The United States is headed back into recession unless oil comes down and comes down soon, Mad Money's Jim Cramer said on Monday's Stop Trading! As such, he urged President Barack Obamato do more to get Libya's Gaddafi out of power.
"We need the president to come out and say ... the federal government is going to sell right into the July contract because we've got plenty of oil, we will get this thing under control. Don't worry American people, we are not going to let us slip back into recession because of some colonel," Cramer said.
Creating a no-fly zone would also help bring down the price of oil, he said, as would taking down Gaddafi with the help of NATO.
"We have to make it so that this doesn't wreck our economy and the world's economy," he said. "We've worked too hard to have this one, tin-horn dictator take us all down."
So what stocks is Cramer watching given oil prices? The restaurants, which he does not like right now in spite of Brinker being upgraded by UBS on Monday.
"Never own the restaurants when oil is spiking," Cramer said. With that in mind, it's actually a great time to sell Brinker , he said, but don't short it. "The restaurant group is toxic, when you get oil at these prices."
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