JJC:   Look, I know the banking system is falling apart... I just talked with my friend Chris Matthews on HardBall... And I know it seems like, wait a second, Cramer's just lost his mind... No, the stocks have lost their minds... I'm sane... Now, it's probably, you probably think it's foolish... Foolish to even try and make money in stocks when there is so much going wrong... But you know what we say on Mad Money, that there is always a bull market somewhere... And right now, it's in gold, minerals and energy... So I'm not going to just put on the Washington Mutual (WM)'s shroud, and tell you woe is me, and do a lot of crying... That's not my game...

Last week I announced that my year of natural gas, this is this year, is back on...

The commodities and the stocks have taken a brief, week-long beating, the hurricane went right instead of left, that kind of thing... The success of Chesapeake (CHK) secondary, and we believe in CHK, was all the evidence I needed to know that this group, which has been among the best performers all year, not saying much because there are not that many great performers, is back in style... And now the President has joined our club, calling on Congress to lift the ban on drilling offshore, where trillions of cubic feet of natural gas are buried... Now, if you watch this show, you probably know I like a ton of natural gas stocks... I mean the CHK, the oil patch, the Anadarko Petroleum (APC)... We've had all these executives on... As well as others I own for my charitable trust, where I send out the emails and play with an open hand for charity... You've heard me talk about the wildcatters, the companies that are drilling for natural gas where no man has drilled before... Including, Continental Resources (CLR), Range Resources (RRC), Rex Energy (REXX)... Plus, all those shales... The Barnett Shale, the Fayetteville Shale, the Haynesville Shale, the Bakken Shale, the Marcellus Shale... You know that I think there are opportunities to make money in clean drilling... I mentioned Oceaneering (OII) before... But with so many natural gas companies drilling like crazy and producing more and more natural gas every day, that creates another opportunity for us in this group, the companies that transport natural gas, that move natural gas from one place to another...  the pipeline companies...

Now, I've already given you Spectra Energy Corp. (SE), which, by the way, is one of the few stocks that has not been clocked in the last few weeks... But I've got another one... Another one which is both a pipeline company and a natural gas explorer and reported the biggest beat, you know what that means, the biggest better-than-expected earnings of any company this year... 

And that company is... Williams Companies, Inc. (WMB)...

To anyone who's new on the show, we do work on stocks here, trying to find names that will work in this environment... Names being Wall Street slang for companies... I use a lot of Wall Street slang and then I bust it... I'm trying to show you how to research the stocks we find... You've got to read the public filing, you got listen to the confrence calls, all on the web, by the way, so no excuse, and telling you what matters to stocks because there is a lot of noise out there... I'm here to help you filter through it, so you know what's important to stocks and what isn't... Now, you can't just buy a stock after I recommend it... That is completely and utterly irresponisble... The show, just like the American Dream show last night, is the starting point... You see Kyle Bush, he drives Toyota, you go buy Toyota (TM) stock... No!... You call it up, you look at it, you see how it's doing versus GM and Ford or whatever, you look at the quarterly reports, you read some articles, you get some analyst support... It's all on the web, you have no excuse...

You've got to spend at least an hour reasearching that stock until you buy it... And, once you bought, well, you've still got to stay on top of it...

I tell people to wait five days before buying any stock that I mention, to avoid the so-called "Cramer-effect", which is this thing that journalists talk about where they hate me... That's okay, I don't mind that... Hey, listen, I'm paranoid... I've got ten people who really do hate me... What happens is stocks tend to spike briefly after I mention them... Whole universities have devoted like major faculty time to studying this, but I'm telling you, it happens... Foolish buyers rush to buy them quickly, and then they get killed by short sellers... Those are like sharks... They're just waiting for you to make that mistake of using a market order to buy up, so they can tear you from limb to limb... Don't do that... Be patient... Do the homework...

If you're convinced about what I have to say about Williams Companies, Inc. (WMB), then do the homework, and wait at least a week before you buy... Media critics would like me to say sell WMB because I like WMB... That's too stupid for words... For a natural gas infrastructure company like WMB, I think what's important is this... It makes sense that the more natural gas we have, the more demand we'll have for natural gas infrastructures like WMB... They pipe the gas from the fields to endmarks... If you find the gas, you can't just like leave it there right?... You've got to transport it to where it's used... WMB...

WMB owns one of the most valuable pipelines in the country, the Transco pipeline... I'm so old I remember when Transco was publically traded... That goes from the Gulf of Mexico, right, where a lot of natural gas is, to the northeast, which don't have a lot of natural gas, other than the Marcellus Shale, Pennsylvania... This company has access to New York City, and using the Transco pipeline as it's base could expand further into the mid-Atlantic, where there are millions upon millions of people, not to mention, all the power plants who use natural gas a a fuel source...

WMB is also working on a pipeline to bring natural gas from the Rockys... Tons of natural gas there, and there would be a lot more we could find, but there are like these little ferrets or something that are more important than you starving... Okay, anyway, or certainly freezing... It's got a great midstream business, where it gathers, treats and processes natural gas with a $1.4 billion in projects planned... All these projects will produce earnings... Potential for $3 or 4 billion worth of projects by 2010...

As a transporter of natural gas, WMB makes money off of the volume of gas it passes, not the price of the commodity... But since higher prices are causing us to produce more gas, how fragrent, huh?... High natural gas prices should still be good for that side of the business... On the other hand, as a producer of, and explorer for natural gas, the price of the commodity, right now about $11.90 per thousand cubic feet, matters a lot to WMB... Remember the historic price ratio between oil and natural gas... If you don't remember, it's 6 to 1... So based at that ratio with crude at $145, natural gas should be more than double where it is per cubic foot...

Twice the current price... You heard me...

The commodity would double if it were simply to follow the historical trend, and if it does that, the stocks that produce this commodity are going to out perform as they have so far this year... As a producer, look at all this stuff WMB has... It has roughly 22 trillion, that's at "t", cubic feet of potential gas reserves, 13 trillion feet of crude probable impossible reserves... Like the other natural gas names we like, WMB is drilling... They're doing it in PCM's Basin in Colorado... 9.2 trillion cubic feet of crude probable impossible or 3 p reserves... WMB is a low cost producer... Get this... They're charging us $11 right?... They only have a $3.07 per million cubic feet finding cost... Compared to the median cost of other companies of about $4.39... 50% of WMB's natural gas production is un hedged in 2008 and 2009, so they're going to capture some very big gains... That's by the way, how they blew away the number most recently... Something I expect there to be a lot of is more number bumps... Look, I think the president is right about off-shore drilling, because there hasn't been a spill since the one off of Santa Barbara, the Union Oil one in 1969... The rest of the world is using American technology to drill like crazy... We're realists in the show, meaning total cynics and pessimists... And we know the governers of almost every coast city won't let this drilling happen...

We want plays that can make you money now, without a lot of risk...

Williams Companies, Inc. (WMB) is one of those plays.

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