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"We need to stop the fear-inducing rhetoric," Jim Cramer told viewers of his "Mad Money" TV show Tuesday.

He said that while there are indeed things to fear in the market, Franklin Delano Roosevelt's famous line "the only thing we have to fear is fear itself" may ring true again.

Cramer said the possibility of another Great Depression is off the table now that the federal government is actively involved with the markets. But, he said, panic can destroy otherwise healthy businesses, and that's what worries him the most.

According to Cramer, there are still three major worries in the markets: the European banks not cutting rates aggressively enough, the big, bad unemployment number due out later this week, and the possibility of the Chinese economy never recovering.

But he argued comparing today's economy to that of the Great Depresssion in the 1930s just doesn't make sense.

Cramer said even if unemployment skyrockets to 8%, that would still be only a third of what it was in 1933. And while a huge jobless number would certainly spark another round of foreclosures, there are still many positives in the markets.

Cramer again credited the government's "whatever-it-takes" attitude with laying the seeds of stability in the markets. With the bailout of


(C) - Get Report

, the buying of mortgage backed bonds and individual mortgages and offering to back trillions in loan guarantees, the government is doing everything it can to save us, he said.

Cramer said he's not advocating to go out and buy stocks without discretion. He is, however, saying "enough with the hysteria."

Cramer: Obama Knows What He's Doing

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Cramer for SEC Chief

Cramer offered himself as chairman of the

Securities and Exchange Commission

. He officially threw his hat into the ring for the position, telling his viewers that he's the right man for the job and one that would provide investors with a level playing field in the market.

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Cramer said it takes a fox to guard the henhouse, and as a Harvard graduate, lawyer, stock trader and hedge fund manager, he has the skills to stop the insanity in the market. He vowed to undo current chairman Chris Cox's legacy of empowering the short sellers at the peril of the average investor if appointed to the position.

Cramer said there are four things he'd do on his first day as chairman. First, he would stop the relentless bear raids on stocks. "It's time to issue subpoenas," he said, citing a recent

Wall Street Journal

article outlining raids on

Morgan Stanley

(MS) - Get Report


Second, Cramer said he'd reinstate the uptick rule, which Cox repealed. The rule was designed to prevent the endless short selling of individual stocks. The absence of the rule, said Cramer, only instills fear and panic in the market.

Third on Cramer's to-do list is to stop the highly-leveraged ETFs that get around traditional margin rules. These funds, he said, act like lighter fluid, setting fire to stocks that are already getting pounded. "The markets are not too big to be manipulated," he said.

Finally, Cramer said there must be oversight at the SEC. He called for "real numbers" for the financial stocks and transparency into what assets they really hold and what obligations they have.

A Safe Haven

Cramer said investors who are in need of a safe place to put their money should still consider pipeline operator

Energy Transfer Partners


. He called the company and its tremendous 11.8% yield, "magnificent."

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Energy Transfer Partners, a master limited partnership, is expected to pay out $3.76 a share in dividends next year on an estimated $6.17 a share in revenues. Cramer said while the company is in the oil and gas business, its earnings do not depend on the price of the underlying commodity. That's why he feels the ETP's dividend is safe given its earnings power.

Cramer again touched on the "Rule of 72," noting that even with no price appreciation, their money would double in just 6.1 years if they only reinvested ETP's monster dividend.

Cramer also cited other reasons to consider ETP. He said the company's last quarterly earnings were spectacular, beating estimates handedly. He also noted the company's two new pipeline projects and insider buying as other catalysts.

Cramer blamed hedge funds, who are some of ETPs largest shareholders, for much of the stock's recent declines. While he credited rival

Kinder Morgan


as the better company, with the higher 11.8% yield, Cramer said ETP is the way to play pipelines.

Mad Mail

In this segment, Cramer told a viewer that his recommended portfolio forchildren would be one share of


(DIS) - Get Report

and one share of


(MCD) - Get Report

, two stocks that will teach kids what they own.

Cramer told a second viewer that he's not a fan of

Vector Group

(VGR) - Get Report

and prefers


(MO) - Get Report

, a stock which he owns for his charitable trust

Action Alerts PLUS.

Lightning Round

Cramer was bullish on


(DD) - Get Report



(GOOG) - Get Report


Mechel Steel

(MTL) - Get Report



(VZ) - Get Report


Cramer was bearish on

Trinity Industries

(TRN) - Get Report


The9 Limited

(NCTY) - Get Report


Eagle Materials

(EXP) - Get Report



(CX) - Get Report


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At the time of publication, Cramer was long Altria.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for, Inc., and CNBC, and a director and co-founder of All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of 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, 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 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, 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, 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 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, 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.