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

"Today, the

Federal Reserve

drew a line in the sand," an upbeat Jim Cramer told viewers of his "Mad Money" TV show Tuesday.

He said that the Fed made it abundantly clear by its rate cut today that it will not tolerate a long, hard recession.

Cramer said after countless months of inaction, the federal government has now gone on the offensive, with the goal of saving the economy by any means necessary.

With today's action, Cramer said Fed chair Ben Bernanke can keep his job. "He finally did what we wanted," he said.

Cramer said that the worst is now behind us, and he's more confident than ever that a housing bottom will occur in July, 2009.

With fewer homes being built this year than in 1959, Cramer said its finally time to buy a home, or refinance one, and take advantage of record low interest rates that he says could see 3.50% to 3.75% by next year.

With the Fed on board, Cramer said it's also time to take another look at the banks, which he said are again investable. He recommended both

Wells Fargo

(WFC) - Get Report

and

Goldman Sachs

(GS) - Get Report

as two names to start with.

Cramer: Top Oil Service Plays

var config = new Array(); config<BRACKET>"videoId"</BRACKET> = 10453356; config<BRACKET>"playerTag"</BRACKET> = "TSCM Embedded Video Player"; config<BRACKET>"autoStart"</BRACKET> = false; config<BRACKET>"preloadBackColor"</BRACKET> = "#FFFFFF"; config<BRACKET>"useOverlayMenu"</BRACKET> = "false"; config<BRACKET>"width"</BRACKET> = 265; config<BRACKET>"height"</BRACKET> = 255; config<BRACKET>"playerId"</BRACKET> = 1243645856; createExperience(config, 8);

The Plaxy Award

"It's been a great year for bad judgement," Cramer told viewers. So much so that Cramer gave out his first "Plaxy" award, a special honor for those who performed well below the call of duty and exhibited incredibly bad judgement.

Cramer said the four contenders for this coveted award were Federal Reserve chairman Ben Bernanke, Treasury Secretary Hank Paulson, SEC chairman Chris Cox and New York Fed chief Tim Geithner.

After today's historic interest rate cut, Cramer said Bernanke had redeemed himself, leaving only Paulson, who told the American people the economy was sound, Cox, who destroyed the SEC, and Geithner, who oversaw the destruction of Lehman.

After much deliberation, the Plaxy award went to Chris Cox, a man who Cramer said has done more to destroy wealth in America than any other.

Cramer said Cox systematically reversed decades of rules designed to level the playing field, and instead chose to favor short sellers over the individual investor.

By removing the uptick rule, allowing shorts to raid and destroy the financial stocks, and permitting ultra leveraged ETFs to manipulate the market, Cox has removed all of the faith and trust in the markets.

Cramer noted that Cox also gave the former Bear Sterns a clean bill of health just days before its collapse. He also completed an investigation of Bernie Madoff's hedge fund in 2007 and found no wrong-doing.

Cramer congratulated Cox on a job well done, adding he hopes Obama removes him from office promptly.

Image placeholder title

Private Food Label Conundrum

According to recent reports, consumers looking to save money on food costs are turning to private label store brands. That's why Cramer revisited his Sept. 16 recommendation of

Ralcorp

( RAH), a call that he said has "not been working."

Image placeholder title

Cramer said the trade-down food story is for real, with CEOs from retail giant

Costco

(COST) - Get Report

, along with grocers

Kroger's

(KR) - Get Report

and

Safeway

(SWY)

all confirming the trend.

Yet while the trade down trend should mean explosive growth for private label food makers, the market seems not to care. Ralcorp and rival

Treehouse Brands

(THS) - Get Report

both trending lower.

Cramer said the problem with both companies seems to be that investors are worried about the company's growth prospects given the current credit crisis. Treehouse has $551 million of debt, compared to its $745 million market cap, while Ralcorp has $1.7 billion in debt riding along with its $3.1 billion valuation.

Yet after comparing the two, Cramer said he's sticking with Ralcorp, and believes the company's hybrid strategy, marketing both brand names and store brands alike, bodes will for the company no matter which way the economy trends.

He recommended averaging down at these lower levels.

Trading Down Works

Continuing on the trade-down food theme, Cramer talked with Sam Reed, chairman and CEO ofTreehouse Brands to find out how the Ralcorp competitor is performing given the latest trends.

Reed said Treehouse is a pure play on the private label trend and currently has products in 15 product categories. Treehouse, he said, has successfully doubled its size in the last three years.

When asked if the current credit crisis is affecting the company's ability to raise cash for acquisitions, Reed said that Treehouse has always been favored in the markets due to its great financial discipline and proven track record.

Reed also said that recent acquisitions have made Treehouse the No. 1 maker of pourable salad dressings and have given the company incredible access to the Canadian markets, two new areas of growth for the company.

Cramer said that Treehouse has the right strategy and at $24 a share, and that he'd be a buyer.

Lightning Round

Cramer was bullish on

Gilead Sciences

(GILD) - Get Report

,

Nike

(NKE) - Get Report

,

Nordic American Tanker

(NAT) - Get Report

,

Frontline

(FRO) - Get Report

,

Johnson & Johnson

(JNJ) - Get Report

,

Peabody Energy

(BTU) - Get Report

,

Bucyrus International

( BUCY)and

Joy Global

( JOYG).

Cramer was bearish on

Skechers USA

(SKX) - Get Report

,

Principal Financial Group

(PFG) - Get Report

,

Genco Shipping

(GNK) - Get Report

,

United Parcel Service

(UPS) - Get Report

and

James River Coal

(JRCC)

.

Check out the latest edition of

"Cramer's Take on Top-Searched Stocks" on Stockpickr

.

Image placeholder title

Want more Cramer? Check out Jim's rules and commandments for investing by

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 Gilead Sciences, Johnson & Johnson.

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.