In this market, you need some accidental high yielders that pay you to wait for the economy to turn around, Cramer said Wednesday. And one of the best of the bunch is industrial manufacturer Eaton.

“This market is giving you a terrific chance to get into a great long-term story at a bargain basement price,” he said.

The company is number one or number two in most of its markets thanks to its superior technology. And the markets it does business in—trucks, cars and aerospace—are all holding up well despite weakness in the global economy.

Cramer thinks Eaton has become a better company since he first recommended it in October of 2008. Its end markets will be strong than they were last year and he expects the same thing to be true for 2012.

Better yet, Cramer said, the stock is cheap on a yield basis and an earnings basis.

“This stock is now starting to price in not just a slowdown,” he said, “but an honest to goodness recession.”

However, the stock ran up Wednesday and there’s no reason to chase it in this market.

So he suggests buying in wide scales based on yield on the way down. If you want to buy 100 shares, pick up no more than 20 at these levels, Cramer said. Make your next purchase when the stock hits $34.50, where it will yield 4 percent. And “back up the truck” if it falls to $32, where the yield would be 4.25 percent, and so on.

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When this story was published, Cramer’s charitable trust owned Eaton.

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