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Cramer interviewed Democratic candidate Hillary Clinton on Mad Money, and the first subject they tackled was the housing crisis, for which Clinton advocates immediate action, such as creating a moratorium on foreclosures for 90 days and a freeze on all adjusted rate mortgages; “If we don’t stop the bleeding in the home market,” she said, “I think we’re just looking at a longer and deeper economic recession over the longer term. We need bolder action, and we need it now.” She agreed with Cramer’s proposal to involve the Federal Housing Association in helping homeowners and lenders re-negotiate troubled mortgages. She advocating raising the FHA’s limits to help it deal with the problem more effectively and blamed the current crisis on both “abusive, fraudulent” lending practices and government inaction.
Hillary Clinton also recommended taking a “hard look at NAFTA” and stopped short of blaming food inflation on ethanol. However, she conceded Cramer’s point that ethanol was not the best fuel solution, but said the U.S. is now in a “transition phase” and should consider a “broad-based set of energy alternatives” to foreign oil and fossil fuels.
On the subject of taxes, Clinton said there would be “no significant” increase in capital gains and dividend taxes, but recommended returning to higher tax rates on those making over $250,000 to “get us off this double-digit increase in healthcare costs, which we just can’t afford.”
The remainder of Wednesday’s Mad Money was a rebroadcast of a previously recorded program. There were no new stock picks.
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