Thursday, July 14, 2011

Quote of the Morning (Jim Cramer)

Question: Michele Bachmann has said that we won't default on our debt if we do not raise the debt ceiling.

Cramer, in guarded tones: I work with the stock market and used to sell bonds.  The Chinese aren't listening to Michele Bachmann.  They're listening to their bankers, who will tell them to sell off...

Moody's once again reinforced yesterday that you will not get a good rate on your next car, house loan if both sides do not resolve this issue in time.  Yes, the person in America who has been most responsible in living within their means will suffer credit-wise if the US's rating drops.  Moody is not saying this because of the size of our debt, although that certainly is bad.  It is the prospect that the debt ceiling might not be raised.

I don't know who you're listening to, but if they question the above, they are economically incompetent on the highest level and should not be voted for or listened to.  They are dangerous!


Rick said...

I am not a big Bill O'Reilly fan, and only watch him now and then, but I did hear him say that he has not heard one financial expert say that it is a good idea not to raise the ceiling.

He has a good point- all those advocating holding pat are politicians. There may be some exceptions, but I have not heard them either.

It goes back to the issue of who do we listen to, and how do we decide. This certainly plays out in the theology arena as well.

JohnM said...

For everybody to be so worried there must be worse consequences than not getting a good rate on your next car or house loan.

Anonymous said...

How about worrying about clueless politicians who keep inflating the debt bubble with their irresponsible spending and big government Nanny State economic policies. I sure you supported them in the last election! If this foolishness continues then sooner rather than later the debt bubble will burst and then you will have something to worry about.

Ken Schenck said...

Assuming that some sane compromise gets passed, I do plan to thank the Tea Party Republicans for making a significant debt reduction package happen.