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Jim Cramer dug through the details of Treasury Secretary Henry Paulson's bailout plan to tell the viewers of his "Mad Money" TV show who the biggest winners will be. Suprisingly, the plan's biggest winner surprisingly will be the American taxpayers, he said.

While Cramer still told investors to use caution, sell into strength, and cut back at least 20% of their portfolios, he sees some obvious winners once the Paulson plan is signed into law.

He said that

Bank of America

(BAC) - Get Report

stands to benefit.

That's because Bank of America has already written down the value of the loans it acquired through its merger with Countrywide, and is currently in the process of doing the same with the assets it received from

Merrill Lynch

( MER).

Cramer said once the government begins buying mortgages at values higher than Bank of America's current book values, the bank can instantly revalue these assets and see some upside.

Cramer said that

Wachovia

(WB) - Get Report

will also benefit from the bailout. With CEO Bob Steel's previous government experience, Cramer said that he will be able to take advantage of the plan by splitting Wachovia into good and bad components and sell off the bad parts quickly to the government.

Cramer said that

Goldman Sachs

(GS) - Get Report

, a stock which he owns for his charitable trust

Action Alerts PLUS, will also benefit from the Paulson plan.

He said that Goldman has the currency and capital to become a big international bank. He speculated that Goldman might consider buying Wachovia, which is now valued at just half Goldman's marketcap.

Cramer: No Bailout Can Save This Stock

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But Cramer said the biggest winner of the plan is the American taxpayer, who will likely turn a profit on the mortgages bought by the government. These mortgages, he said, are backed by real homes, which will increase in value just as soon as the onslaught of foreclosures comes to an end.

The Real Losers

With the labor strike at

Boeing's

(BA) - Get Report

now entering its third week, Cramer said the real loser is not the aircraft maker or its employees but the company's suppliers. He put Boeing, along with all of its suppliers, squarely in the Thursday "Sell Block" segment.

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Cramer said with both sides of the labor dispute gearing for the long haul, Boeing's suppliers just cannot be owned.

He said that

Spirit AeroSystems

(SPR) - Get Report

, which derives 87% of its sales from the now idled Boeing, has already cut its workforce to a three-day work week and said layoffs are looming. The company will see a 6% hit to 2008 earnings if the strike lasts a month.

Next on the list is

Rockwell Automation

(ROK) - Get Report

, which depends on Boeing for 14% of its sales. The company has just laid off 80 people.

Third is Cramer favorite,

Precision Castparts

(PCP)

. Cramer said the company gets 17% of its sales from Boeing and will take a 1.7% earnings hit if the strike lasts a month.

Finally, Cramer said both

Goodrich

( GR), maker of aircraft wheels and brakes, and composite maker

Hexcel

(HXL) - Get Report

, are at risk of big losses from a lengthy strike.

Navigating the Recession

Cramer took the pulse of the home interiors market by talking with

Ethan Allen

(ETH) - Get Report

chairman and CEO Farooq Kathwari. Cramer said it's time to start looking forward, not backward, in the housing market and he's still looking for great early-cycle stocks.

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Kathwari admitted that the current economic situation is the toughest he's ever seen at Ethan Allen, but said that his company has the ability to survive it. He said Ethan Allen's success lies in the fact that it prepared for the downturn, and used the slump to prepare for the next business cycle.

Asked about the company's scaling back of its stock buyback program, Kathwari said he aims to maintain a balance between cash and the buyback. He said that he's been worried about whether the company's cash is safe during this economic crisis and announced a new credit card offer to help Ethan Allen customers finance their purchases in this tight credit environment.

Cramer said that Ethan Allen is the only furniture company he's ever recommended. He's a fan of the company's new Website, advertising initiative and 3.5% dividend yield.

Lightning Round

Cramer was bullish on

Windstream

(WIN) - Get Report

and

Research In Motion

( RIMM).

He was bearish on

Huntsman

(HUN) - Get Report

,

Macy's

(M) - Get Report

and

Qwest Communications

(Q)

.

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

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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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.