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Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Tuesday March 4. Click on a stock ticker for more analysis:

Chesapeake Energy (NYSE:CHK), Agnico-Eagle Mines (NYSE:AEM), Potash (NYSE:POT), BP (NYSE:BP), AT&T (NYSE:T), Altria (NYSE:MO), Verizon (NYSE:VZ), Citigroup (NYSE:C), Freddie Mac (FRE), Fannie Mae (FNM)

Cramer was smiling amid the“carnage” and said the plunge in commodities was due to investors being “way too negative.” He would use the decline as an opportunity to buy in the bull markets: agriculture, defense, minerals, oil and gas, and healthcare. Cramer reiterated his bullishness on CHK, AEM, and POT, adding "Anyone who thinks agriculture stocks are not going up is just stupid." He also liked recession stocks with generous dividends, such as BP, T, MO and VZ. Cramer warned viewers to stay away from bank stocks such as C, FRE and FNM. One sign of a potential upturn is the number of shorts in the market; “I have never seen so much shorting and put buying in my life!” he said and observed heavy shorting is usually a sign of a bottom and any good news will cause a huge upturn.

Sirius Satellite Radio (NASDAQ:SIRI), XM Satellite Radio (XMSR)

Cramer once again voiced his outrage at the delay on approval of the SIRI/XMSR merger. After more than a year and four hearings, there is still debate, while mergers in the oil sector have received less scrutiny, observed Cramer. He doesn’t see a danger of the combined company raising prices, since the plan is to provide a la carte pricing at a mere $6.99 per month. He does not see the merger as anti-competitive, since terrestrial radio will always be in the game, and with XMSR’s bad balance sheet, customers might face a “monopoly” in satellite radio anyway if the merger doesn’t go through and SIRI is the only satellite radio company left standing.

Moneygram (NASDAQ:MGI), Western Union (NYSE:WU)

Cramer says the money-transfer business is booming, especially with the number of immigrants sending their salaries to their families back home. MGI, which Cramer says is “one of the worst companies I have ever seen,” seems immune to this bull market and has “imploded” because of its mistakes. Cramer dislikes MGI so much that he would buy its competitor, WU regardless, but WU is a good company in its own right, since it recently beat earnings estimates, gave strong guidance, and is trading at a mere 17 times its earnings. Cramer added, “The outlook for wire transfers is bright, regardless of which political party takes control of the White House in November."

Mad Mail: EnerNoc (NASDAQ:ENOC) Deere (NYSE:DE)

While Cramer admits he initially thought ENOC was “an interesting idea,” the company’s expenses are out of control, and he is bearish. When another caller asked if Cramer would consider buying any of DE’s suppliers, Cramer responded that he would just stick with DE itself.

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Source: Jim Cramer's Mad Money In-Depth: 3/4/08: Penniless Moneygram