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Time to Buy a House?

The Fed gave Cramer -- and the rest of Wall Street -- what he wanted Wednesday afternoon when the central bank announced a 50 basis-point rate cut. In a split second, the news turned the Mad Money host from doomsayer to cheerleader.

Cramer was -- to put it mildly -- vocal about his displeasure with the Fed's lack of response to the credit and housing woes that have gripped the markets since last summer. But now he's so confident in the economy he's considering buying what might be "the most loathed and toxic investment around": a house. The additional cut, which came just a week after another 75 basis-point emergency cut, has made a turnaround in housing "inevitable," he said.

But the benefits of the Fed's decision should move far beyond just housing, Cramer pointed out. Financials, retailers and even industrials should go higher, he said. That means Costco , Urban Outfitters , Citigroup , Bear Stearns , Goldman Sachs , Washington Mutual , Wachovia , Ford and General Motors are worth a look now.

So are stocks that pay dividends. They'll return more to investors than the interest on a bank's savings or checking account, Cramer said. Go with Altria , which boosted its dividend today, or AT&T and Verizon , which offer attractive payouts as well.

And don't let the Dow's dip this afternoon discourage you either. With such an uncertain market these days, Cramer said, traders couldn't help but take profits when they had the chance. Anything that used to be in a bear market should now be in full bull mode.

"The Fed has given us a once-in-a-decade opportunity to make big money right now," Cramer said. "Don't be scared away."

Jim's charitable trust owns Altria, Citigroup and Goldman Sachs.

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com

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