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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Friday May 7.

Cramer's Outrage: Where Were the Grownups?

Cramer vented about the "dual manmade financial fiascos" on Thursday; both could have been prevented if someone would have had the courage to stand up and contain the messes. The first 340 point decline Cramer blamed on Jean-Claude Trichet, "the now mythical" leader of the European Central Bank,"who simply disappeared when we were at an incredibly gangrenous moment...the doctor hid in the cafeteria instead of going to the ER."

The second part of the blame goes to those who didn't stop stock trading or at least try to issue a warning that something was going haywire with the American stock market. This proves that "machines run the market" and the basic attitude on The Street is "the retail investor can go stick it." There is a problematic emphasis on volume rather on making the stocks a viable way to invest. However, the U.S. still has a significant edge over Europe:

There is no one in Europe as strong as Ben Bernanke… oh here is a blast from the past, Stanley Fischer in Israel... the man who used to run the IMF… he is probably the world’s best central banker… total grown ups, both of them

Don't Believe the Action

Cramer doesn't believe the action on Thursday was a true reflection of the U.S. economy, and adds that while stocks may be broken, good companies are not. One problem is stocks are trading "according to futures and reckless ETFs." He thinks a pullback in the Dow was warranted after a nearly uninterrupted rise from 6,500, and reminded viewers that the economy isn't what it was 18 months ago, with banks teetering on the brink of nationalization, a hopelessly broken housing market and a Second Great Depression looming. There are many bright points, including the "huge increase in jobs reported today...that was real," and fortress-like balance sheets of companies reporting recently. Cramer said "our economy is an island of sanity in a world gone mad." However, he would play it safe for a while and concentrate on dividend stocks, particularly "accidental high-yielders."

High-Yield Porftolio: Altria (NYSE:MO), AT&T (NYSE:T), Kinder Morgan Partners (NYSE:KMP), Plum Creek Timber (NYSE:PCL), DuPont (NYSE:DD), ConEdison (NYSE:ED)

"I buy shares of companies with CEO’s who have guts, and grit, and balance sheets, and tons of cash in the coffers to back them up," Cramer said, introducing his portfolio of high-yielding quality companies:

Altria (MO): " Has been one of the most consistent dividend raisers that this market has ever seen…" It has a solid 6.7% yield. For those who have objections to owning Altria, ConEdison (ED) is a decent replacement but has a lower yield of 5.4%.

AT&T (T): The largest phone company in the country has a 6.7 yield and saw a 4 cent per share earnings beat recently. In addition, AT&T's churn rate is at historically low levels and wireless revenue is up 10.3%

Kinder Morgan Partners (KMP): This stock is one of the best-known master limited partnerships, meaning, in exchange for certain tax advantages, it returns much of its revenues back to its shareholders in the form of dividends. KMP is a pipeline producer, and therefore has limited direct exposure to the price of oil, and yields 6.8%.

Plum Creek Timber (PCL): This is the largest private timber company which is a great play on the housing recovery. It recently delivered a 9 cent per share earnings beat and yields 4.4%

DuPont (DD): DuPont has exposure to "all kinds of end-markets and is one of the most consistent dividend raisers; the dividend, currently at 4.5% has been raised 423 times since 1904. DuPont recently beat earnings estimates by 18 cents and has grown its revenues by 23%.

CEO Interview: Paul Wright Eldorado Gold (NYSE:EGO), GoldShares ETF (NYSEARCA:GLD)

With all the volatility in the stock market, gold exposure is more important than ever. Eldorado Gold is up 16% in the past month and has introduced a dividend of 5 Canadian cents per share. "Our mines have really come through," said Paul Wright, explaining that one has exceeded output expectations and two are right on target, and added "our hedge is in our lower cost profile." Wright notes that while there is a decrease in production among many gold companies, demand is increasing. While EGO is conservative, it has "one of the best growth profiles out there," said Wright, who is not afraid of increased mining taxes in Australia and Turkey, since both countries want and need to attract businesses. While prospects in China are in "two steps forward, one step back" mode, there is still some advancement.

Cramer says EGO is his "number one gold stock," which he likes even better than GoldShares ETF (GLD).

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Source: Cramer's Mad Money - Where Are the Grownups? (5/7/10)