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Stop Trading!: Buy Freeport-McMoRan

Cramer's "totally onboard" with President George W. Bush's subprime loan bailout, he said during Friday's Stop Trading!.

The plan will save banks that offered a lot of negative amortization loans, Cramer said, because they don't have to worry about that year-end visit from the bank examiner.

Bush's proposal "slows down what's going to be a disaster," Cramer said. "This is about time. We need to slow the clock down. That's what this does."

Paulson spoke of China during his interview with Erin Burnett during "Street Signs." Cramer's favorite play on the Asian giant is Freeport-McMoRan. "There's just a remarkable metals/steel confluence that is definitely much more China driven" than U.S. driven, he said.

General Motors "might work," too, according to Cramer. A rate cut next week would help GM's mortgage and auto sales troubles, he said.

Jim's charitable trust owns Freeport-McMoRan.

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  • Jim Cramer

    Jim Cramer is host of CNBC's "Mad Money" and co-anchor of the 9 a.m. ET hour of CNBC's "Squawk on the Street."

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