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The retail sector is still hurting, but "one segment of retail that can really buck the trend is footwear," Cramer told his "Mad Money" TV show viewers Friday.

And Skechers ( SKX), he said, is a good speculative stock.

Cramer said it could join Deckers ( DECK) and Crocs ( CROX) in a series of shoe companies with unexpected success.

Skechers recently beat earnings estimates by 9 cents a share, and same-store sales were in the high single digits. Domestic wholesales were up 14%, and international sales were up 36%, with triple-digit growth in the U.K.

Even with a good quarter, Skechers delivered a low guidance. Cramer doesn't mind this because that's why it makes the stock a speculative play. Besides, the company could be "playing the Apple ( AAPL) game," of overdelivering on low expectations.

Skechers is priced at 24 times next year's forward earnings, and trading at less than its growth rate.

The company has had spotty performance in the past, but Cramer noted that a company doesn't have to go from good to great to make investors money: "We're looking for bad stocks that may have turned the corner and become good."

If Skechers keeps growing and becomes more profitable at the margin, its stock will definitely rise, Cramer said. "I think Skechers is just beginning to run."

Mitt Summit

"Sometimes it isn't what happens on Wall Street" but "what happens on Pennsylvania Avenue" that can make people mad money, Cramer said. For this reason, he welcomed Republican presidential candidate Mitt Romney to the show Friday.

Cramer noted that people in their 20s and 30s appear to respect business. He asked how this shift bore on the presidential election.

"People want individuals who are not lifelong politicians," Romney said. He believes that the country needs leaders with private-sector experience, people who can get the job done.

George W. Bush ran as a CEO president, Cramer said, but that turned out to be more of a slogan than a reality.

Romney said that he and Bush have "different histories." Romney came from the investing world, ran the Olympic games, and served as governor of Massachusetts for four hears. Pointing to his credentials, he said, "If you're going to run something, it's helpful to have run something before."

When asked about the stock market's poor performance over the past five years, Romney said that as a businessman he didn't worry about the market overall, but "which companies were going to be successful."

Romney is more concerned with overspending in Washington and overuse of oil. He believes that the federal government needs to work alongside private enterprise to bridge the gap to other energy sources, including nuclear power. "If we get on a track to become energy efficient ... that's going to have an impact on the prices of oil" and benefit the country.

Cramer asked Romney about the housing crisis, specifically whether it was right to leave homebuyers out to dry. Romney said that some of the blame lay on the federal government, whose responsibility it is to protect people from faulty products. He said it's in "no one's interest" to have loans reset. On the other hand, Romney isn't going to lose sleep over investors who knew the risks, but he will lose sleep over homeowners.

Asked about how to develop a productive trade relationship with China, Romney noted that China has unfairly priced their goods by pegging their currency to the dollar and failing to protect U.S. intellectual property rights.

Romney said, "In a negotiation you never tell the other side what you're willing to do," but he would take measures to apply standards one should expect from a trading partner. He doesn't like tariffs, but "we need to see progress or get tougher."

Cramer concluded the interview by asking about taxes. Romney was very negative on the idea of introducing new taxes, and believes that the American people and the entrepreneurial spirit will lead to growth that can increase the government's revenue.

Fed-Cut Faves

Cramer's Game Plan segment focused on the Fed meeting next Wednesday. Because the recent half-point rate cut "demonstrates a bit of thinking on their part," Cramer expects another half-point drop. He noted that the recent market has been difficult, but the rate cut will offer more buying opportunities.

He recommended Annaly ( NLY). The company has a plan to take advantage of value in the distressed real estate market. He recommends reading CEO Mike Farrell's analysis on the company's Web site. The company is set up to benefit financially from fed cuts. Additionally, they minimize credit risk by owning mostly government paper, eliminating the possibility of defaults.

The next stock Cramer recommended, FMC Technlologies ( FTI), is an oil-service play. The company helps drillers get more oil in a domestic market where every extra barrel counts.

Cramer's final rate cut play was Transocean ( RIG). The stock, which he also owns for his Action Alerts PLUS portfolio, has been "biding time," but is only exposed to deep-water drilling, so won't be hurt in the same way American drillers have. In addition, RIG is closing on a merger deal with Global Santa Fe ( GSF), which will yield a new company and a $33 dividend.

Each of the three Fed plays report before Wednesday's meeting, so Cramer recommended buying half of the position on Monday, then waiting for good news before completing the investment.

Mad Mail

One writer asked Cramer why investors were willing to pay such a high premium for stock in Las Vegas Sands ( LVS) over Wynn ( WYNN). He claimed that with price over earnings at 21 and higher profits, Wynn should not be trading at a discount to Sands.

Cramer checked the P/E of the two companies, discovering that Wynn has a 96 P/E and LVS has a 103 P/E. He noted that the CEOs of Wynn and Sands - Stephen Wynn and Sheldon Adelson -- are, alongside Mitt Romney, "two of the best businessmen in the country."

Lightning Round

Cramer was bullish on Proctor and Gamble ( PG), ValueClick ( VCLK), UPS ( UPS), Omniture ( OMTR), Aecom ( ACM), KBR ( KBR), Foster Wheeler ( FWLT), ( CRM) and Oracle ( ORCL). Cramer was bearish on Taser ( TASR) and Smith & Wesson ( SWHC).

Want more Cramer? Check out Jim's rules and commandments for investing from his latest book by clicking here.

For more of Cramer's insights during the Lightning Round, click here .
At the time of publication, Cramer was long Transocean.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for, Inc., and CNBC, and a director and co-founder of All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.

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