Cramer's Mad Money - Obama's Google Search (11/24/08)

Includes: EXM, GOOG, MO, NAT, WIN, WWE
by: Miriam Metzinger

Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Monday November 24.

Obama’s Google (NASDAQ:GOOG) Search

Cramer was optimistic that the unveiling of Obama’s financial team cleared up the uncertainty that was keeping the market down. While Cramer is not a fan of Tim Geithner because of the future Treasury Secretary’s role in the Lehman debacle (see video from Hardball below), he applauded the appointment of Larry Summers to be the Director of the National Economic Council because the latter has been “consistently right about the crisis.”

Cramer interviewed Google CEO Eric Schmidt who is a member of President-Elect Obama’s Transition Economic Advisory Board. Schmidt commented that Obama’s financial team is comprised of “really really smart guys who are in a hurry,” because “it all has to happen before January 20.” Schmidt says the President-elect is increasingly focused on creating jobs since “Wall Street needs Main Street to be working.” He discussed a stimulus plan which would stimulate infrastructure, raise employment numbers and help restore consumer confidence. Cramer and Schmidt agreed that the bailout of Citibank was successful and should be a model for fixing other financial institutions. Schmidt says the plan for recovery in the auto sector will involve the government saying to the Big Three, “Show us a plan and we’ll give you the money.”

Concerning his own company, Schmidt commented the internet keeps growing and growing, but how advertising revenues are going to be affected by the current crisis is still a question. However, this uncertainty is shared by nearly all American businesses. After the interview, Cramer observed Google is the lowest it’s been in years; “Eric Schmidt really calls it right.”

Outrage of the Day: Homebuilders’ Chutzpah

Cramer said it was just “galling” that the homebuilders were asking for a $250 billion bailout so they could build more homes which is what the economy needs “like a hole in the head.” Cramer says this plan should be “deep-sixed immediately” and suggested the homebuilders give $250 billion back to us since they caused the current crisis. Cramer added, "I'm happy to give these companies money to stop building homes or to dismantle their existing inventory, but letting them live another day and keep building houses is like dropping napalm on the US economy. No thank you."

Mad Mail: Windstream (NASDAQ:WIN) Altria (NYSE:MO) and World Wide Wrestling (NYSE:WWE), Excel Maritime Carriers (NYSE:EXM), Nordic American Tankers (NYSE:NAT)

Cramer told one mailer that Windstream’s pidend is safe, and while business is slowing a bit, Windstream is an attractive takeover target. He said Altria is a “screaming buy” and a good recession stock. While World Wide Wrestling has been prudent and it is probably safe, Cramer doesn’t like the fact that WWE missed its quarter. Cramer told another viewer that he still prefers Nordic to Excel because he likes NAT’s CEO and the company has the cleanest balance sheet in the industry.

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