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Remember what worked down here last time (or at least where we seem to be going): dividends.

You need dividend protection. When you get stocks at plus-4%, you are still going to get a trampoline. I am curious to watch if


(GE) - Get General Electric Company Report

can really get down to a 5% dividend, something you get with an


(MO) - Get Altria Group Inc Report

because it has little growth. A growth company with a secure, hefty dividend is going to do fine here.

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Remember when


(T) - Get AT&T Inc. Report



(VZ) - Get Verizon Communications Inc. Report

TheStreet Recommends

were under $35? Those were great buys. It will happen again. Just think, a few weeks ago,


(BP) - Get BP Plc Report

was yielding 5%.

When we are in preservation mode, only dividends -- safe dividends, not those from any bank -- will provide you with downside protection.

It's really the only safety you can expect in this environment.

At the time of publication, Cramer was long Altria and Verizon.

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