One-on-One with Sen. Chris Dodd
Democratic presidential hopeful Sen. Chris Dodd (D-CT) appeared on Friday’s Mad Money to share his energy plan and his thoughts on the financial markets with Cramer.
With crude oil creeping toward $100 per barrel, Dodd told Cramer that it is crucial for the country’s financial and national security that we end our dependence on foreign oil. Dodd has proposed ways to reduce carbon emissions, including a plan to raise fuel economy standards to ensure that all cars get 50 miles per gallon by the model year 2017.
Dodd also said that, as president, he would consider nuclear power “on the table” as a possible solution to America’s energy needs. Candidates who have discounted nuclear are “not being honest about this issue,” Dodd said.
In response to the troubled lending market, Dodd agreed with Cramer that it is a precarious time for New York Attorney General Andrew Cuomo to launch a probe into Washington Mutual and its business practices with Freddie Mac and Fannie Mae . The mortgage crisis boils down to a liquidity issue, Dodd said, and Fannie and Freddie are crucial vehicles to ensure that Americans are still able to borrow.
While the marketplace is able to correct itself to a degree by flushing out the bad loans, the country needs a leader who can manage the economy on a macro level, Dodd said. As the current chairman of the Senate Committee on Banking, Housing and Urban Affairs, Dodd is confident he has what it takes.
Cramer also asked Dodd about a prevailing thought in America that the stock market does better under the leadership of a Republican president than a Democrat.
“That is one of the greatest myths of all time,” Dodd responded.
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