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Celebrate Protectionism

Trade talks at the World Trade Organization are at an impasse over agriculture and farm subsidies, said Jim Cramer, and that is good news for

Deere & Co.

(DE) - Get Report

he said Wednesday on his "Mad Money" TV show.

The U.S., Japan and Europe all have massive farm subsidies, he said, and Cramer believes that those aren't going away. Although farm subsidies "make no economic sense whatsoever," rather than complain about it, Cramer wants to profit from it.

That means buying Deere, which should sell more tractors as money flows to U.S. farmers, he said. Deere is "best of breed," said Cramer, when it comes profiting from farm subsidies.

Cramer said that Deere is selling at a "ridiculously low multiple to earnings" and that the stock is about where it was before it reported earnings last quarter.

The stock had sold off prior to its earnings report over concerns about a shortfall. But, the quarter turned out terrific, said Cramer.

The market hasn't yet priced in the impact of the farm subsidies, he said, and below $70, Deere is "still cheap." Deere also recently sold its HMO unit to

UnitedHealth Group

(UNH) - Get Report

, a "smart move," said Cramer.

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'Mon Back Monsanto

Cramer is bullish on

Monsanto

(MON)

because of its new Vistive brand soybean oil, made from soybeans that, when processed, contains "no harmful fats" such as trans fats or saturated fats, he said.

Vistive oil should help reduce or eliminate the need for unhealthy hydrogenated oils in snack foods, said Cramer. With obesity and overweight Americans causing a "national health crisis," this should be huge for Monsanto's earnings, he said.

Monsanto estimates that 5 million acres of soybeans will have to be planted to keep up with demand. That's up from 1 million acres planted annually now.

Yet, "not a soul on Wall Street seems to have noticed," said Cramer. Cramer would do a 'mon back.* This should be a whole new source of growth for Monsanto and should lead to multiple expansion, he said.

In response to a question about other health-conscious stock plays, Cramer said he likes

Hain Celestial

(HAIN) - Get Report

, but it is "not blow away." He also likes

Panera Bread

(PNRA)

and

Whole Foods Market

(WFMI)

.

Cheaper by the Dozen

"When the

Fed

is done raising rates, industrials...will be the best-performing group of stocks out there," said Cramer. That means the time to buy the industrials is now when the Fed tightening is almost done, he said.

Cramer is putting together his "Dirty Dozen" list of stocks, "twelve heavy industry, smoke-stack stocks that could make you money," he said. His first two are

Crane

(CR) - Get Report

and

Harsco

(HSC) - Get Report

.

Both companies hosted analyst meetings recently where they outlined "really favorable growth," said Cramer. But, "nobody even focused on it."

Bear Stearns also upgraded Crane Wednesday. But, "that's just the first upgrade," he said.

Cramer believes that there will be perhaps just one more rate increase. But, don't wait for the rate increases to end. You won't make the mad money, he said. "Do the 'mon back now," and get in ahead of Wall Street.

E*gads!

Mitch Caplan, CEO of

E*Trade Financial

(ET) - Get Report

, joined Cramer by telephone.

"What a quarter," said Cramer. "You just clocked the numbers!"

Cramer asked what is driving E*Trade's performance. "Why is it so explosive?"

Caplan said individual investors are coming back to the market. But, E*Trade's cash deposit and lending businesses are also driving growth. The company is seeing "engagement with our customers across all these revenue points," he said.

Cramer asked Caplan about the future of professional trading.

Caplan said he believes that companies like Fidelity will eventually offer free trading to professionals in exchange for holding their assets. It is a low-margin business, he said, that is not core to E*Trade.

Cramer asked how the integration of BrownCo and Harrisdirect were going.

Caplan said E*Trade had only experienced a 1% attrition rate with Harrisdirect and "almost nothing" with BrownCo.

"That's fabulous," said Cramer.

Finally, Cramer asked if Caplan sees more consolidation for his industry.

Caplan said looking at financial services broadly, "I think there's a lot more to come."

Cramer summed up the interview saying "This guy took a company that I thought was going to go flat line and has turned it into a juggernaut. He is a great executive. E*Trade is two thumbs up. Way up."

Lightning Round

Bullish

Cramer was bullish on

Ingersoll-Rand

(IR) - Get Report

,

Nokia

(NOK) - Get Report

,

PNM Resources

(PNM) - Get Report

,

Salesforce.com

(CRM) - Get Report

,

Birch Mountain Resources

(BMD)

,

Sirius Satellite Radio

(SIRI) - Get Report

,

America Movil

(AMX) - Get Report

,

Sysco

(SYY) - Get Report

,

Chesapeake Energy

(CHK) - Get Report

,

Ryder System

(R) - Get Report

,

Paccar

(PCAR) - Get Report

,

Corning

(GLW) - Get Report

,

Ruth's Chris Steak House

(RUTH) - Get Report

,

McKesson

(MCK) - Get Report

,

Medco Health Solutions

(MHS)

,

Cardinal Health

(CAH) - Get Report

,

AmerisourceBergen

(ABC) - Get Report

,

Halliburton

(HAL) - Get Report

,

Broadcom

,

Marvell Technology Group

(MRVL) - Get Report

,

Qualcomm

(QCOM) - Get Report

and

Seagate Technology

(STX) - Get Report

.

Bearish

Cramer was bearish on

Conexant Systems

(CNXT) - Get Report

,

Brunswick

(BC) - Get Report

,

Scottish Power

(SPI) - Get Report

,

Tibco Software

(TIBX)

,

Nash-Finch

(NAFC)

,

Cisco

(CSCO) - Get Report

,

Verizon

(VZ) - Get Report

,

Cendant

(CD)

,

Cutera

(CUTR) - Get Report

,

Silicon Image

(SIMG)

,

Tiffany

(TIF) - Get Report

and

Activision

(ATVI) - Get Report

.

*For all you home-gamers, a 'mon-back opportunity means Cramer would back up the figurative truck and load up on a stock.

At the time of publication, Cramer was long UnitedHealth Group, Cendant, Qualcomm and Halliburton.

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.