Later Says He’d 'Bank on a Socialist in Brazil' more than 'a Republican'

It wasn't exactly one of CNBC "Mad Money" host Jim Cramer's most jovial appearances, but it was certainly interesting to see how he'd react to the big story of the day.

A dejected Cramer showed his disappointment immediately following reports New York Governor Eliot Spitzer was involved in a prostitution ring on CNBC's March 10 "Street Signs."

The New York Times reported on its Web site on March 10 Spitzer was involved in a prostitution ring and there has some speculation as to whether the New York governor would resign. Cramer pledged his support for his former Harvard classmate.

"Eliot's one of my oldest friends, so is Silda [Spitzer's wife]," Cramer said. "You know, look, I hope it's not true. You know, I read it like you did - I hope it's not true. And there were no rumblings. Someone earlier said there were rumblings. There's no rumblings about this. Eliot's my friend. So he's my friend, he'll be my friend after. You know, I just hope it's not true. If it's true, it's obviously very sad. It's bad. "

Despite Cramer's disappointment, CNBC's "Closing Bell" reported the news was greeted by cheers on the floor of the New York Stock Exchange upon the announcement of the news.

Cramer had at times been critical of the New York Democratic governor, but he would refer to him as his "friend, buddy, pal" on his CNBC show.

"Who the heck knows what goes on in people's lives?" Cramer added.

Spitzer, the former New York attorney general and Cramer attended Harvard Law School together during the 1980s. Cramer had been critical of his law school pal over his tactics cracking down on Wall Street corruption and called his successor, New York State Attorney General Andrew Cuomo "a communist."

Cramer said he was blindsided by the Spitzer news. But he also made a comment about having more confidence in socialists than Republicans, "or Democrats for that matter," in the White House when asked by "Street Signs" host Erin Burnett to react to socialists winning an election in Spain and how that would impact a particular solar stock in Spain, Suntech Power (NYSE:STP).

"I'll bank on a socialist in Brazil more than I'll bank on a Republican in the White House," Cramer said. "Or a Democrat for that matter."