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LOS ANGELES -- The market tanked today because the

Federal Reserve

didn't listen to Cramer," Jim Cramer said on his "Mad Money" TV show Friday at the University of Southern California.

Cramer continued his call for a Fed rate cut, replete with replays of his famous

rant on "Stop Trading" last month, imploring Fed Chariman Ben Bernanke to cut rates amid the credit market meltdown.

Although Friday's jobs report of declining U.S. employment moved the economy closer to recession, Cramer does not believe that the stock market is dangerous.

Instead, he told his "Back to School" tour audience at the Marshall School of Business that it's time to buy some stocks that are being thrown away.

He Believes Northrop Can Fly

An ideal growth stock for this market is

Northrop Grumman

(NOC) - Get Report

, Cramer said. While Cramer also likes

Raytheon

(RTN) - Get Report

and

General Dynamics

(GD) - Get Report

, he believes that California-based Northrop Grumman is the most attractively priced.

Cramer said that Northtrop has percentage growth in the teens, and that a recent buyback put a floor under the stock at $77.

Mouse House

Cramer believes that many people wrongly think of

Disney

(DIS) - Get Report

as a "new media company." However, Disney is arguably the "only global brand" in the movie business.

Cramer welcomed Disney President and CEO Bob Iger onto the program. Cramer said Disney "should be so much higher than it is now for so many reasons."

Beyond its 28% growth in operating income in 2006, Cramer likes that Disney repurchased $5.2 billion of its stock in the first nine months of 2007.

Iger attributes Disney's success to a combination of strong management and high quality. But Iger emphasized that Disney realizes its audience is more likely to spend more time in front of a computer than a television.

Iger spoke about Disney's acquisition of Club Penguin, a social networking site for children. He said the Internet is a "powerful space we have to occupy."

Pitch and Catch

Cramer took some stock questions from the student body.

The first student offered

CIT Group

(CIT) - Get Report

. Cramer gave his blessing, saying that "if the Fed cuts rates, you have a $48 stock in a heartbeat."

The second student named

Suntech Power Holdings

(STP)

. Cramer said that there is risk in dealing with the Chinese market, but gave his OK on the stock as "it makes lots of money."

Image placeholder title

The final student pitched

Human Genome Sciences

(HGSI)

. Cramer was not sold on the stock because of its previous losses. Instead, he prefers

Nastech Pharmaceutical

(NSTK)

, which is less speculative.

Lightning Round

Cramer was bullish on

AT&T

(T) - Get Report

,

XTO Energy

(XTO)

,

Ford

(F) - Get Report

,

PepsiCo

(PEP) - Get Report

,

Peet's Coffee & Tea

(PEET)

,

McDonald's

(MCD) - Get Report

,

Caterpillar

(CAT) - Get Report

,

Hansen Natural

(HANS)

,

Jones Soda

(JSDA)

,

Under Armour

(UA) - Get Report

,

Nike

(NKE) - Get Report

,

International Game Technology

(IGT) - Get Report

,

Wynn Resorts

(WYNN) - Get Report

and

Las Vegas Sands

(LVS) - Get Report

.

Cramer was bearish on

Starbucks

(SBUX) - Get Report

,

Aqua America

(WTR) - Get Report

and

Jamba

(JMBA) - Get Report

.

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

clicking here

.

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

.

At the time of publication, Cramer was long Caterpillar and McDonald's.

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."

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