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"The U.S. has now done everything it can to save itself," Jim Cramer told viewers of his "Mad Money" TV Show Friday.

The fate of the U.S. economy and the stock market rests firmly in the hands of the European and Chinese central banks.

Cramer said the federal government has run out of tools after the countless rate cuts, bailouts, takeovers and seizures. "We can't do much more than we already have," he said.

He said whether the U.S. endures a recession or jump starts growth depends on the actions of the central banks of the world. He noted their moves will be more important than the outcome of the presidential election.

"The Europeans are playing with fire," he said, "and they must act now." He begged the European central banks to act swiftly to avoid a global crisis.

While the fate of the global economy remains in flux, Cramer told investors to stick with the strategy he's endorsed all week.

He told investors to put their money in high-yielding dividend stocks. Second, they should invest in domestic, recession-proof names such as

Procter & Gamble

(PG) - Get Free Report

, which he also owns for his

Action Alerts PLUS portfolio.

And finally, they should invest in companies that are trading at or near their cash value.

These are the only classes of stocks that are safe, he said.

Cramer: One Bank Worth Buying

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A Sweet Breakup

With oil companies out of favor on Wall Street, Cramer said he's found an oil stock with incredible hidden potential. That's

Marathon Oil

(MRO) - Get Free Report

, a classic case of the parts being worth more than the whole.

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Marathon is an oil exploration and production company as well as an oil refining and transportation company. Cramer said this mix of business has been confusing for Wall Street to appreciate since exploration benefits from higher oil prices, while refining benefits from lower prices.

That's why Cramer saw value when Marathon said on its most recent conference call that it's considering splitting the company in two.

Marathon trades at just $29 a share, down 50% from its highs. But Cramer said he sees Marathon's exploration business fetching as much as $49 a share to $73 a share as a stand-alone company and its refining business going for $20 a share to $24 a share.

Marathon's exploration business makes for an attractive stand-alone company because it currently has 1.2 billion barrels of proven reserves, he said. Likewise, Marathon's refining business, the fifth largest in the U.S., is also attractive as oil prices continue to fall.

Cramer said he's a buyer of Marathon, especially given the company's 3.6% dividend yield, which he said pays investors to wait for a break-up to come.

A Pipeline to Profits

In his quest for high quality, high yielding dividend stocks, Cramer uncovered

Boardwalk Partners


, a master limited partnership that owns two natural gas pipelines.

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Cramer said it's is an excellent choice for investors since its limited partnership structure pays a tax deferred dividend distribution of $1.90 a share, or 7.92%. The company is expected to pay $2.07, or 8.6%, next year.

Boardwalk is also a growth story, with the company's major shareholder,


(L) - Get Free Report

, having just committed to a $1 billion investment for expansion of the company's pipeline systems, he said.

Boardwalk currently has three expansion projects underway and expects to double its revenue by 2012. With the U.S. needing more gas for energy independence, Boardwalk complements his other favorite pipeline,

Kinder Morgan Energy Partners


, he said.

Lightning Round

Cramer was bullish on

Duke Energy

(DUK) - Get Free Report



(MRK) - Get Free Report


Deere & Co

(DE) - Get Free Report



(WY) - Get Free Report


Philip Morris International

(PM) - Get Free Report



(MO) - Get Free Report





He was bearish on

Constellation Energy



Office Depot

(ODP) - Get Free Report


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Want more Cramer? Check out Jim's rules and commandments for investing by

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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 Procter & Gamble, Deere and Altria.

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.