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On Thursday, it happened again. Cramer desperately wants the US government to sell $2 trillion worth of 30-year Treasurys to help this country avert a liquidity crisis. And Senator Tom Coburn, R-Okla., agrees with him.
Unfortunately, Treasury Secretary Geithner is dead set against the idea. But that’s just shortsightedness, Coburn told Cramer today. That shorter-term debt may pay out lower interest rates – say, 3% or 4% -- than long-term notes at 6%, but the cost will soar “ever higher,” Coburn said, if the US has to scramble to raise cash in the face of a crisis.
“They’re afraid to spend a dollar today,” Coburn said, “to prevent us from spending $10 or $12 in the future.”
“And the liquidity crisis is going to come on within the next 18 months to two years,” he added. “There’s no question about that.”