Cramer's 'Mad Money' Recap: June 23

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There are bargains galore in the stock market but you would never know, Jim Cramer said on his "Mad Money" show Tuesday.

With the exception of health-care costs, which has risen year over year, everything else is cheap, including stocks, which are down 32% year over year, he said.

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As evidence, Cramer told viewers to check out CSX ( CSX), which is off 49% year over year; BP ( BP), which is down 31% year over year; and Bank of America ( BAC), which is off 52% year over year, the latter two which he also owns for his Action Alerts PLUS portfolio .

Cramer said most don't know about the stock bargains because they haven't bother to listen to the conference calls or read company press releases to find out what is really happening.

Healthcare Gem

Cramer delved into health care stocks in this segment. He said Wall Street is getting greater clarity from Congress on the health-care overhaul and that, in turn, will turn tell us which companies are going to get penalized and which one are going to be profitable.

He said mutual funds are already starting to mark up certain names as the current quarter draws to a close. One name he likes is Quest Diagnostics ( DGX), the nation's largest lab testing company. The company provides commercial clinical testing services and provides products that enable diagnostics.

According to Cramer, the opinions of the chartists have ranged all over the map, from being a buy to being negative to being uncertain.

Cramer, though, loves the company's fundamentals, especially the point that labs are due for a 4.5% increase from Medicare in 2009.

He said the well-run company is the fastest growing company in a fast-growing industry. Furthermore, it is expanding into Brazil and India. He said the stock is a steal at 13 times its 2010 earnings.

Am I Diversified?

Cramer played "Am I Diversified" with callers to see if their portfolios have what it takes. The first caller's portfolio included: Allos Therapeutics ( ALTH), Broadwind Energy ( BWEN), First Niagara ( FNFG), RF Micro Devices ( RFMD) and Quest ( Q).

Cramer said this speculative portfolio in a bizarre way was OK.

The second caller's top holdings included DigitalGlobe ( DGI), Solar Winds ( SWI), Ford ( F), New Gold ( NGD) and General Electric ( GE).

Cramer said this investor was rolling the dice with this speculative portfolio.

The third caller had Abbot Labs ( ABT), ConAgra ( CAG), Raytheon ( RTN), PPG ( PPG) and Flextronics ( FLEX) as their top five stocks.

Cramer said this traditional portfolio was diversified.

House of Cards

Cramer invited David Faber to talk about his new book, "And Then the Roof Caved In."

Cramer praised Faber for providing a clear, absorbing account of the economic collapse.

Faber told Cramer that he wonders whether the Fed with all its new powers is going to matter at the end of the day.

He also said it was fascinating how Merrill Lynch never mentioned a word about credit default obligations in its annual report in 2006 and how it used the phrase repeatedly the year after.

He said the brokerage company had taken enormous risk in its mortgage business.

Lightning Round

Cramer was bullish on Cubic ( CUB) and Linn Energy ( LINE).

Check out the latest edition of "Cramer's Take on Top-Searched Stocks" on Stockpickr.

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

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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