Foster Wheeler (FWLT)

While Cramer rejects "clean coal" as a remote goal that is years away, he salutes "cleaner coal" solutions employed by companies like Foster Wheeler which produces coal fluidation boilers which remove 95% of the sulfur from coal. The company has risen 14% since May and should keep going higher. It is a bit stalled because of delays in its North American boiler orders, but the company says the delay will not affect 2008-09 earnings. Foster Wheeler also has exposure to liquefied natural gas which is expected to grow from an $8.7 billion business to a $25.4 billion business by 2011.

McDermott (MCD)

Cramer's second cleaner coal play is McDermott, which is makes scrubbers and boilers for coal plants;" They're in a life or death battle to make it [coal] cleaner." McDermott is also developing ways to remove carbon dioxide emissions from coal, and while its current technology can only take out 12%-15% of the harmful chemical, it is a solid start. McDermott has also made a lucrative deal with the Chinese to produce ships used for offshore drilling.

Sell Block: Beware the Banks: Bank of America (BAC), EastWest Bancorp (EWBC), Citigroup (C), First Horizon (FHN), Huntington Bankshares (HBAN), Marshal & Ilsley (MI), KeyCorp (KEY), National City (NCC), Wachovia (WB), Washington Mutual (WM), Popular (BPOP)

Cramer discussed Goldman Sachs' "hit list" of banks which need financing, which will entail issuing more stock and reducing the banks' value. Cramer outlines four problems the banks face: their credit losses have yet to peak, the banks will have a harder time raising money, they will suffer estimate cuts and if the Fed raises interest rates, yield curves will be threatened. Cramer thinks the crisis faced by these banks might be even worse than the savings and loan fiasco in 1990.

CEO Interview: Floyd Wilson, Petrohawk Energy (HK)

The slight pullback of oil and natural gas prices has provided a buying opportunity for one of Cramer's wildcat plays, Petrohawk, which rose 11% last week before the decline. While drilling for natural gas in oil shale can be a costly and complicated process, it will still be lucrative even if natural gas prices continue to drop. Wilson agrees with Cramer that the fuel is clean, cheap and abundant, and Cramer added; “The long-term prospects are obvious to me and they should be obvious to you.”

Seeking Alpha publishes a summary of Jim Cramer's stock picks every day including: Mad Money Recap, Lightning Round, Stop Trading and his Wall Street Confidential Picks.

Get Cramer's Picks by e-mail -- it's free and takes only a few seconds to sign up.

Seeking Alpha is not affiliated with Jim Cramer, CNBC or TheStreet.com

• Largest Bond ETF Now Trading At a Massive Discount  »
• How Oversold Are We?  »
• G-7: Nothing New  »
• Blame Game Redux: 8 More Things to Blame for This Crisis  »
• Decades of Negative Returns: A Long-Term Look at the Dow  »

SA Editor
Miriam Metzinger

• Bio & more articles