Jim Cramer, portfolio manager of TheStreet’s Action Alerts PLUS and host of CNBC’s ‘Mad Money,’ tackled questions on the economy at the NYSE Wednesday. His first viewer question was from Henry Blodget, an investor and CEO of Business Insider. Blodget asked Cramer if he agrees with a call from Citigroup, which is forecasting a 65% chance of a recession next year. Cramer responded that manufacturing is in a recession, but since the U.S. is a service economy, ‘we’ll do okay.’ Cramer advised staying away from manufacturing related stocks like Caterpillar (CAT) and Cummins (CMI), but to buy banks, since interest rates are expected to go up. Several viewers asked about auto stocks. Cramer said the stocks have peaked, which is why he doesn’t like Ford (F), and he added that GM (GM) is really a story about capital allocation. He added that Tesla (TSLA) is cult stock, and that Audi has a car coming that will compete against Tesla. A viewer asked Cramer about the defense stocks Orbital (OA) and General Dynamics (GD), and he responded that Lockheed Martin (LMT) remains his favorite and is held in Action Alerts. Send your question to Jim Cramer on Facebook and on Twitter via @JimCramer, using #CramerQ.
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