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Watch: Jim Cramer on Southwest, Bitcoin, Morgan Stanley

Jim Cramer and Katherine Ross discuss Southwest's shakeup, the stocks you know, Morgan Stanley, oil and Bitcoin.

Jim Cramer is discussing Southwest's  (LUV) - Get Report shakeup, the stocks you know, Morgan Stanley  (MS) - Get Report, oil and Bitcoin.

Watch the interview with Katherine Ross in the video below: 

Southwest's CEO Shake-Up

Southwest has announced its 2022 Executive Leadership plans for early 2022 on Wednesday, June 23. 

Gary Kelly, CEO, will be stepping into the executive chairman role next year, while Robert Jordan will take over the helm as CEO.

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This change will become effective as of Feb. 1, 2022.

“On behalf of the Southwest Airlines Board of Directors, I am delighted to announce Bob Jordan as CEO,” Kelly said in a press release. “Bob and I have worked side by side for more than 30 years. He is a gifted and experienced executive and well-prepared to take on this important role. Working closely with President Tom Nealon and Chief Operating Officer Mike Van de Ven, we will begin developing transition plans in the coming weeks and months. These three top-notch Leaders make for a powerful team to lead us forward.”

Buy the Stocks You Know, Advises Cramer

"There are two ways to make money on Wall Street. There's the easy way and there's the hard way. But Jim Cramer told his Mad Money viewers Tuesday that the easy money is always the best kind of gain. And in a market that's prevailed against interest rates, Bitcoin, the meme stocks, and shortages of just about everything, don't we all deserve a little easy money?" TheStreet's Scott Rutt wrote in his Mad Money recap

"The easiest way to make money is to buy what you know, stocks you don't have to think about, or worse, stay up at night worrying about. Cramer offered up a list of five "buy what you know" stocks," he continued.

And Cramer himself wrote, in a Real Money column on Tuesday, "We've endured the meme stock craziness, with all of its love for heavily shorted stocks. We have watched the collapse of bitcoin to levels viewed as shocking, even if they are still more than double where they were not that long ago. We've dealt with Fed officials making it clear that they are no longer on the side of the bulls or the bears. They are on the side of job growth, but are wary of inflation. We've seen the end of the rush to get vaccines, which means that millions of people are going to get the new COVID variant, because there is no natural immunity to it. We've watched as the hopes for an infrastructure bill have collapsed. We've endured shortages of everything from chips to plastic to imported goods and labor."

Hear what Jim Cramer is only telling members of his Action Alerts PLUS investing club in Wednesday's Daily Rundown.