NEW YORK ( TheStreet) -- "Don't sell the best assets out there just because some of the worst assets are heading lower," Jim Cramer told the viewers of his "Mad Money" TV show Thursday as he urged investors to not sell their stocks on fears of a U.S. debt downgrade.
Cramer said such a downgrade won't be Armageddon for stocks, and the missed opportunities might be a whole lot more painful.According to Cramer, a U.S. debt downgrade will cause investors to sell U.S. bonds and thereby raise interest rates, and it will likely send the U.S. dollar lower. He said it will also wreak havoc on the bank stocks, which are already the worst performing sector. But beyond that, he said, stocks will largely be unaffected. He said it "doesn't make sense to sell stocks of companies that have great balance sheets just because our government has a terrible one." Cramer said selling stocks like Google (GOOG) would have cost investors 50 points today as the Internet search giant reported stellar earnings. Selling stocks like Sanofi-Aventis (SNY) , a stock which Cramer owns for his charitable trust,