,

V.F.

(VFC) - Get V.F. Corporation Report

,

Darden Restaurants

(DRI) - Get Darden Restaurants, Inc. Report

,

Nabors Industries

(NBR) - Get Nabors Industries Ltd. Report

,

Net 1 Ueps Technologies

(UEPS) - Get Net 1 UEPS Technologies, Inc. Report

,

FedEx

(FDX) - Get FedEx Corporation Report

,

United Parcel Service

(UPS) - Get United Parcel Service, Inc. Class B Report

,

Nasdaq Stock Market

I:IXIC

,

Google

(GOOG) - Get Alphabet Inc. Class C Report

,

Intel

(INTC) - Get Intel Corporation Report

,

Pike Electric

( PEC),

ATI Technologies

( ATYT),

Banco Bradesco

(BBD) - Get Banco Bradesco SA Report

,

Deckers Outdoor

(DECK) - Get Deckers Outdoor Corporation Report

,

Nike

(NKE) - Get NIKE, Inc. Class B Report

,

Microsoft

(MSFT) - Get Microsoft Corporation Report

,

Syneron Medical

(ELOS)

,

Rofin-Sinar Technologies

(RSTI)

and

Coach

(COH)

.

Bearish

Cramer was bearish on

Iconix Brand Group

(ICON) - Get Iconix Brand Group, Inc. Report

,

Luby's

(LUB) - Get Luby's, Inc. Report

,

Atlas America

(ATLS)

,

Avaya

(AV)

,

Alcatel

( ALA),

Cisco

(CSCO) - Get Cisco Systems, Inc. Report

,

Yellow Roadway

( YELL),

NS Group

(NSS) - Get Nustar Logistics LP Notes 2013-15.1.43 Gtd Subord Fltg Rt Report

,

Noven Pharmaceuticals

(NOVN) - Get Novan, Inc. Report

,

SCP Pool

(POOL) - Get Pool Corporation Report

,

Stein Mart

(SMRT) - Get SmartRent Inc Class A Report

,

Payless ShoeSource

(PSS)

,

Foot Locker

(FL) - Get Foot Locker, Inc. Report

,

Intervoice

(INTV)

,

Candela

( CLZR) and

Nortel Networks

( NT).

For more of Cramer's insights during the Lightning Round,

click here.

At the time of publication, Cramer was long Intel, Microsoft and Motorola.

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.