In closing, Cramer said the worst case is 2011, not 2009, and stocks could fall another 10% to 12% from current levels, but there's no chance we'll see a 50% decline any time soon.

Executive Decision

In the "Executive Decision" segment, Cramer spoke with Daniel Junius, chairman and CEO of ImmunoGen ( IMGN), a biotech stock that's soared 79% since Cramer first recommended the company in November 2009 and 27% since Cramer last spoke with Junius on Sept. 26.

Junius provided Cramer with an update on the company's new drug, presently named TDM-1, a treatment for breast cancer. According to data just released at the American Society of Clinical Oncology conference, the Phase 2 studies of TDM-1 have shown the drug works better than present treatments and has a third fewer side effects for patients.

ImmunoGen is now seeking priority review for TDM-1 at the U.S. Food and Drug Administration as oncologists are very enthusiastic to begin using it.

When asked about the potential revenue stream for TDM-1, Junius confirmed that ImmunoGen did enter a joint partnership in 2000 that limits the royalties his company can receive, but even with smaller royalties the potential for TDM-1 is enormous for the company. Junius said the company had no idea back in 2000 that TDM-1 would see such great successes.

Given the potential for TDM-1, as well as for the many other drugs in the ImmunoGen pipeline, Cramer continued his recommendation of the company.

The Fed Needs Some Backup

The Federal Reserve is not the answer, Cramer said, sounding off against those who feel lower interest rates or another round of quantitative easing will fix all that ails our economy. Cramer said the Fed has already done all it can and it's now up to the U.S. Congress to instill confidence and for the leaders of Europe to get their act together.

With the 10-year Treasury yielding 1.5% and likely headed down to just 1%, Cramer said rates simply cannot go much lower. In fact, with interest rates already at historic lows, foreign and domestic investors are better off buying real estate, not stocks or bonds at these levels.

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Strong On High Relative Volume: Immunogen (IMGN)