Cramer: Want to Play Housing? Buy This Bank Stock

Cramer during Wednesday’s Stop Trading! defended Ben Bernanke’s leadership of the Federal Reserve, saying the chairman “has done remarkable work.”

“He didn’t let a depression happen,” Cramer said of Bernanke, “and he is not going to let us slip back” into a recession.

Some critics claim the central bank, which today held interest rates steady at between 0% and 0.25%, should be more concerned about inflation. Cramer mentioned that others question today’s announcement, arguing that rates should have been increased if the economy shows signs of improvement. And still other critics worry about the end of the Fed’s aid programs, the Mad Money host said.

• Cramer: 10 Stocks to Buy Your Kids in 2010

Cramer urged viewers to trust Bernanke, telling them the Fed chair will adjust his strategies according to the economy and markets. While the outlook certainly is brighter than before, there’s no guarantee yet that we’re in the clear. Bernanke is allowing for that.

“I think people should be mindful of how smart this man is,” Cramer said.

Cramer also said that he doesn’t think Bernanke and his monetary policy will cause problems next year, and he’s looking for a continuation of the worldwide recovery in 2010. That’s why he’s more bullish about stocks like Freeport-McMoRan and Marathon Oil , because they’re less exposed to the US and more so to business overseas. Cramer said he is less confident in the American economy than almost any other economy right now.

Elsewhere in the market, Cramer said he likes NVIDIA as a play on the fight between Intel and AMD in the chip space. He called the Federal Trade Commission's anti-trust lawsuit against Intel “very out of sync with business,” saying right now is “the most vulnerable I've ever seen” the company while AMD is "very powerful."

Lastly, Cramer recommended that investors use any strength to exit the homebuilders, largely because foreclosed homes will sell for less than these companies can build new properties.

“If you want a stock that is a homeowner,” Cramer said, “go buy Bank of America .”

Cramer's charitable trust owns Bank of America.

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