Cramer reminded investors they should always keep a diversified portfolio, one that offers dividend protection in a choppy market. They should have growth stocks in their portfolios, he said, but those stocks should only be bought on a pullback.

Executive Decision

In the "Executive Decision" segment, Cramer spoke with Nick Akins, president and CEO of American Electric Power ( AEP), an Ohio-based electric utility with a 4.7% yield that's at the heart of America's battle to switch from dirty coal to cleaner, cheaper natural gas.

Akins said American Electric Power, along with the entire utility industry, have many challenges ahead of them. He said his company balances the interests of many groups, including shareholders and customers as well as utility commissions and the Environmental Protection Agency.

At the heart of the issue are new EPA regulations that require billions in capital investment to retrofit older coal plants to meet current environmental standards. Akins said whether they upgrade their coal plants or replace them with natural gas, the costs are enormous and couldn't come at a worse time as growth has stalled and the electric grid itself is also undergoing refurbishment.

Akins said that even a two-year delay in implementing the new regulations would cut the cost of compliance by a third, however the EPA is not been receptive to that proposal.

The irony of the new regulations is that back in the 1970s, at the height of the oil shortage, utilities were told to switch from oil to coal, said Akins. But now the pendulum is swinging the other way, and there is an exodus away from coal and towards natural gas.

Cramer said despite the industry's challenges, when the turmoil in Europe settles down, investors will be flocking back to American Electric Power, which remains a great stock to own.

Lightning Round

Here's what Cramer had to say about caller's stocks during the "Lightning Round":

Huntsman ( HUN): "This is a tough call. If Europe goes down, Huntsman goes down. We're not going to buy it here."

Regal-Beloit ( RBC): "Another industrial company that needs Europe. I'm saying don't buy until we have clarity."

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