While the Federal Reserve on Tuesday signaled that it's prepared to provide new relief if necessary to support the economic recovery, Cramer said any kind of quantitative easing is unlikely.
With the September rally in the stock market and strong earnings being reported, Cramer said the Fed's announcement indicates that the economy isn't bad enough to go through with that easing. And because the Fed kept interest rates low and companies are delivering strong earnings, he thinks this is a "greenlight" for the kind of job creation that would help spur an economic recovery.
Last month, Fed Chairman Ben Bernanke said he would take action if the economy were to head south. But with no action taken Tuesday, Cramer views that as a good sign. He also likes the "new, pro-business" President Obama.
"I have not seen this kind of combination of a president who likes the market and a Fed chairman who likes the market," said Cramer.
After the Fed announcement and with interest rates remaining low, Cramer said he'd buy stocks yielding more than 4 percent. He likes Ford Motor , as well as machinery names Caterpillar and Cummins . The "Mad Money" host said the soft-goods stocks would work, too, which include drugs, HMOs and food companies.
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