Coca Cola ( KO) is a good pick for 2008's volatile trading environment, Jim Cramer said on CNBC's "Stop Trading!" segment Wednesday. "Coca Cola said on my show not that long ago
that raw costs and commodity costs actually peaked. ... People are paying much more for those earnings because they're so consistent. ... Coke is going to continue to go higher," Cramer said. Meanwhile, Berkshire Hathaway ( BRKA) insurance executive Ajit Jain is spurring a short squeeze on Ambac ( ABK) and MBIA ( MBI), Cramer said. Cramer's skeptical about Jain's assertion today on CNBC that Berkshire Hathaway may buy one of the beleaguered bond insurers. "Why open a business and therefore crush your competitors when you want to buy?" He says it doesn't make sense to go shooting against them and also buy them. Cramer is leery of Ambac and MBIA's viability. "Buffett has historically not wanted to buy black boxes," Cramer continued. "Eric Dinallo, New York's superintendent of insurance, is saying 'I don't trust these companies.'" "The shorts cover then put out," Cramer concluded, because of continued turmoil in the housing and financial markets. Cramer also commented on Google's ( GOOG) recent bounce. "I still think Google is the tell for this market. ... It is not the fundamentals driving Google or Apple ( AAPL). If that were the case, Apple would be at $200 and Google would be at $700."