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"Today's market action should be getting your attention," Jim Cramer told viewers of his "Mad Money" TV show Wednesday.
He told viewers that every day the possibility of the next Great Depression is on the line and investors need to start taking notice.
Falling 427 points from Dow 8,000 is a lot more meaningful than falling 427 points from Dow 10,000, Cramer told viewers. "This market is in critical condition," he said, "and the solution is to save as many patients as you can."
Cramer said the two main "patients" in this market are the banks and the automakers, and both need help right away. He said while it's clear the doctors in this scenario, mainly the Treasury and Federal Reserve, are willing to save the banks, they are much more reluctant to save the automakers.
Cramer called this policy just wrong, stating that if the government lets the automakers fail, it will signal a death blow to the markets and the economy.
He said giving money to the "Wall Street gangsters" instead of to the millions of people who would be affected by the failure of
would be catastrophic.
Cramer said the only solution to this market crisis is to give as much money as possible to as many "patients" as possible, and not to withhold money from those who need it most.
Cramer: An Oil Stock for Every Investor
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No Pin Action
Looking for a tech stock that can deliver, even in hard times? Cramer said there's only one tech stock investors should trust, and it's
, a stock which he owns for his charitable trust
Action Alerts PLUS.
On Tuesday, HP delivered better-than-expected quarterly earnings, an event that normally would trigger strength in a whole host of tech stocks, said Cramer.
Yet only HP's stock benefited from the news. As a result, Cramer said HP stands alone in the tech sector.
With companies like
all reporting disappointing numbers and offering slowing sales forecasts, Cramer said there must be a reason HP is bucking buck the trend, and he's found three of them.
First, HP has great management. The company is aggressively cutting costs and taking market share to boot. HP recently cut $200 million and 1,200 jobs from its bottom line.
Second, it is reaping the synergies from its acquisition of EDS. He said its CEO forecasted huge savings at the combined company and has delivered on those promises.
Finally, HP's competitors are falling apart at the seams. Cramer said companies like
continue to struggle under a poor long-term growth plan and other issues.
With the stock trading at just 8.4 times its 2009 forecasts, Cramer called HP one of the safest and most defensive names in tech today.
Outrage of the Day
Cramer again took aim with
He said it's time for a big investigation to find out where the billions of dollars invested in the company actually went. Who benefited? Who are we bailing out? "It's time to show us the money," he said.
In this segment, Cramer told a viewer that he's not concerned with the debt obligations at
( SGR), and still recommends the company.
Cramer told another viewer that he'd still recommend both
over fertilizer company
Am I Diversified?
Cramer spoke with callers to see if their portfolios have what it takes. The first caller's portfolio included
Cramer called this portfolio perfect diversification for this difficult market.
The second caller's top holdings included
Cramer liked this portfolio, saying the caller is playing the market well.
In the Lightning Round, Cramer was bullish on
Energy Transfer Partners
Cramer was bearish on
Suburban Propane Partners
AK Steel Holding
Want more Cramer? Check out Jim's rules and commandments for investing by
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 Hewlett-Packard, Chevron.
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. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on TheStreet.com. 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.