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Buy Boeing ( BA - Get Report) because it is going to win in its "historic confrontation" with its union, said Jim Cramer Wednesday on his "Mad Money" TV show.

The CAT Came Back

Cramer said Boeing is reminiscent of Caterpillar ( CAT - Get Report) in the early 1980s when it struck a "death blow" to its union. Prior to that, Caterpillar's stock had done "nothing" for 20 years.

In 1984, CAT won a standoff with its union, and the stock hasn't looked back since, he said.

Two companies that have lost repeatedly in negotiations with their unions are Ford ( F - Get Report) and General Motors ( GM - Get Report), said Cramer, and that's why those companies have a hard time making money.

Cramer said Boeing "doesn't want to be GM or Ford. It wants to be CAT, and that makes me want to own the stock."

Cramer believes that Boeing is on the verge of a multiyear up cycle in aerospace and that its stock is set to soar if it prevails over its union.

Chemical Reactions

There are situations when you need to own a stock, said Cramer. A company taking on its unions, such as Boeing, is one. Another is when a company's competitors are about to go belly up.

Jarden ( JAH) fits that description as well as Lyondell Chemical .

Hurricane Katrina hurt many of Lyondell's competitors, but Lyondell was not affected. It may be the "smartest" Hurricane Katrina play, said Cramer. Lyondell will get more orders and will be able to raise prices -- both of which should translate to higher earnings and a higher stock price. "You need to own Lyondell," said Cramer.

A caller asked about Clean Harbors as a Hurricane Katrina cleanup play. Cramer said he would ring the register as the stock has already priced in "all the good news."

Cramer was bullish on Lions Gate Entertainment ( LGF) because insiders have been going "wild" buying the stock and because of the company's strong fundamentals.

Insider activity alone isn't enough to buy -- or sell -- a stock, Cramer said. But it can tip the scales in an already compelling situation such as Lions Gate.

Oil and Water

Valero ( VLO - Get Report) CEO Bill Greehey was a guest by telephone on the show. Cramer asked Greehey how his company is faring in the aftermath of Hurricane Katrina. Valero has refineries in Louisiana as well as on the Texas Gulf Coast.

"We're in great shape," said Greehey, adding that all of his employees had been accounted for and most were back at work. "We were only down seven days."

Cramer asked Greehey about his company's refining capacity and where Greehey saw gasoline prices headed.

Greehey said Valero would be at maximum production capacity by the end of the week. As for where gasoline prices are headed, Greehey said that would depend how long it takes competitors to get back online. "If they're down two or three months and you've got four refineries down, that could have a significant impact on supply."

Greehey said Valero had been pricing gasoline at its retail stations "20 cents below the market. But, the difference between the spot price and what we're selling it at retail -- we're probably losing 40 cents. But, the refineries are making the margin."

Cramer summed up the interview by saying that even though he has advised taking some profits in Valero, "It's still the number one refiner, and it goes higher."

Cramer was also joined by telephone by Aqua America ( WTR - Get Report) CEO Nick Debenedictis, who said "municipalities have not been making the needed investment" in water systems.

Cramer asked if there might someday be a national water company.

"I don't think there will ever be one national company. It will be regional," the CEO said.

Municipalities are not contacting his company to take over their water systems, Debenedictis said. It's the other way around. But, so far, every water system Aqua America has taken over has been a win for the municipality and a win for his company, he said.

"We don't have one complaining municipality. In fact, they're our best salespeople," the CEO said.

Cramer summarized the interview saying he thinks Debenedictis "knows what he's doing." If the stock pulls back to $32, "I'm going to buy it myself," said Cramer. Aqua America shares closed Wednesday at $35.72.

Music to His Ears

Finally, Motorola CEO Ed Zander, also joined Cramer by phone. Cramer wanted to know whether Motorola's new music phone, for which it has partnered with Apple ( AAPL), would be on the market in time for Christmas.

"We are still sticking to our commitments," said Zander.

Cramer said Motorola's new music phone is the "real deal. This is what everybody's going to want this Christmas."

The bottom line, said Cramer, is don't sell Motorola even though it is up "huge."

Lightning Round

Bullish

Cramer was bullish on Schering-Plough , Transocean ( RIG - Get Report), Schlumberger ( SLB - Get Report), Chevron ( CVX - Get Report), Coventry Health Care , Centex ( CTX), National Fuel Gas ( NFG - Get Report), Energy Conversion Devices , Principal Financial Group ( PFG - Get Report), Prudential Financial ( PRU - Get Report), MetLife ( MET - Get Report), BE Aerospace ( BEAV), Polaris Industries , Sierra Pacific Resources , Smith International ( SII), CarMax ( KMX - Get Report), Sirius Satellite Radio , XM Satellite Radio ( XMSR), Weatherford International ( WFT), Chesapeake Energy ( CHK - Get Report), Noble Energy ( NBL - Get Report), Commerce Bancorp ( CBH), Borders Group , Barnes & Noble ( BKS) and Genentech .

Bearish

Cramer was bearish on Merck ( MRK), Parker Drilling ( PKD), Toll Brothers ( TOL), Exxon Mobil ( XOM), Sepracor , Accenture ( ACN), Pulte ( PHM), PetMed Express ( PETS), Salesforce.com ( CRM), Usana Health Sciences , ASV , Allied Waste Industries ( AW), Vimpel-Communications , Citizens Communications ( CZN) and Citigroup ( C).

For more on the Lightning Round, click here .

1. Pigs Get Slaughtered 2. It's OK to Pay the Taxes
3. Don't Buy All at Once 4. Buy Damaged Stocks
5. Diversify to Control Risk 6. Do Your Homework
7. Don't Panic 8. Buy Best-of-Breed
9. Defend Some Stocks 10. Don't Bet on Bad Stocks
11. Own Fewer Names 12. Cash Is for Winners
13. No Regrets 14. Expect Corrections
15. Know Bonds 16. Don't Subsidize Losers
17. No Room for Hope 18. Be Flexible
19. Quit When Execs Do 20. Patience Is a Virtue
21. Be a TV Critic 22. When to Wait 30 Days
23. Beware the Hype 24. Explain Your Picks
25. Find the Bull Market

At the time of publication, Cramer was long Boeing, Commerce Bancorp, Motorola and Halliburton.

James J. 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 ActionAlertsPLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here. 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." Cramer appreciates your feedback and invites you to send him an email by clicking here.