Jim Cramer's Real Money Radio Recap, Sept 7

Recap of Jim Cramer's radio show on Thursday Sept 7. Click on a stock ticker for more analysis:

General Motors (GM) and Ford (F) - Cramer likes GM better than Ford, since GM has extended its warranty to 100,000 miles and is open to merger proposals. Cramer believes that Jerry York, a recent appointee to GM's board, will be a "miracle worker." He says that, because of restructuring, GM is the place to be when the Fed starts to slash interest rates.

Related: On Wednesday's Real Money Radio show, Cramer also made bullish comments on Ford because of its new CEO Alan Mullaly.

Cramer on Demand: Diageo (DEO) - The readers of TheStreet.com voted that they wanted Cramer to discuss Diageo, which, in spite of reporting a "monster good quarter," was victim of a selloff which he feels was unfair. Diageo is a good buy, he says, particularly for those who believe that there will be an economic slowdown.

Apple (AAPL)- Cramer noted that defensive stocks were doing well, and that tech was improving because of Apple's influence; "Apple is powering everything tech today with its monster iPod franchise," Cramer said. He predicts that the Fed is finished raising rates, and it might even consider slashing them.
Related: Andy Neff comments on the new Apple iMacs.

Oil Woes - Although Cramer says that oil was once "close to his heart," he is not touting it anymore, because the fundamentals have changed; "the economy is slowing to the point that we are using less oil and gasoline." While conflict in the Middle East is still a reason to hold on, he warns that anyone whose portfolio contains more than 10% oil stocks is going to "get hurt."

Bullish calls:

Hewlett-Packard (HPQ): Despite "messy things" going on with HPQ's board, Cramer urges investors against panic, and says that any downward movement in this stock is an opportunity to pick up a great tech play.
MasterCard (MA): Cramer "really loves" this stock, and says that at $40 it is not expensive, since it was at $60.
Bear Stearns (BSC) and Lehman Brothers (LEH) : There is no reason to be bearish about brokerage firms, and Cramer says that "business is smoking."
Goldman Sachs (GS): Although he likes BSC and LEH, Cramer prefers GS, because it sells at eight times earnings.
GameStop (GME): "The No. 1 way to play the explosive growth of video games in this country," says Cramer

Neutral/Bearish calls:

Ameritrade (AMTD): Cramer sold AMTD, because it is a "very difficult stock" since it depends on the volume of trading, and is worth holding on to only if people believe the Fed will raise rates.
Sara Lee (SLE):Cramer says he has a wait-and-see attitude about SLE, and that he likes other food stocks better.

More: Cramer's latest stock picks, including: Mad Money Recap, Lightening Round, Stop Trading and his Radio Show.

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