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NEW YORK (

TheStreet

) -- "Ring the register and ready your shopping list," Jim Cramer told the viewers of his

"Mad Money"

TV show after an ugly day on Wall Street.

He said while the bears were all over the media today, they will be proven wrong as always.

Cramer said he heard plenty of reasons why the markets were falling today. They included:

1. Bernanke took the wrong course of action and it could lead to disaster.

2. The dollar is going higher because Europe is falling apart.

3. Oil and the baltic freight index are tumbling because of weakness in China.

4. The last 1,000 points on the Dow were only a short squeeze.

5. President Obama isn't going to extend any tax cuts.

6. The rise in interest rates will kill the housing recovery.

7. The bulls finally came to their senses.

Cramer noted that all of these reasons may sound good on TV, but in reality they just don't hold any water. He said corrections are inevitable in the market, and with options expiration week at hand, corrections should be expected.

Cramer also said that most of the companies selling off hard today are those that reported great numbers, and were trading markedly higher off those numbers. "Nobody ever got hurt taking a profit," Cramer reminded viewers, and taking profits is exactly what was happening today.

"Ignore the excuse-a-thon," Cramer concluded, and keep focusing on high- paying dividend stocks that only get more valuable the lower the market goes.

Efficient Railroads

In the "Executive Decision" segment, Cramer spoke with Michael Ward, chairman, president and CEO of railroad

CSX

(CSX) - Get Report

, a company that just delivered a four-cent a share earnings beat on revenue that was up 16%.

Ward reminded viewers that railroads are the most energy efficient way to move goods across our country. He said CSX has reduced the amount of energy it uses by 90% since 1980, thanks in part to cleaner, more efficient locomotives that get over 400 miles per gallon.

Ward also noted that CSX now handles almost three quarters of all consumer goods in the U.S. and is a growing part of its economy. He said that intermodal freight, which is freight that's carried by truck locally, then put on the rails for the bulk of their journey, was up 19% in the most recent quarter and is a great opportunity for the company.

When asked about how a Republican Congress helps CSX, Ward said that transportation is a bipartisan issue, and one that's important no matter who's in control. He said that's why CSX has increased its capital expenditures from $1.7 billion to $1.8 billion this year, to take advantage of all the opportunities that are in front of them.

Finally, when asked about the health of the U.S. economy, Ward said that CSX is seeing a slow and gradual recovery, but the economy is definitely recovering.

Off the Charts

Cramer went head to head with colleague Ken Shreve over the chart of

First Solar

(FSLR) - Get Report

, one of the few solar stocks Cramer has ever recommended.

According to Shreve, the stock of First Solar has been a battleground. The stock appeared to blast through its April highs, but hit a wall in recent weeks, gapping lower by 9% after the company reported earnings and was downgraded by analysts. Shreve noted that this move lower was on three times the stock's normal daily volume, meaning the big institutional investors are abandoning the stock.

Since the move, shares of First Solar have been unable to cross above the stock's 50-day moving average and down days have been outnumbering the good ones, further evidence, said Shreve, that the big boys are unwinding their positions.

Cramer agreed with Shreve's analysis, saying that it's not too late to sell First Solar. He said simply that solar is a tough place to be, since the industry lives on government subsidies to grow and those subsidies are drying up and pressuring margins.

Cramer said First Solar does have a lot going for it, including a strong balance sheet and a low multiple, but even still he feels the stock's best days are behind it. "The shorts are running wild," he said.

Mad Mail

Cramer followed up on

Icon PLC

(ICLR) - Get Report

, a stock that stumped him in an earlier show. Cramer said that he'd steer clear of Icon for the moment, as the company is in transition and missed earnings by four cents a share.

Cramer told another viewer that if choosing between

Barrick Gold

(ABX)

, the world's largest producer of gold, and

Eldorado Gold

(EGO) - Get Report

, a smaller player, he'd choose Eldorado for its growth. "Barrick doesn't have growth," he said.

When asked about

Ciena

(CIEN) - Get Report

, Cramer said he thinks the company is still good, but likes

American Tower

(AMT) - Get Report

even more.

Cramer told other viewers that he still likes

Wynn Resorts

(WYNN) - Get Report

on its fundamentals, and

Limelight Networks

(LLNW) - Get Report

for the long term.

Lightning Round

Cramer was bullish on

FLIR Systems

(FLIR) - Get Report

,

Potash

(POT)

,

Best Buy

(BBY) - Get Report

and

Linn Energy

(LINE)

.

He was bearish on

Raytheon

(RTN) - Get Report

,

General Dynamics

(GD) - Get Report

,

Northrop Grumman

(NOC) - Get Report

,

Fortune Brands

( FO),

Sprint Nextel

(S) - Get Report

,

Corning

(GLW) - Get Report

and

Provident Energy Trust

( PVX).

Closing Comments

"I like days like today," Cramer told viewers. He said stocks cannot go up in straight lines, and down days are the times to buy the good stocks that have fallen with the bad.

"Don't question your battle plans, put them into operation," said Cramer. "That's what the pros do."

Cramer continued his recommendation of CSX.

--Written by Scott Rutt in Washington, D.C.

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.

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clicking here

.

For more of Cramer's insights during the Lightning Round, clickhere

.

At the time of publication, Cramer was not long any stock mentioned.

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.