When: Friday, November 9 at 6:00 PM ET
Where: "Mad Money w/Jim Cramer"
The following is the unofficial transcript of a CNBC interview with Senator Chris Dodd on CNBC's "Mad Money w/Jim Cramer" today. All references must be sourced to CNBC.
In an interview with CNBC's Jim Cramer, Senator Dodd discusses energy policies and foreign oil, energy alternatives, the mortgage crisis and the economy, among other topics.JIM CRAMER
, host:I know the market's been, well, let's be polite, a little rocky lately. But I want to help you put it all into perspective. Don't just focus on what the market's doing now. Why don't you think about the Washington situation? Election day? Beyond? You need to be paying attention to politics because so often Wall Street is too focused on money and day-to-day trading and not the forces that decide how and where the big money gets spent, your tax dollars. That's why we get my information first-hand from the people who are campaigning rigorously to get to the White House next November.
Do you guys remember I spoke to Governor Mitt Romney about everything from the subprime crisis to trade barriers on China? Today we're going to go to the other side of the aisle with another presidential candidate with a keen sense of business. He's not only a member of the Senate Committee on Banking, Housing and Urban Affairs, he's also the chairman. He's got a great insight on energy, too. We've got to hit both these, right? With the energy--oil at 100, this man shares my passion for finance and for business, Senator Chris Dodd.
Senator Dodd, welcome to MAD MONEY.
Senator CHRIS DODD: Thank you, Jim, I'm a big fan of the show, so happy to be on here. First time, love it.
CRAMER: Thank you. All right, let me ask you something. I don't think anyone's got a better grip on energy policy. If you were president, would you go over to Saudi Arabia, which does have swing, does have some swing capacity, say, `Guys, everyone is being pained by you. Would you just please lower the price of oil right now?'
Sen. DODD: You have to in some ways here. And also, listen, independence is critical. We borrow a billion every single day to buy foreign oil. A billion dollars, every day, borrowed money to buy foreign oil. In my view, you've got to change that here. Our financial security, our national security, not to mention jobs, economic growth, directly linked to this. And we've got every opportunity in the world with the capacity, the capabilities, the technology, the ingenuity here to be weaning ourselves off that. Carbon is a major problem here, obviously, environmentally as well as healthwise. We ought to be figuring out a way to reduce our dependency on carbon-producing fuels. Utilize the technology we've got here, put people to work. So I'd certainly try to talk him down from the $100 down, but more importantly, I want to get off that dependency in that part of the world and that kind of oil anyway.