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NEW YORK (
) -- President Obama's speech today has created some real urgency in the market, Jim Cramer said on
Tuesday. Unfortunately, without the markets falling a lot more, that urgency just won't help get a budget deal done.
Cramer tried to add some perspective to the market's decline, noting that with the
just off 4% from its highs, there really hasn't been a lot of pain created by Washington's inability to get anything done. Stocks will roar back once a deal is reached. We just don't yet know when that will occur, he said.
Cramer said it's worth noting that some in Washington have changed their rhetoric from saying a debt default "will never happen" to "we're prepared if it does." That's a significant change as the entire world runs off of U.S. Treasury bonds.
Back in 2012, when the "fiscal cliff" was upon us, Cramer said the markets fell precipitously, helping to usher in a last-minute deal. Unfortunately, until that happens again everyone in Washington appears to be sticking to their guns and waiting for the clock to tick a little closer before they're forced to blink.
What happens next continues to be unclear and the markets will continue to fall, Cramer concluded, so investors need to be ready.
Executive Decision: Scott Sheffield
In the "Executive Decision" segment, Cramer spoke with Scott Sheffield, chairman and CEO of
Pioneer Natural Resources
(PXD - Get Report)
, one of the companies leading the charge to help America surpass Russia as the world's largest oil producer.
Sheffield said that one of America's hottest oil shale finds, the Spraberry/Wolfcamp area of the Permian Basin, is now one of the largest finds in the world. He said new technology has discovered that there are actually are eight zones in this formation, making it the equivalent of eight Eagle Ford's or eight Bakken's all on top of each other.
Sheffield continued that the reason investors may not have heard of the region is because Pioneer dominates the field and is doing most of the drilling at this point. The company is ramping up to over 50 horizontal drilling rigs and estimates it could to ramp over 350,000 barrels a day of production over the next 20 years.