For back-to-school season, Cramer said Staples' ( SPLS) conference call tells him that PC notebook sales are really strong.

"That's a core Intel ( INTC) product and Hewlett-Packard ( HPQ) product."

Cramer owns both EMC and Hewlett-Packard for his charitable trust.

Long-Term Comparison

Investors who got caught up in the morass of the Long-Term Capital Management mess in 1998 missed the multiple expansion prevalent in a lot of the high-growth stocks benefiting from interest rates coming down.

"I remember in particular America Online exploded to the upside in 1998," he said. "That was the beginning of when you started having the dot-com explosion, and if you focused only on whether Citigroup ( C) was going to come out of this hole, or whether Bankers Trust was going to make it, you missed the easy money."

Cramer owns Citigroup for his charitable trust.

In 1998, "Long-Term Capital was a discreet hedge fund that had the ability to take down pretty much every broker because they had borrowed a lot of money," Cramer said. "Here we have a lot of different hedge funds that have borrowed a lot of money but nowhere near the size of Long-Term Capital."

Whereas the current crisis in subrpime involves a gigantic spread of problems, in 1998, it was a concentrated spread, Cramer said. Long-Term was a large hedge fund that would have failed if it weren't for a Fed-led bailout. The quantitative fund got into trouble when Russia announced it would default on its debts. The U.S. stock market fell 20% in reaction, and European markets dropped 35%. Investors flocked to Treasury bonds, driving interest rates down a whole point.
At the time of publication, Cramer was long Citigroup, EMC, Hologic and Hewlett-Packard.

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. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his 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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