This article was originally published Jan. 29

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If you can't eat it, drink it, smoke it or wash with it, sell it," Jim Cramer told viewers of his "Mad Money" TV show Thursday.

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He said after today's 226 point-decline in the

Dow Jones Industrial Average

, investors need to head for the hills, and into stocks with consistent earnings.

Cramer said there were many reasons for today's selloff, including the usual profit taking and negative earnings reports. But he said today's downturn was really had to do with Washington.

Cramer said after having high hopes for Obama's stimulus plan, what Washington delivered yesterday was revolting, nothing more than a little manufacturing stimulus and a whole lot of pork. Cramer said he felt betrayed by how little the plan actually does to evoke serious economic growth.

To complicate matters, Cramer said Obama's comments today that there are times for profits and bonuses at the banks, but this isn't one of them, has again put fear into the market.

Cramer said it's clear we're not getting the bank bailout that's needed, one that won't punish the shareholders.

In addition, Cramer said there's simply no mention of housing anywhere, in either the stimulus plan or the administration's rhetoric.

Cramer: Obama Stimulus Lousy for Infra

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Cramer said the only way investors can protect themselves is by investing in consistent, recession proof names such as





(K) - Get Report



(KO) - Get Report



(PEP) - Get Report

, along with the likes of


(CL) - Get Report


Kimberly Clark

(KMB) - Get Report



(MO) - Get Report


Bristol-Myers Squibb

(BMY) - Get Report

, the latter two which he owns for his charitable trust,

Action Alerts PLUS.

Cramer said consistency is the name of the game, and only these companies have it.

Two Winners

With earnings season upon us for the oil and natural gas stocks, Cramer said there are two companies he's ready to recommend. He said that while $40 a barrel oil as destroyed many of these names, he feels the market may be beginning to bottom.

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Cramer said


(COP) - Get Report



(BP) - Get Report

, both of which he owns for his charitable trust,

Action Alerts PLUS, are two large, integrated oils with the dividend protection investors need.

ConocoPhillips is diverse enough that the low price of natural gas won't hurt it, said Cramer, yet with the company being the third largest oil company and the second largest refiner, it provides investors stability in an unstable market.

After falling from $95 to just $47 a share, all of the bad news has been more than baked into the stock, he said. The company also took a $26 billion writedown on its assets and is cutting costs.

Cramer said he'd be a buyer below $50 a share.

Cramer said BP, with its 7.8% dividend yield, the best in the sector, makes this company also attractive. BP has a strong balance sheet and cash flow that protects its dividend, while it's diverse enough to withstand the collapse in prices. The company is also a turnaround play, said Cramer, with a strong focus on reducing costs.

Cramer said he expects


(XOM) - Get Report

to report a horrible quarter Friday, and would use that weakness to buy BP.

The Case for Natural Gas

Cramer welcomed Aubrey McClendon, chairman and CEO of

Chesapeake Energy

(CHK) - Get Report

, to find out exactly what happened to the nation's interest in energy independence through natural gas.

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McClendon said the push for natural gas simply got lost last year amid the bank failures, the election, falling oil prices and the economy. But, he said, he's not giving up hope as both the president and Congress still favor natural gas.

When asked how low natural gas prices can fall, McClendon said prices are driven by weather and the economy. He said the industry has responded to the crisis and is right sizing itself to fix the over supply issues. He said rig counts are continuing to drop.

On a more personal matter, McClendon explained his forced sale of shares in Chesapeake last year. He said he'd been a big supporter of Chesapeake buying 31 million shares. However, some of those shares were on margin, and when the markets turned, he rode the shares lower until the margin call arrived.

On a brighter note, McClendon said Chesapeake is still well positioned for the future and has a bright future ahead of it. He said the company is 80% hedged for 2009 at $7.50 a unit and expects assets to grow by one-third in the next two years.

Sell Block

In this weekly segment, Cramer turned to the charts to see if the huge decline in infrastructure stocks is justified. He examined the stocks of


(TEX) - Get Report


Jacobs Engineering

(JEC) - Get Report



(CAT) - Get Report

, three stocks that should have rallied on the heels Obama's stimulus plan.

All three, however, tanked, Terex down 14%, Jacobs, 6.9% and Caterpillar, 3.5%.

Cramer said the chart of Terex shows there's simply no buying interest in the stock because "this company stinks." He said the stimulus, or lack thereof, will not be enough to save it.

Cramer doesn't like Jacobs Engineering, either. He said it has too much exposure to oil, which represents 43% of sales, and with low volume in recent weeks, investors have missed the move in that name.

Finally, Cramer looked into Caterpillar, which was holding $33 a share, but fell through that level today. Here Cramer said he'd disagree with the charts, since Caterpillar has a 5.3% dividend yield and is aggressively cutting costs by laying of 20,000 workers. Cramer said Caterpillar should be able to weather the "lack-of-stimulus" storm.

Lightning Round

In the Lightning Round, Cramer was bullish on


(WMT) - Get Report


United Parcel Service

(UPS) - Get Report


JPMorgan Chase

(JPM) - Get Report


Wells Fargo

(WFC) - Get Report


He was bearish on


(RIO) - Get Report


US Bancorp

(USB) - Get Report


Intuitive Surgical

(ISRG) - Get Report


Check out the latest edition of

"Cramer's Take onTop-Searched Stocks" on Stockpickr.

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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 ConocoPhillips, BP, Altria, Bristol-Myers Squibb.

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.