The auto industry's not getting a lot of good press these days, but Jim Cramer believes one of the majors is a good buy: General Motors (GM) - Get Report.

On his

"RealMoney" radio show Thursday, Cramer compared and contrasted

Ford

(F) - Get Report

and GM. While Ford is looking to scale back, General Motors is focusing on improving quality and extending its warranty on new cars to 100,000 miles. In addition, it remains open to the idea of combining with another company, Cramer said.

However, people are still negative on GM because they feel nothing has changed at the company. Cramer believes Jerry York, who was recently appointed to General Motors' board, is a "miracle worker" and will turn the company around.

In addition, he believes the restructuring at General Motors is going to produce "huge results." When the

Fed

starts cutting rates, people should want to be in autos, Cramer said.

"It's not done," he said. "GM remains one of my best ideas and I believe you should buy it."

Cramer on Demand

Every week, readers of

TheStreet.com

vote on the stock they most want Cramer to talk about. This week's stock was

Diageo

(DEO) - Get Report

, he said.

Diageo reported a "monster good quarter," but sold off last week -- unfairly, Cramer said.

Diageo was hit by profit-taking, but he believes market players should be buyers of this "fantastic spirits company," particularly those who believe the economy is slowing.

"These are modest-priced alcohols and people buy those types in this type of environment," Cramer said.

Today's Market

The market was holding up Thursday thanks to defense stocks, and technology -- and tech's being led by one company:

Apple

(AAPL) - Get Report

.

"Apple is powering everything tech today with its monster iPod franchise," Cramer said.

Also, financials are signaling that the Fed is finished tightening rates, he said. In fact, "what we have here is the Fed considering whether to cut interest rates."

Oil's Not Well

Although oil is "close to Cramer's heart," he said he doesn't like it any more and has altered his position on it because the fundamentals have changed.

"Oil has reversed course," he said. The circumstances that once caused it to go up all seem to be "baked in," he added. Plus, "the economy is slowing to the point that we are using less oil and gasoline."

Still, Cramer does not believe the Middle East is finished being a dangerous place, so he is not leaving the oil group entirely. But if market players have more than 10% of their portfolio in oil stocks, "they will get hurt," he said.

H-P Is OK

Although there a lot of "messy things" going on with

Hewlett-Packard's

(HPQ) - Get Report

board, investors who own H-P should not panic, because the fundamentals are solid, Cramer said, adding that the stock is back to where it was before it reported its great quarter.

"Any decline in the stock whatsoever is a gift," he said. "If you want to play the tech rally, which is going on right now, Hewlett-Packard is the way to go."

Smokin' Brokers

Jim Cramer told a caller he recently sold

Ameritrade

(AMTD) - Get Report

from his charitable trust,

Action Alerts PLUS, as he considers it a "very difficult stock" that is a play on the amount of trading individuals do, he said on his

"RealMoney" radio show Thursday.

Ameritrade is also a play on high interest rates, so if people believe that the

Fed

is going to start cutting rates, then it's not as attractive, he said.

Responding to his next caller, Cramer said he "really loves"

MasterCard

(MA) - Get Report

in the mid $40s, but still regards it as an inexpensive stock. MasterCard was recently at $60.46.

On the other hand, Cramer told another caller he is in a "wait-and-see mode" with

Sara Lee

(SLE)

.

"I like so many other food stocks more that it's difficult for me to endorse Sara Lee, too," he said.

Although some people feel that the brokerage industry has turned bad, "that's nonsense," Cramer told a listener who asked about

Bear Stearns

(BSC)

.

"Business is smoking in these places," he said.

However, Cramer said he prefers

Goldman Sachs

(GS) - Get Report

, and even owns it for his charitable trust,

Action Alerts PLUS, because it sells at eight times earnings, whereas Bear Stearns sells at nine times earnings.

"Goldman Sachs is my number one,

Lehman Brothers

(LEH)

is number two and Bear Stearns is close up there with Lehman," he said.

When a listener asked about

GameStop

(GME) - Get Report

, Cramer called it "the No. 1 way to play the explosive growth of video games in this country."

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

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

Action Alerts PLUS. Listen to Cramer's RealMoney Radio show on your computer; just click

here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click

here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click

here to get his second book, "You Got Screwed!" and click

here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by

clicking here.

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