We all know that stocks aren't bonds. Stocks give you an ownership stake in a company and entitle you to some of the profits of that company. Bonds are loans to companies, senior loans, and even if a business turns down, taking its stock with it, the bond bills have to be paid. That's why people regard bonds as being safer than stocks.

The safest of all pieces of paper are Treasury bonds because they are backed by the full faith and credit of the United States, which is why they are called risk-free securities.

But right now we are seeing a bizarre moment that has stood the difference between a stock and a bond on its head.

Right now bonds, particularly Treasury bonds, may be risk-free as far as being backed by the full faith and credit of the United States government, but that income stream that they have to pay you has never been lower. In history. Even as our finances as a nation have, arguably, never been worse, except for perhaps during the Civil War. So we have this bizarre anomaly in which a paper that is guaranteed by the full faith and credit of the nation can't be considered as risk-free as it once was. So you are being paid the least amount of money ever for a security that is the riskiest it has ever been.

Now consider Con Edison (ED). Here's a company with one of the greatest dividend records in history. It is a company that has a fabulous balance sheet, arguably much better than that of the United States, and it is backed up by the full faith and credit of people who don't want their lights turned off. Those are some motivated people, especially in an era when almost everything we own of any value needs to get charged.

If you own Con Edison's stock, it gives you a revenue stream that is more than 2 1/2 times that of a 10-year Treasury and, unlike with Treasurys, you can expect that revenue stream to be increased, not kept at the same level. Most importantly, Con Edison actually has some upside because it provides power to one of the fastest-growing areas in the United States and it also can supplant expensive oil provided by others with cheaper natural gas. And, yes, it provides no power to Europe, where the lights are actually about to go dark in at least one country: Greece. I kid you not. The power companies can't pay their bills, because the people aren't paying theirs.

Now I ask you which is safer: Con Ed or Treasurys? Which has more value? Which is better for you?

Right now, I think the answer is clear: Con Ed gives you all the benefits of a good bond without any of the liabilities. Treasurys? They remind me of a stock that can only go lower and pays you no dividend.

Yep, if you like bonds, you will love Con Ed. And if you hate them, then you'll love U.S. Treasurys. Enjoy the irony, but take the stock, not the bond.

Jim Cramer is a co-founder of TheStreet and contributes daily market commentary to the financial news network's sites. Follow his trades for Action Alerts PLUS, which Cramer co-manages as a charitable trust and has no positions in the stocks mentioned.

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