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Jim Cramer, broadcasting Friday's "Mad Money" TV show from Georgetown University as part of his "Back to School" tour, said five Dow components can make people money:

Altria

(MO) - Get Report

,

McDonald's

(MCD) - Get Report

,

Boeing

(BA) - Get Report

,

AIG

(AIG) - Get Report

and

Hewlett-Packard

(HPQ) - Get Report

.

Cramer owns Altria, AIG and Hewlett-Packard for his charitable trust,

Action Alerts PLUS.

"All we're hearing is that the Dow Jones Industrial Average is near an all-time high," Cramer said to his student audience in Washington D.C.

Even though there are some people who believe it doesn't matter that we're near an all-time high, the "chances for people to make money now are better than they've been in the last six years," he said.

Last time the Dow got this close to its high, we got crushed, Cramer said, adding that the big difference this time at the highs is that people are going out of their way to criticize, not praise, the market.

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However, Cramer said he believes that "conventional wisdom is wrong." He stands as a "champion of the current market."

Cramer said that investors should understand that the Dow is an index filled with a bunch of stocks. Some are going higher, but others are going lower and are not worth owning.

The lesson here is that "it doesn't pay to look at an index, but individual stocks instead," Cramer said.

The first individual stock Cramer said he would own is Altria. Although the judge "tried to nail Altria on its light-cigarette business," he believes the ruling should be overturned on appeal "because we have a government of, by and for the corporations."

When the decision "gets overturned, Altria can break up the company, and then it will go to $90 to $100," Cramer said. "I bet this will happen in the next year and a half." Altria closed down 42 cents to $76.55 on Friday.

McDonald's, Cramer's second pick, "just raised its dividend this week" and is "mostly an international growth story," he said.

Cramer believes that Boeing has some upside. Not only is Boeing making more money by making its airplanes more efficient, but also, its competitor

Airbus

has a problem: "It can't make planes," Cramer said.

Short term, AIG should benefit from the "benign hurricane season," especially because the company raised its premiums, he said. Insurance might be "boring," but it's the way to make money.

Cramer also believes investors should own Hewlett-Packard because "it's kicking

Dell's

(DELL) - Get Report

butt."

Defense Outsourcers

On Friday, the Senate unanimously approved the Pentagon budget, Cramer said.

"If you need to make money, you need to know who the big beneficiaries here are," he said. "It's my job to tell you where I think the money is going to go."

In this case, Cramer told viewers that he has five defense stocks that he believes "can't be stopped." People should think of these as stocks to buy, but they are even "bigger than that," he said.

If Donald Rumsfeld, the U.S. Secretary of Defense, was ever for some reason to get fired, the government could outsource the defense department to any of these companies, Cramer said.

The first "stock/replacement for Rumsfeld" is

Lockheed Martin

(LMT) - Get Report

, he said.

"Congress just can't say no to this company," Cramer said, calling the F-35 producer "the air force to the world."

In addition, Lockheed had a giant dividend boost, he said.

General Dynamics

(GD) - Get Report

, Cramer's second defense pick, is like Lockheed in that it makes many defense products. "If you're smart, you'll buy it," he said.

Cramer called

Raytheon

(RTN) - Get Report

, his third defense stock, "the king of radar" and said it "makes fantastic guided missiles."

The next two defense picks Cramer recommended were

L-3 Communications

(LLL) - Get Report

and

CACI

(CAI) - Get Report

, saying the latter should have "a pretty hard time failing to deliver."

Cramer welcomed

NBC News

Chief White House Correspondent David Gregory to his show and said that although he is bullish and believes that the market is not going to get hurt by interest rates, inflation or earnings, Cramer is worried about one thing that "could derail" his thesis: a change in the Senate or House.

Cramer asked Gregory to give him a sense of what could happen.

"The Republicans are worried," Gregory responded. They are -- the president and they, themselves -- unpopular, he said.

"Republicans are mostly worried about the House," Gregory went on to say, because the Senate is "much tougher" for the Democrats to gain control of.

"A lot of this is focused on the war right now, how we got in it ... and the war on terrorism, in general," he said.

When Cramer asked Gregory why the good points of the current stock market environment don't translate into good political ratings for the president, Gregory said the Republicans are wondering the same thing.

"A lot of political energy is being spent on the war," he said. "When you have a war like this, it seems to" overshadow other things, Gregory said.

Lightning Round

Cramer was bullish on

Quest Diagnostics

(DGX) - Get Report

,

Continental Airlines

(CAL) - Get Report

,

Advanced Micro Devices

(AMD) - Get Report

,

Kellogg

(K) - Get Report

,

General Mills

(GIS) - Get Report

,

Corning

(GLW) - Get Report

,

Danaher

(DHR) - Get Report

,

Nabors Industries

(NBR) - Get Report

,

Chevron

(CVX) - Get Report

,

BP

(BP) - Get Report

and

Microsoft

(MSFT) - Get Report

.

Cramer was bearish on

Express Scripts

(ESRX)

,

UAL

(UAUA)

,

Marsh & Mclennan

(MMC) - Get Report

,

PepsiCo

(PEP) - Get Report

and

Frontier Oil

(FTO)

.

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

click here

.

Want more Cramer? Check out Jim's rules and commandments for investing from his latest book by

clicking here

.

At the time of publication, Cramer was long Altria, Hewlett-Packard, Nabors Industries and AIG.

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. 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.