In emerging markets, however, a different story is playing out. In Brazil, Cutler said the country saw a big pop after the 2008 recession but is now slowing along with many other emerging markets. Cutler said the pickup he expected to see in China in late 2012 will likely not materialize until 2013.

Turning back to the U.S., Cutler said he has been vocal about the coming "fiscal cliff." He said now is the time for leadership with our country's budget, both on the revenue and expense side. It's a problem that "needs to be solved" in order to create certainty that both consumers and business can build on.

Cramer called Eaton a transformational company that's not sitting idly by while the world's economies slumber. He said "this is the bottom" for Eaton's stock and once again touted it's 3.7% yield as paying investors to wait for the economy to turn.

Another Look at Chipotle

When the facts change, investors need to change along with them, Cramer reminded viewers. Such is the case with Chipotle Mexican Grill ( CMG), the restaurant chain that reported slowing sales last Thursday, news that sent shares down 87 points, or 22%.

Cramer explained that before Chipotle's latest results, the company had accelerating revenue growth and same-store sales growth of 12% a quarter, the highest of any restaurant chain. That meant it deserved its 44 times earnings multiple and its $400 share price. But now those assumptions are out the window, said Cramer, and Chipotle's valuation must be recalculated.

Chipotle's same-store sales dropped from 12% to just 8% in its most recent quarter and company management cited a weakening economy for the decline, a trend it expects to continue into the next quarter. After its massive haircut, Cramer said shares now trade at just 34 times earnings, but that number may still be too high.

So what is a fair price for Chipotle? At 34 times earnings, shares now match that of Whole Foods Markets ( WFM), but Whole Foods still has accelerating growth. Investors could compare Chipotle to Panera Bread ( PNRA), which trades at 25 times earnings, but Chipotle has almost double the revenue growth of Panera.

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