NEW YORK ( TheStreet -- Debra Borchardt: We'll get some more news out of The Fed this week. Jim, when we talk about the Federal Reserve, operation TWIST is expected to come to an end.

Jim Cramer: Right.

Debra Borchardt: But now we're hearing that there's going to be QE infinity. That they're still going to continue to buy into this market into next year to just keep propping it up. I mean, is that a good thing? It seems like QE infinity is not a good thing.

Jim Cramer: If you get a deal on the fiscal cliff, I think it's going to be inflationary. I think...I've been buying some properties, because I'm not allowed to own any stocks and I've got all this floating rate credit and I'm thinking, maybe I got to lock it in. Maybe these rates are the historic low. I mean they have really been kept down by The Fed. They've been buying almost all the bonds.

Now Bernanke has said, "If we go over the fiscal cliff I can't help you." And I think we are going over the fiscal cliff. Bernanke is going to say how bad things are going to be, because he came up with the term fiscal cliff. So, I think what you want to do is be very careful. If you want to buy things, you might want to wait until after Bernanke has said that things are going to be bad.

Debra Borchardt: Let's take a step back because you said, you think we're going to go over the cliff. I know when I talked to you maybe about a week ago you were on the fence.

Jim Cramer: I was more positive because I did not realize...

Debra Borchardt: Yeah, you were on the fence, but you were kind of leaning toward, I hope they get something done now...why did you change your opinion?

Jim Cramer: No vacation without legislation. Because the calender is going against them. The pressure on the Republicans is so great. They've all signed, the vast majority have signed a pledge and the pledge is no tax increases. They know that there will be people running against them in the primary if they violate the pledge. It's almost like when George Bush said, "Read my lips. No new taxes," and then he raised taxes. People feel that cost him the election. So, I think that the worries about being reelected in the GOP are far more tantamount and paramount than the idea that they ...

Debra Borchardt: So, they are worried more about reputation than good governance.

Jim Cramer: Oh yeah. For them, look, you took a pledge. I kind of really understand where they are. They took a pledge not to raise taxes. They don't regard the president's reelection as a referendum on higher taxes. They regard it as a referendum on maybe the social issues or why the republican candidate was not attractive, but they all feel like...the ones who took the Grover Norquist pledge, they feel that they ran on the prospect of no new taxes. So, it would be ...rising above for them in the way that it would be for the pin I wear, is a real betrayal to the people who elected them. I think they're more concerned about betraying their electorate than they are about some higher calling that they don't regard as being higher. That's the crux.

Debra Borchardt: All right.

--Written by Debra Borchardt in New York.

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