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Cramer: Should We Fear 'Permanent Corporate Socialism'?

Cramer has been talking endlessly about the importance of job creation, emphasizing that no true recovery is possible without it. On Friday, he and the markets received good news that there finally was some much-needed improvement in that area: The unemployment rate dropped to 10% in November from 10.2% in October.

“We have been on life support for a long time,” Cramer said during Stop Trading!, “and maybe the patient’s reviving.”

The positive report was imperative if the market was to maintain its bullish climb past Dow 10,000. Indeed, much of the move had been premised on a hiring increase next year.

Without it, Cramer said, “2010 was going to go away for us.”

Now there’s less need for the government to prop up the economy, Cramer said. Nor should we worry about “a permanent corporate socialism.”

While some on Wall Street expect the Federal Reserve to tighten interest rates in response to the economy’s apparent turn, Cramer’s not concerned with that – yet. A federal funds rate between 1% and 3% indicates a certain amount of health in the system, he said, and he won’t consider selling stocks until rates are over 3%.

“That’s when I’ll get worried,” Cramer said.

But for now, the Mad Money host is taking today’s announcement for what it is – good news. And not just for him, but also for companies like Intel , Microsoft , Bank of America and the retailers. BofA just raised $19 billion in an equity offering, something that would have been virtually impossible a year ago.

Lastly, to give investors a stock play that’s unaffected by unemployment, Cramer recommended Marvell Technology and Akamai Technologies . Marvell on Friday reported a strong quarter, while Citi Investment Research upgraded Akamai. Cramer likes the companies because of the increasing popularity of online streaming video.

The secular growth from these two companies, Cramer said, “is really pretty good.”

Cramer's charitable trust owns Bank of America.

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