It's that time again! Jim Cramer rang the lightning round bell, which means he gave his take on caller favorite stocks at rapid speed:

Blackstone Group (NYSE: BX): "This is a private equity company, it might as well be called KKR or Carlyle, they don't have the liquidity to be able to bring companies public. At the same time it yields 10 percent, I think it probably can't maintain that yield. The stock is so low I bet with Steve Schwarzman [CEO] not against him."

Lannett Company (NYSE: LCI): "No. Lannett is like Horizon, which is like Valeant. Even though they shouldn't be lumped together ... Horizon and Lannett are good, but you know what? Don't buy, because this is a Washington story."

Read more from Mad Money with Jim Cramer

Cramer Remix: Stocks to buy amid the bloodbath
Cramer: We're nowhere close to stocks bottoming
Cramer: Fed could spark a long awaited rally

PacWest Bankcorp (NASDAQ: PACW): "The bank stocks are tough enough. The bank stocks are also in the crosshairs of Washington. You have to understand that some companies in the drug and the bank group — Washington hates them! Both parties."

Charles Schwab (NYSE: SCHW): "It's an inexpensive stock with no catalyst. It needs to see rates go higher, and we don't know if rates are going to go higher. So therefore I can't recommend that stock either."

Questions for Cramer?
Call Cramer: 1-800-743-CNBC

Want to take a deep dive into Cramer's world? Hit him up!
Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - Vine

Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com

More From CNBC

• Top News and Analysis
  

• Latest News Video
  

• Personal Finance