When: Wednesday, February 27th at 6 PM ET
Where: CNBC's "Mad Money w/Jim Cramer"
Following is the unofficial transcript. All references must be sourced to CNBC.
JIM CRAMER, host: Hi, I'm Jim Cramer. Welcome to MAD MONEY. Welcome to Cramerica. Other people want to make friends, I just want to try to make you money. My job's not just to entertain but to educate you. So call me at 1-800-743-CNBC.
With the presidential primaries in the home stretch, the economy is increasingly becoming the central point of the debate. Today Senator Clinton held an economic summit in Ohio to tackle the financial challenges facing America. Senator Clinton has claimed to be the candidate of action rather than words, and says that she has the policies and experiences to rebuild the economy.
I'm all about action, so tonight I want to talk to Senator Hillary Clinton in her first interview after last night's debate.
Senator, welcome to MAD MONEY.
Senator HILLARY CLINTON: It's great to talk to you, Jim.
CRAMER: Thank you.
Oh, I've been following this housing area, and I've got to tell you, you were well ahead of the curve of this housing trouble. Do you think the president, the Treasury secretary, the Federal Reserve have done enough so the people who own and live in homes should feel any security? And is this problem going to go away with their plan or with your plan?
Sen. CLINTON: Well, Jim, I don't think they've done enough. And, you know, I have been talking about this for a long time because, obviously, if we don't stop the bleeding in the home market, particularly with the foreclosures because of subprime mortgages, the real downward spiral of, you know, new construction and sales, you know, I think we're just looking at a longer and deeper economic recession over the longer term. And so, from my perspective, we need to act, and act more boldly. And I've been calling for a moratorium on home foreclosures for 90 days. Let's treat this like it was a corporation that had to work out with its creditors how it's going to stay in business. A lot of these people can pay what they're paying now and maybe even a little bit more, but they can't go up $500, $600, $700. That's just impossible. And let's freeze these adjustable rate mortgages. You know, what I'm advocating would be voluntary.
You know, I went to Wall Street in early December, said `You guys have got to be part of the solution.' The president and, you know, Secretary Paulson, you know came forward with a few little steps, but not nearly enough. And now in the last week or so, they've started talking about a moratorium, which is something I've been advocating. We need bolder action and we need it now.
CRAMER: Senator, I'm from Wall Street. I got tell you, the idea that they're going to do anything other than try to improve their bottom lines is just wrong. That's not the way they play it. How about we unleash the FHA, meant for that. We take people who've been rejected from refinance applications, who live in their homes, not speculators, and we give them 30-year stretch-outs from the FHA. Wouldn't that be a better way than giving everybody $600 and a stimulus plan that doesn't solve the problem?