Click here for an archive of Cramer's "Mad Money" recaps.
If people want to make money in a market in which a brokerage house just reported a nearly $8 billion loss and in which their houses seem to be worth less each day, they should look to the "indestructible" and fast-growing stocks that worked in the 1990s, Jim Cramer told viewers of his "Mad Money" show Wednesday. Merrill Lynch's ( MER) $7.9 billion writedown reminded Cramer of the gloomy market days of the 1990s. Back then, he told viewers on his "Mad Money" TV show on Wednesday, most of the great American banks traded down almost every day because commercial real estate fell apart that year due to overbuilding. Cramer doesn't see why anybody would want to own Merrill now, because in some ways the current environment is even worse than the 1990s. The federal government, he said, doesn't want to save residential real estate. He called the companies that issue mortgages and those that insure mortgages, such as PMI Group ( PMI) and MGIC Investment ( MTG), "frightening." Cramer said he expects these stocks to continue to go lower.