After explaining all of the terrible things that would happen if the U.S. debt ceiling was not raised, CNBC's Jim Cramer said Sunday that all the "fear" and "panic" had actually been caused by President Barack Obama.
"Now we're talking about a recession," Cramer told NBC's David Gregory. "We will be in recession if this is not resolved. Recession means many fewer jobs, means far fewer tax receipts, trillion dollars lost -- IRA, 401K -- trillion dollars lost in job creation. I'm hearing about little amounts being saved here versus what will be lost in the next six months if this is not resolved."
"I'm tired of hearing all the media talking about how this is a crisis," Rep. Raul Labrador (R-ID) replied. "We will solve this problem."
"I want to talk about what the congressman said about the media exasperated or even caused the problem," Cramer complained. "We were all hopeful in Wall Street and in Main Street that the president would come out and say a few things that said compromise."
"He came out and panicked the heck out us. He talked about the higher interest rates for mortgages. He talked about the spiking credit card. He talked about how hard it's going to be to get student loans. He took us all aback because we felt he would be a compromise leader. Instead, he created tremendous fear. Tremendous fear means uncertainty. Uncertainty means no spending. Uncertainty means no spending by business. Uncertainty means to hiring. It was a setback. He caused the panic, not the media."
Watch this video from the NBC's Meet the Press, broadcast July 31, 2011.