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) -- You can blame the Democrats, you can blame the Republicans but "don't you dare blame Ben Bernanke" for the failure to avoid the fiscal cliff, Cramer told

"Mad Money"

viewers Wednesday.

The Fed chairman made it clear today the Fed is doing everything it can to get people to work by keeping interest rates at near zero until the unemployment rate drops to 6.5%, Cramer said.

"Going over the fiscal cliff could cost the country about two million jobs, jobs we cannot afford to lose," Cramer pointed out. That, in turn, has an effect on the direction of the market. When employment goes up, jobs are being created and the largest number of stocks go up. But the converse is also true and "you need to sell when people are being fired left and right."

Cramer said Bernanke, who first came up with the term "fiscal cliff," "seems to think we're going to go over it," Cramer said. "I think Bernanke is doing everything he can do to deal with the inaction in Washington."

Republicans won't budge on raising taxes and the president isn't offering any real spending cuts.

"The problem isn't the Fed," Cramer said. "The problem is elected officials in Washington being unable to compromise. Falling over the fiscal cliff is looking more and more likely and it could wreak havoc on the U.S. economy."

Bernanke can't do it all by himself. That's why we need people to "rise above and get a deal, almost any deal, before it is too late."

Executive Decision

When it comes to the Bakken and Eagle Ford shales, you have to think of EOG Resources, Cramer said.

So Cramer sat down with

EOG Resources


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TheStreet Recommends

CEO Mark Papa about the oil business and well his company has done, making money for investors in the process.

EOG has been pulling so much oil out of the ground the company has raised its outlook three times this year. "We're not being coy," Papa said. "We really underestimated" just how strong oil production would be. The company has 20 rigs and 320 net wells in the Eagle Ford this year alone.

Horizontal drilling is producing the biggest oil boom the U.S. has ever seen, Papa said, and he expects by 2020 the U.S. can be oil-independent -- meaning, it won't have to buy oil from OPEC. "That is a major, major change in the U.S. energy picture," he said.

That increase in U.S. production will have little effect on international oil prices, however, he said.

As for natural gas, he remains bearish, saying it will be around $4-$5 per 1,000 cubic feet for the next five to eight years. This is not good for producers but it's "excellent for the U.S. economy," he said, as companies from around the world flock to the U.S. for natural gas that is cheaper in comparison to the price in other countries.

An Electrifying Deal

Cramer likes



so much, particularly after its acquisition of

Cooper Industries

, that ETN is a holding in his charitable trust,

Action Alerts PLUS.

Cramer spoke with Chairman and CEO Alexander Cutler after noting the diversified manufacturer is a "best of breed" among companies that have taken control of their own destiny. It is first or second in virtually every market in which it competes, and that was before the Cooper buy, Cramer said.

Eaton operates in electricity and power management, one of the fastest-growing businesses in the world. Now, with Cooper, 50% of Eaton exposure will be in the U.S. and 25% in emerging markets.

Cutler said that all the products Cooper is involved in are complementary to Eaton. "There's virtually no overlap from a product point of view."

He said the real power of the acquisition is that the "end markets -- oil, gas, utilities -- are areas where we bring the strength of two companies together and now can provide a more integrated solution."

Power management is trending "towards more efficiency and having a grid that works well and brings these kinds of electricity solutions to our customers. It's a really powerful trend," Cutler said.

Cooper "brings big vertical end markets in oil and gas, in industrial, in utility, so we actually end up with a better balance across the economy," explained Cutler.

Cramer pointed out that investors will have a hard time breaking down Eaton's fourth-quarter earnings, which will include three months of Eaton, one month of Cooper and various acquisition costs.

Cutler suggested he watch how their markets are trending.

Cramer asked for Cutler's take on the fiscal cliff.

Cutler said, "It's about finding a solution for the U.S. which is good for employees, retirees, investors and it takes care of the unemployed -- that can be done. We've done it before. We need to bring our pressure and our support to our elected officials to get that deal done by year end."

Cutler said he is personally optimistic we will find a solution to avoid the fiscal cliff.

Eaton is doing so well at a time when we have no growth. Who knows what happens when we really get some?" asked Cramer, who said Eaton is "going to be one of the best stocks of 2013."

Lightning Round

In the Lightning Round, Cramer was bullish on







He was bearish on

Ceasars Entertainment






Precision Drilling









BGC Partners



Am I Diversified?

In the "Am I Diversified?" segment, Cramer spoke with callers and responded to tweets sent via Twitter to


to see if investors' portfolios have what it takes for today's markets.

The first portfolio was based on single-letter ticker symbols:




Dominion Resources



Ford Motor






U.S. Steel



Cramer said that while the stock selection process was unusual, the portfolio was perfectly diversified.

The second portfolio included:




Walt Disney






JPMorgan Chase






"Bingo," said Cramer, this portfolio is also properly diversified.

The third portfolio included:

Abbott Laboratories



W.P. Carey



Northern Tier Energy



SandRidge Energy



Phillips 66



Cramer said this portfolio was too oil-heavy. He suggested keeping Phillips 66, removing SandRidge for Eaton and dropping Northern Tier for

Tanger Outlets



No Huddle Offense

Cramer addressed the origin of the bull market that marked the Clinton era in the 1990s when the


went from 3200 to 11,000. The


rose more than 1,000% from 1990 to its peak at the top of the Internet bubble in March 2000.

"The greatest thing about the bull market in the 1990s was how little Washington mattered at all," Cramer observed.

Cramer's conclusion of that era is the bull market came from corporate profits and the hiring, once the government stayed on a certain and predictable course.

"Tax rates just weren't much of a factor on the decision-making of business, not as much as the certainty of knowing what they were and what they would be," Cramer said. "Washington wasn't a big concern during the 1990s and I think that helped the private sector prosper."

Enough of the Washington obsession, he said. "It was about corporations spewing cash as the world's economy expanded at a terrific pace," Cramer said. "Get that to happen again and you can bet the Clinton bull market will be repeated."

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-- Written by Anthony Buccino and Margo D. Beller in New York.

At the time of publication, Cramer's Action Alerts PLUS had a position in ABT, ETN, FXI, JPM and SLB.

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.