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To all the naysayers of the $700 billion bailout package, Jim Cramer told them they're "dead wrong."

He told the viewers of his "Mad Money" TV show on Wednesday that we need to throw everything we can at the financial crisis.

Cramer said the pundits against the plan are dead wrong on the facts. He said he's tired of hearing how this option or that option just won't work. "Tell us what will work," he asked those opposed to the bailout plan.

Cramer said that after the attack on Pearl Harbor, the country did not attack its admirals for letting the attack happen, it attacked the enemy and won the war. "There will be plenty of time for subpoenas later," he said.

Cramer said he understands that it might be difficult for investors to think about stocks at a time when they're worried about losing their jobs or their home, but he feels the market now represents a great value for the long term.

He said Monday's sell-off was a clear sign to sell stocks, but Tuesday's was a sign to buy them. Cramer said he's taking the middle ground, staying defensive with consumer stocks and high dividend stocks while looking for real bargains amidst the rubble.

Cramer: Make Money as Oil Slips

An Incredible Steal

Cramer said there is one company that's so criminally undervalued he can hardly believe it. That company is KBR ( KBR), and he said he's "never seen a company so cheap in my life."


After hitting a peak of $43.25 earlier in the year, the stock now trades at just $15.13. Cramer said the decline in price is not due to the fundamentals, but rather to fears that a Democratic president would cut defense, as well as hedge funds being forced to liquidate their positions to cover redemptions.

With a $15 billion backlog, KBR's paltry $2.5 billion marketcap just doesn't make sense, he said. Furthermore he said the company has $9 per share of cash on its balance sheet, and trades at just 7.5 times its forward earnings, or just 3 times earnings if you back out the cash.

Cramer said that while infrastructure and energy may be out of favor on Wall Street, it's still very much in favor in the real world. The company continues to secure new business and grow its backlog.

Cramer also noted that in April, 2009 KBR will be eligible to sell itself, making it a prime takeover target for a multitude of companies. Giving KBR the same valuation as previous deals, Cramer said the stock could fetch as much as $55 a share.

Even when more conservative numbers are applied, Cramer said the stock would fetch a $33 price target and a 118% gain in the stock.

Am I Diversified?


Cramer talked with callers about their portfolios and evaluated them. The first caller's portfolio included Exxon Mobil ( XOM), Honeywell ( HON), Proctor & Gamble ( PG), Pepsi ( PEP) and Williams ( WMB).

Cramer said he liked the portfolio except for the two oil companies with Williams and Exxon. He suggested selling Exxon in favor of a defense stock or a healthcare company.

The second caller's top holdings included Baldor Electric ( BEZ), Vertex Pharma ( VRTX), John Deere ( DE), Jos. A Bank Clothiers ( JOSB) and BB&T ( BBT).

Cramer said he's not a fan of Joseph A Bank, but called the portfolio perfect if a better retailer were added in its place.

Lightning Round

Cramer was bearish on Signet Jewelers Limited ( SIG), United States Steel ( X), Honeywell ( HON), Jefferies Group ( JEF), Yamana Gold ( AUY) and Arch Coal ( ACI).

Where will the Dow Jones Industrial Average stand at the end of 2008? Above 10,000 9000-10,000 8000-9000 7000-8000 Below 7000

Where will the Dow Jones Industrial Average stand at the end of 2008?

Above 10,000
7000 to 8000
Below 7000
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Read more of Cramer's Mad Money Lightning Round insights.

For "Mad Money" performance statistics and other links, check out Mad Money stats
At the time of publication, Cramer was long Procter & Gamble, Deere and Pepsi.

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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