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"No one wants to be more bullish about the markets than me," Jim Cramer told viewers at the start of his "Mad Money" TV show Thursday.

But after another triple-digit slide in the

Dow Jones Industrial Average

, Cramer said he just can't find a catalyst to take the markets higher.

Consumer spending, which accounts for two-thirds of the U.S. economy, is withering away, said Cramer. People are just not spending, and that is evident in the earnings of company after company.

Cramer said the auto industry, also a driver of growth for the economy, has died, too. He cited


(TM) - Get Toyota Motor Corporation Report

, down almost 13 points today, as a sobering reminder of the depth of the problems in that industry. He again called for a massive federal bailout of all U.S. automakers.

Other areas of the economy are also suffering, said Cramer, from the continued decline in the housing market, to even bonuses for Wall Street stock traders. Nothing seems to be going right domestically, he said.

Cramer reiterated earlier sentiments that the fate of the U.S. economy is tied to the economies of Europe, China, Russia, and Latin America, which are also teetering on the brink of collapse.

He said the foreign central bankers must slash interest rates significantly to avoid a worldwide recession.

The only stocks that work, he said, are high yielding dividend stocks, recession proof names and companies trading at near their cash values. But even these companies, warned Cramer, are not immune to further declines.

He recommended


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TheStreet Recommends

(CAT) - Get Caterpillar Inc. Report

, along with


(T) - Get AT&T Inc. Report



(VZ) - Get Verizon Communications Inc. Report

as some names to consider.

Cramer: Expect Retail Sector to Stall

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Stock Price Disconnect

Cramer welcomed Rick Goings, chairman and CEO of


(TUP) - Get Tupperware Brands Corporation Report

, to the show to find out why his recommendation of the stock on July 24 at $38.73 a share has gone so wrong, with the stock now trading at under $23 a share.

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Goings said Tupperware's stock price doesn't make a lot of sense. He said the company beat estimates by 6 cents a share in its most recent quarter, raised its growth estimates and recently announced a stock repurchase program.

Goings said Tupperware's business is often misunderstood. The company is now a global portfolio of direct-selling companies, he said, with 56% of its business g from the emerging markets.

He said the price of oil-based resins, which has worried analysts, accounts for only 17% of the company's cost of goods sold. By contrast, the gross margins of Tupperware's products are high at 70% on average.

Cramer said the situation surrounding Tupperware has nothing to do with the company's operations but more with the market paying less for great companies. He said Tupperware trades at just 8 times its earnings, down from an average multiple between 13 and 14 times earnings. He remains bullish on the stock.

Shoddy Research

In the Thursday "Sell Block" segment, Cramer said it's time to put some Wall Street analysts into the block for leading investors astray in the stock of

Foster Wheeler


, which he owns for his charitable trust

Action Alerts PLUS.

Cramer cited an "anonymous" analyst who advised buying Foster Wheeler at its high of $79.29 a share back on Dec. 20, 2007 and continued issuing buy recommendations all year as the stock fell to its current price of $23.86. The same analyst today issued a sell rating on the company.

Cramer said this kind of behavior is just wrong. How can a stock be a buy at $80 a share and be a sell at $23, he asked. With $1.3 billion in cash and a monster stock repurchase program, Wheeler is an absolute bargain, trading at just 6 times vastly reduced earnings, he said.

While Cramer said he doesn't feel Foster Wheeler has bottomed, he said it's far too late to sell the company that now trades near its cash value.

The company reported a fine quarter yesterday, he said, with revenue up 32% and its backlog up 16%. Wheeler's engineering and construction business is doing very, very well, he noted, with management citing eight potential mega deals in its pipeline.

"Now is not the time to sell," said Cramer, who cited the mantra of "buy low, sell high" in stark contrast to the "anonymous" analyst's recommendations.

Outrage of the Day

Cramer talked with CNBC Silicon Valley correspondent Jim Goldman about



CEO Jerry Yang's recent comments that a deal with


(MSFT) - Get Microsoft Corporation Report

still makes sense.

Both Cramer and Goldman agreed that Yang, who had an offer on the table at $31 a share, deserves an honor far higher than Cramer's "Wall of Shame" now that the share price has been cut by 60%.

Goldman thought it was outrageous for Yang to now say he is interested in selling the company after he took the opposite position when Microsoft earlier offered to buy Yahoo! at a much higher price.

They also blamed Yahoo! shareholders for voting to keep the current board of directors after their incredible takeover blunder.

Final Note

Cramer said


(DIS) - Get The Walt Disney Company Report

shares have finally fallen enough and he'd be a buyer.

Lightning Round

Cramer was bullish on

Goldman Sachs

(GS) - Get Goldman Sachs Group Inc. (The) Report


Chubb Corp

(CB) - Get Chubb Limited Report


Travelers Companies

(TRV) - Get The Travelers Companies Inc. Report


He was bearish on


(ABB) - Get ABB Ltd Report


Principal Financial Group

(PFG) - Get Principal Financial Group Inc Report


Manulife Financial

(MFC) - Get Manulife Financial Corporation Report


Hartford Financial Services

(HIG) - Get Hartford Financial Services Group Inc. (The) Report



(MET) - Get MetLife Inc. Report



(INTC) - Get Intel Corporation Report


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At the time of publication, Cramer was long Foster Wheeler, Goldman Sachs.

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.