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U.S. Treasury Secretary Henry Paulson may have faith that the economy is strong enough to pull through the present credit crunch, but Cramer isn't buying it.

"Excuse me for not wanting to tow the party line that the economy, the fundamentals are sound," he said. "The fundamentals were sound. They've gotten less sound. Maybe they're unsound."

The savings and loan industry that was wiped out in 1990 was replaced by mortgage brokers like Countrywide and Wells Fargo, Cramer said, "and in a matter of six weeks we blew it to kingdom come."

If investors are looking for stocks to buy, Cramer recommends BJ's Wholesale , which reported a great number. Costco , though, is "easier to buy than BJ's because it's better," he said.

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