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NEW YORK ( TheStreet) -- "Wait it out and stay the course," were Jim Cramer's only comforting words to the viewers of his "Mad Money" TV show Thursday, after yet another horrible day on Wall Street.

Cramer said until we get more clarity out of Europe, our only defense will be in cash and high-dividend yielding stocks.

Cramer said that when Treasury Secretary Tim Geithner said last week that there will be no more Lehman Brothers-style bank collapses in Europe, that didn't mean that there wouldn't be more pain, and more days like today. He said the Europeans seem to be doing all of the wrong things, like raising interest rates and not forcing their banks to raise more cash.

But Cramer stopped short of comparing today's markets to that preceding the Great Depression or even that of a great recession. He said that 91% of the country is still employed, and our banks are in much better shape than they were just a few years ago.

Cramer said while the Federal Reserve's new "Operation Twist" may fail to yield meaningful results, Fed Chairman Ben Bernanke, along with Geithner, are students of history and are not bound to repeat those mistakes.

Cramer even went as far as to defend the ailing Morgan Stanley ( MS), saying that his earlier comments about the company may have been too harsh. Cramer said Morgan Stanley is making a ton of money, even in this challenging environment, and the rumors of exposure to French banks are simply false.

Even with at least some of our leaders doing the right thing, Cramer said the pain will continue, and the only place to hide will be in cash and of course, with high-yielding dividend stocks that offer a cushion as the markets head lower.

Ripe for a Rebound

In this installment of his "Time For Tech" series, Cramer highlighted EMC ( EMC), a stock which he owns for his charitable trust, Action Alerts PLUS, and another beaten-down tech stock that's ripe for a seasonal rebound.

Cramer said EMC used to be just a high-end storage company, but now has its hands in all aspects of big data with a diversified data center franchise. He said the company has a strong balance sheet and is trading dirt cheap, at just 12 times earnings despite a 16.7% long-term growth rate.

Cramer noted that this may not be the bottom for EMC's stock, but the calendar is right for the tide to be turning soon if it hasn't already. He said it's very rare to find a tech company that's growing over 10%, but that's exactly what EMC offers investors. When the company last reported on July 20, it delivered a one-cent-a-share earnings beat on a 20% jump in revenues.

EMC owns a stake in VMware ( VMW), the virtualization company that allows multiple servers to be run on the same hardware. Cramer said VMware may be too risky for the current environment, but at EMC, VMware accounts for only 19% of sales.

While some investors are worried about sluggish sales in Europe and the Middle East, Cramer noted that these regions only account for 30% of sales and those expectations are already baked into the current stock price. He said EMC should be delivering a good quarter.

Value Play

In his "Paid To Wait" segment, Cramer did some homework on Clorox ( CLX - Get Report), a recession proof name that is currently yielding 3.6% and has a 34-year track record of consecutive dividend raises.

Cramer said Clorox is exactly the kind of company investors should be considering in times of turmoil. He said the company does have its challenges, like rising commodity costs, but its stock represents a real bargain given the company's turnaround plans and market opportunities.

A full 90% of Clorox products are either No. 1 or No. 2 in their class, but that doesn't mean the company is standing still. It's in the middle of a multi-year turnaround effort to capitalize on emerging trends and make their brands more relevant.

Clorox' acquisition of Burt's Bees, for example, is a play on the trend towards all natural products, and the company is also hard at work making new eco-oriented cleaners and pushing its Brita water filters as a replacement for bottled water.

Cramer said Clorox can do a lot in the cost-cutting department as well, helping to offset rising costs. The company also has a huge international opportunity ahead of it, with only 20% of sales currently coming from overseas.

Shares of Clorox trade at 16 times earnings an the company has a 10% long-term growth rate. Cramer said he'd start a position right here, and buy more in increments as the markets trend lower.

Moving Forward on Natural Gas

In the "Executive Decision" segment, Cramer spoke with Andrew Littlefair, CEO of Clean Energy Fuels ( CLNE - Get Report). Littlefair testified earlier today before Congress in hopes of passing the Natural Gas Act, which would aid in converting 18-wheelers in America to clean, domestic natural gas.

Littlefair said he received a good reception in Washington today and is feeling good that the Natural Gas Act can be passed. He said the natural gas industry will grow without the act, but it will happen a lot faster if the bill is passed.

Littlefair continued by saying that our country has a lot of work to do in order to change the way America moves its goods, but if passed, the bill would help convert 150,000 trucks, creating 100,000 direct jobs and 300,000 indirect jobs in the process. It would improve the environment and also our national security by helping to eliminate imported oil.

When pressed for a timeframe, Littlefair said he's not waiting for the bill to pass, and Clean Energy Fuels is busy building natural gas fueling stations today. He said the next generation of engines are coming soon and that will be the big boost trucking companies need to begin converting to natural gas.

Cramer said natural gas stocks have been fabulous and he's not backing away from recommending them

Lightning Round

Cramer was bullish on ( STMP - Get Report), Cummins ( CMI - Get Report), AT&T ( T - Get Report), Aruba Networks ( ARUN) and Gold Resource ( GORO - Get Report).

He was bearish on Goldman Sachs ( GS), Teck Cominco ( TCK) and McMoran Exploration ( MMR)

Closing Comments

In his "No Huddle Offense" segment, Cramer compared the action in Joy Global ( JOYG), which was higher today, with that of , General Mills ( GIS), which sank lower.

Cramer said that Joy Global has become too hard to figure out, with hair trigger traders using the company's stock as a proxy for growth in China. Yet, the stock was able to rally today.

Compare that to General Mills, a safety stock that many investors flock to in tough times, and one that is benefitting from lower commodity prices. Shares of General Mills are heading lower, despite it's 3% yield.

Cramer said this is just more evidence that the markets have turned everything upside down.

Closing Comments

Cramer said while he's not a fan of Meg Whitman, Hewlett-Packard ( HPQ) has gone from bad to OK now that she's at the helm. Cramer said under $20, he would consider buying.

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

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At the time of publication, Cramer was long EMC.

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."

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