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"Cash is no longer king," Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

With every Federal Reserve interest rate cut, cash becomes a less and less attractive place to invest in, Cramer said. "You'd be insane to keep your money in CDs or savings accounts at these rates."

The new "king" of investments, according to Cramer, is high dividend-yielding stocks.

His favorite in this group is electric utility ConEd ( ED). ConEd, he says, "is the single best electric utility in the nation." He noted that ConEd has a 5.7% yield and just raised its dividend again in January.

Cramer said high-dividend paying stocks are appealing for several reasons. First, their dividends yield more than the current rates for cash-based investments. Second, the tax rate on dividends is significantly less than the capital gains tax rate paid on interest income. And third, investors get the upside potential of the stock, something CDs, money markets and savings accounts can't offer.

In the case of ConEd, the company just recently reported 76 cents a share of earnings, beating estimates by a massive 15 cents a share. Cramer says ConEd is also attractive because it's not economically sensitive and is often considered a "recession-proof" company that investors flock to when the economy turns sour.

Cramer once again recommended buying gold, oil and agriculture stocks, but he said for a safe, recession-proof stock, investors also need to consider ConEd.

A Stock With a Big Dividend

Cramer highlighted US Energy Trusts as a second high dividend-yielding investment idea. Energy trusts, he pointed out, do not receive a lot of attention on Wall Street, but they pay out huge dividends, mainly because they don't pay taxes on their earnings.

Cramer's short list of energy trusts included Permian Basin Royalty Trust ( PBT), BP Prudhoe Bay ( BPT), San Juan Basin ( SJT) and Hugoton Royalty Trust ( HGT).

Of the four, Cramer ranks Permian Basin Trust as the best.

Cramer said he favored Permian Basin for several reasons. First he pointed out that the trust is diversified, with 59% of its operation in oil and the other 31% in natural gas.

Second, Permian Basin operates mainly in Texas, a friendly place to drill for oil and gas. Finally, Cramer said Permian Basin has nine years of reserves left in the trust. "This makes (it) a safe place to invest for at least the next three to four years."

Cramer said Permian Basin is also predictable. Even if oil prices go lower, he predicts the trust's dividend will still be "impressive." Permian Basin currently yields just over 12%.

An Outrageous Pay Package

Cramer expressed outrage at Washington Mutual's ( WM) Chairman and CEO Kerry Killinger and 100 other executives who were given attractive compensation targets by the company's board of directors.

According to the Wall Street Journal, the board voted to shield the compensation targets from some costs from mortgage losses and foreclosures when bonuses are calculated later this year. Cramer was disgusted with the action because it comes at a time when the company teeters on the brink of insolvency.

Cramer called the board's actions "shameful" and added the entire board to his "Wall of Shame."

"How can you people live with yourselves," he asked, while noting that the proposed bonuses for Killinger will range between 365% and 548% of the CEO's base salary for the year.

Cramer urged Washington Mutual shareholders to hold the company's board accountable for their actions.

Mad Mail

In this segment, Cramer told a viewer that he wouldn't recommend buying Seagate ( STX), saying he's not a fan of any technology stock.

Am I Diversified?

Cramer played "Am I Diversified?" with callers to find out if their portfolios are right for this market.

The first caller's portfolio included Barrick Gold ( ABX) Humana ( HUM) McDonald's ( MCD) Altria ( MO) and Honeywell ( HON).

Cramer, who owns both McDonald's and Altria for his charitable trust, Action Alerts PLUS , blessed this portfolio as diversified.

The second caller had American Commercial Lines ( ACLI), Steel Dynamics ( STLD), Google ( GOOG), Apple ( AAPL) and Ebay ( EBAY) in his portfolio.

Cramer identified "three of a kind" with Apple, Google and Ebay and recommended adding a defense, healthcare and tobacco stock to the list.

Lightning Round

In the Lightning Round, Cramer was bullish on Oracle ( ORCL), ( CRM), Caterpillar ( CAT), Global Industries ( GLBL), Willbros Group ( WG), Ametek ( AME), Hudson City Bancorp ( HCBK), Spectra Energy ( SE) and Duke Energy ( DUK).

Cramer was bearish on Pfizer ( PFE), Buffalo Wild Wings ( BWLD) and Nvidia ( NVDA).

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

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

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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