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NEW YORK ( TheStreet) -- When it comes to the bond debts of Greece, Spain, Portugal, Ireland and Italy, Jim Cramer told the viewers of his "Mad Money" TV show Wednesday it's OK to presume worst. But he said he's not letting these European woes scare him away from buying some great U.S. stocks.

Cramer said from now on, he's presuming that all of the above named countries will default on their debt obligations. He told investors that if they have any stocks that will be affected by these defaults, he would sell now, ring the register, and take whatever profits they have while the markets remain just off their highs. "It's OK to sell," Cramer told viewers.

But on the flip side, Cramer said these European issues are not enough to cause him to panic, or to not pick up some great U.S. stocks at great prices. Cramer told viewers they need to ask themselves a simple question, "Are the stocks in my portfolio better off today than they were three years ago?"

Cramer said for most companies, the answer to this question is "yes," and for some, the answer is a resounding "yes!" Take AT&T ( T), he said. Three years ago, when the stock price was roughly the same as it is today, AT&T was struggling with massive land line losses. But today, AT&T is seeing those losses bottoming, and is seeing an explosion of wireless growth.

In the case of Boeing ( BA), he said it was struggling three years ago with rival Airbus, and its 787 Dreamliner seemed like a pipe dream. But today, the 787 is flying and Boeing is starting a seven year aerospace boom, said Cramer.

Likewise with a host of companies Cramer owns for his charitable trust, Action Alerts PLUS. Cramer said Home Depot ( HD - Get Report) was just starting the housing bust three years ago, but now the bottom is at hand. Intel ( INTC) is just starting its run higher, thanks to the mobile Internet and a new wave of corporate spending. And JPMorgan Chase ( JPM) has emerged from the financial crisis with more market share and a better reputation.

Cramer said there are a lot of great companies still out there to buy if investors know where to look.

Dividend Stocks

Worried about the alleged conflicts of interest in Wall Street? Cramer said the way to defend yourself is with high-yielding dividend stocks. Dividend stocks, he said, offer great protection against a turbulent market and the favorable tax treatment of dividends makes them even sweeter.

Cramer said his "go to" stock has been Kinder Morgan Energy Partners ( KMP), a natural gas limited master partnership that's up 25% since he last recommended it on Oct 5. Given Kinder's huge run, Cramer said he has a new name that's quickly becoming his new favorite natural gas pipeline play.

Cramer said investors need to look into Copano Energy ( CPNO), a stock that's more risky than Kinder, but is also a high yielder, 9.2%, and has great growth potential.

Copano currently operates 6,700 miles of pipelines, mainly in Texas, Oklahoma and the Rockies, and has the facilities to process up to 2 billion cubic feet of gas daily. The company is investing heavily into the Eagle Ford shale fields, as well as in other shale fields across the country.

Copano recently completed an equity offering on March 8, and Cramer said the company's new strengthened balance sheet now makes the company investable, and highly attractive.

Digital Magazine Revolution

In the "Executive Decision" segment, Cramer sat down with Charles Koppelman, executive chairman of Martha Stewart Living Omnimedia ( MSO), which is coming out of the recession with flying colors.

Koppelman said Martha Stewart Living is seeing increases all over its business, including in the troubled magazine advertising business. He said the consumer is shopping again, which means more shopping and advertising opportunities for Martha's loyal and well defined audience.

Koppelman rebuffed the argument that magazine publishing is dead, and said that Martha will be at the forefront of the new digital magazine revolution.

Asked about his business in greater detail, Koppelman said that the September quarter will be the inflection point for the company. He said that Martha Stewart Living's new deal with the Hallmark channel on cable will be live, as well as merchandising with Petsmart ( PETM), Home Depot ( HD - Get Report), Macy's ( M) and the Michael's chain of craft stores.

Koppelman said that his company's new deal with Hallmark will be great for the company, as Martha's daily show will now be seen at the same time across the country in over 90 million homes. He said the company's pet and craft businesses are also exciting, as they're both recession-proof areas.

Koppelman declined to comment on celebrity chef Emeril Lagasse coming to Martha's new shows on Hallmark, but he said that it would be natural to assume Emeril would "eventually" make it to the new network.

Cramer said Martha Stewart Living Omnimedia is a steal at $6 a share and thinks it will return to $8 a share.

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: Apple ( AAPL), Microsoft ( MSFT), Freeport McMoRan ( FCX), JPMorgan Chase ( JPM) and Goldman Sachs ( GS).

Cramer advised selling Goldman in favor of an industrial company and selling Microsoft for a health care company.

The second caller's top holdings included Activision ( ATVI), Anworth Mortgage ( ANH), Infospace ( INSP), Divx ( DIVX) and AT&T ( T).

Cramer said he'd keep AT&T and throw out the rest of the portfolio in favor of higher quality, and more diversified, stocks.

The third caller had Tenet Healthcare ( THC), Weatherford ( WFT), Micron ( MU), Bank of America ( BAC) and Novell ( NOVL) as their top five stocks.

Cramer advised selling Micron and Novell in favor of Intel and an oil stock.

Lightning Round

Cramer was bullish on Limited Brands ( LTD), Home Depot ( HD - Get Report), Nucor ( NUE - Get Report) and Hot Topic ( HOTT).

He was bearish on Duff & Phelps ( DUF), Fortune Brands ( FO) and United States Steel ( X - Get Report).

Closing Comment

Cramer said Hewlett-Packard ( HPQ)'s aquisition of ailing Palm ( PALM) will hurt Microsoft ( MSFT), as he expects HP will begin using Palm software instead of paying Microsoft for its licenses. "Don't lose faith in HP," Cramer told viewers.

-- Written by Scott Rutt in Washington D.C.

To watch replays of Cramer's video segments, visit the Mad Moneypage on CNBC .

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

For more of Cramer's insights during the Lightning Round, clickhere .

At the time of publication, Cramer was long Home Depot, Intel and JPMorgan Chase.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com 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 TheStreet.com, 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 TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

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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 TheStreet.com. 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 TheStreet.com, 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.