Greece problems won't hurt US stocks
The Greek situation will affect U.S. equities only to the extent that the media spooks investors.
By Jim Cramer, TheStreet
So I am answering some Twitter questions last night on the way home from work -- @JimJCramer if you want to play -- and some guy screams at me that he can't believe I didn't mention Greece in my whole opening monologue. And I am aghast. The whole segment was devoted to Greece, with two specific mentions, I tell him, except it wasn't devoted to Greece in the way that everyone else is doing it.
The devotion to Greece was an homage to the United States, which does not have Grecian bond problems. Again, as I have said several times now, I think the economy is so strong in this country that we will have much higher receipts and a lower deficit than people think.
The fact that we are not Greece and that the dollar has nothing to do with Greece and that our country's currency isn't linked by law to a desperate state is all the more reason why we will get bargains after stocks get hit by this situation.
Do you really think that 3M (MMM) or United Technologies (UTX) will be affected by Greece? Or keep it real simple -- McDonald's (MCD) and Darden (DRI)? They will insofar as 1) The media can instill fear about Greece, and 2) The S&P takes all of its members down.
You see, if the coverage were about individual stocks -- which, alas, are prosaic and for simpletons -- rather than about world tensions and currency ripples -- which are exciting and for geniuses -- you would see it the way I do, too.
But it isn't.
So you won't.
At the time of publication, Cramer was long Cisco and Teva.
Copyright © 2014 Microsoft. All rights reserved.
What does the country have to do with the price-to-earnings ratio of the S&P industrials? From here on in, everything.
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