Investment banks such as Goldman Sachs ( GS) and Bear Stearns ( BSC) know how to weather rising interest rates and currently trade at steep discounts to many lesser companies, Jim Cramer said on CNBC's "Stop Trading!" segment Monday. "I don't get why people sit there and say Goldman's going to take a beating, or Bear Stearns, when rates go higher," Cramer said. "They aren't savings and loans. That's how these guys make their living." Cramer asked why many top Wall Street brokerages should trade around 10 times earnings when exchanges like Chicago Mercantile ( CME), CBOT Holdings and International Securities Exchange ( ICE) regularly fetch more than 40 times earnings. Cramer also recommended laying off "falling knife" energy stocks like Valero ( VLO) for now, with gasoline costing around $2 a gallon. "You have to let these things come down. We get a little pullback, and that's just what the doctor ordered." He counseled similar prudence on telecommunications suppliers such as Tellabs ( TLAB) and Alcatel ( ALA), saying it's too early to tell who the winners are in the AT&T ( T)- BellSouth ( BLS) merger. Speaking of the merger, Cramer says it puts additional pressure on the cable operations at Time Warner ( TWX) and Comcast ( CMCSA). "AT&T is the DSL price cutter, and It's going to kill the cable companies," he said.