Hey, it's Kramer, and this is my morning take on the market from today's CBC Investing Club morning meeting.

We are now deep into the notion that we are going to default. The Republicans certainly have a lot to gain from default, I believe,

because no sitting present first term who's had a recession in his final year, has ever won the election.

So if you think that it's a total partisan affair and the Republicans are just waiting for the

Democrats to do something and Biden's refusing to negotiate, then I think that McCarthy, whom I know,

doesn't want to lose his job.

And therefore, the tie goes to the house.

And what that means is that people are very concerned that all these things about how we might be a deadbeat country means nothing in terms of defeating President Biden.

And this may be a chit to defeat President Biden.

And this means keep cash on the sidelines because the headlines are only going to get

worse from here, more nasty from here. So nothing wrong with having some cash, not nearly

close to being oversold yet, waiting for that to happen. But that's why we're sitting around 10% cash. If we see an opportunity to trim, maybe into strengths, still looking to do that as well. Right. And look, I want to make you clear to people. Do I think that they ultimately will default? Well, the president has a strategy to it. The president's strategy is going to be able to use the 14th Amendment. The President amendment is just strictly to give you the short hand and says the president must pay the bills.

Okay, there's no choice but to pay the bills.

And so ultimately what's going to happen is the president can say he has control of the situation,

therefore they're going to pay.

That goes to the Supreme Court. The Supreme Court is a Republican Supreme Court.

They will use a different

interpretation, a less strict interpretation of the 14th Amendment. It will then go back to the House

and will have a deal. But you can imagine the steps and what can happen in the interim.

And if we do get a big pullback related to the debt ceiling, you've got to buy into the teeth

of that. Because usually to buy into the teeth.

Usually, historically, it sets up as a good

...