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The U.S. economy is in trouble, but Cramer might have the solution we need.

The three biggest problem areas, he said during Wednesday’s Mad Money, are banking/housing, food inflation and energy prices. So he offered up a three-point plan to solve each crisis.

Banking and Housing

A mortgage resolution trust needs to be established with a $300 billion two-year bond issue. That should be enough to buy the bad loans, mostly generated between 2005 and 2007, that are weighing down the banks that hold them. Cramer recommended paying 70 cents on the dollar.

No doubt there will be banks that don’t survive this. Cramer predicted that most of the regional banks would fail if his plan weren’t put into action. That’s why the mortgage resolution trust is so important – it takes the bad loans off these banks’ books. Even if a bank does go under, whatever good there is in its portfolio can go to a healthier name like Wells Fargo [WFC  Loading...      ()   ], which reported a better-than-expected number today and raised its dividend.

The best part? All of this happens at no cost to the American taxpayer.

Food Inflation

The best way to cut food prices in half is to get rid of the ethanol mandate, Cramer said. Right now 30% of our corn is used to produce 3% of our gasoline. Not. Good. This puts a tremendous amount of pressure on food producers like Tyson Foods [TSN  Loading...      ()   ] and Pilgrims Pride [PPC  Loading...      ()   ]. Relieve that pressure, and consumers will see the results at the supermarket.

Energy

The U.S. needs to emphasize natural gas. (Remember Cramer favorites Anadarko [APC  Loading...      ()   ], Apache [APA  Loading...      ()   ] and Chesapeake Energy [CHK  Loading...      ()   ].) There have been a slew of discoveries on our own soil, and it’s significantly better for the environment than other carbon-based fuels. Not to mention, nat gas is cheaper than oil. And a move to that commodity would create jobs and increase energy security.

What will it take to make these three strategies happen? Just the stroke of a pen (in the hands of a very important person), Cramer said.




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