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More Relentless BS From The BLS (And Princeton) Forces Santelli To Snap
From John Lohman
As usual, the Department of [no] Labor did not fail to deliver its usual Thursday morning humor: yet more upward revisions to initial and continuing jobless claims (initial were revised upward by 8,000, while continuing were revised 12,000 higher). But the unexpected round two of laughter came from Rick Santelli’s instantaneous description of the report. For those that missed it, his FTMFW quote is below, followed by a visual of the claims cluster:
Of course, this is old news and has been pointed out ad nauseam on ZH (2010 summary here, and longer-term view here). It’s already known, based on the percent of up revisions vs. down, that the binomial probability of the initial report being unbiased (either statistically or otherwise) is precisely 0.000000004% (which incidentally is rumored to also be the probability of Cramer’s foundation making money this year).
What was news, however, were the annual revisions that were released with the report. More humor: they were larger than the first revisions and contained comparable levels of upward bias. While free entertainment is always welcome, one can’t help but wonder why the DOL doesn’t borrow one of the FRBNY’s interns to adjust the specs in their model. It’s not like removing a predictable bias in a model is rocket science. The only legitimate explanation could be, well, Rick’s.
And for those who may have missed it, here is Rick Santelli's latest moment of insanity when confronted with monumental bullshit (link in case CNBC decides to take the embed version down):
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You are in dire need of good meat.
I am dire need of leaving Hong Kong. I would love to Bar-Bq.
Don't tell me you've had enough of the Sevens and Lan Kwai Fong? Haha
Women don't take the easy way out!!! Women build refuge for (strong MEN)
I love rick, he actually tells it exactly how it is.
THEY TOOK THE CLIP DOWN - ALL YOU GET IT IS SOME BS COMMENT AND A VIDEO 504 ERROR
I ASSUME ERROR 504 IS THE FED CALLED AND TOLD US TO TAKE THAT CLIP DOWN ASAP AND KEEP PUSHING BTFD!
RICK! Kicking ass and taking some Keynesian bitchez names! +1
back to Japan
one word
Putzmeister
Mr. President, tear down that Wall Street. Appoint Rich Santelli as Chairman of SEC, or U.S. Secretary of the Treasury, or Chairman of the Federal Reserve or Chairman of the White House Economic Advisors.
I thought Hoffman was going to swallow his chin when RS got going.
Classic Rick.
Clearly TPTB didn't have tight enough control over the situation to allow another Santelli rant.
So here it is, my prediction for the upcoming raft of "reforms" coming down the track heading straight for us in the back half of 2011 (aka The Great Leap Forward):
-QE3 with full wage and price controls. A "Price Czar" will be named who will over see approvals and complaints about consumer and producer prices.
-Commodities futures contracts go "liquidation only". Only hedgers and exchange members will be permitted to hold limited positions.
-Elimination of weekly new jobless claims reporting, to be replaced by quarterly moving average reporting.
-Permanent repeal of the Federal budget ceiling and PayGo.
-Restrictions on capital and currency exchange with all currencies pegged to the dollar within narrow bands and capital flow limited to S&P 500 corporations.
-Elimination of bond ratings agencies
-GOvernment subsidies for stock buy back programs
Hopefully anyone who tries has the same fate as "Tricky Dick", in 1974, not 1994, for those that might interpret the comment other than intended.
Except for silver, and possibly oil, of course.
[Clearly TPTB didn't have tight enough control over the situation to allow...]---Caviar Emptor
Great post.
Never underestimate the creative genius of bankers backed in a corner.
Back to the Future - 1971. Tricky Dick would have been proud.
Santelli - Word!
Of course the video is now disabled. Obama and his crooks think they are fooling the people but more and more are wising up to this Muslim criminal's game. We need violent revolution more than they do in Libya! Lock and load!
hey its not just obama and his goons, it the republicans and their goons as well. we are just being served the old good cop bad cop routine nothing else. you want change? all must go.
Classic. So fucking true. "They can't cut $35 billion with a $1.6 trillion deficit? We're done....done, done!"
Yup.
U.S. Inflation Expands Beyond Food and Fuel http://www.dailyfinance.com/story/market-news/consumer-prices-are-rising-and-not-just-for-food-and-fuel/19896433/
Trichet says inflation durably above ECB target http://uk.reuters.com/article/2011/03/28/uk-ecb-trichet-idUKTRE72R4O820110328
Santellli on the roque http://www.cnbc.com/id/15840232?video=3000014040&play=1
One problem if the EU is gonna raise rates first (which they probably will) they will replace the Yen carry trade and even more "hot money" will come in and create even more inflation. Exactly were the cunning FED is waiting for. Ask China about "hot money".
Rick, the Bush tax cuts are still in effect. Where are the US jobs? ALL Congressional Republicans should be out looking for the jobs in the US. Take Faux, take the ACORN pimp and prostitute, take Rupert, Donal Trump, Rush, Sarah, and Glennda. Visit the unemployment offices. Show us exactly where the jobs are.
Otherwise, you need to be called liars, to your face, voted out of office and kept out of office. It's probably good to remind you, Rick, you need to talk straight and address the tax cuts still in place, because the one talking the longest and loudest is usually the one who's wrong.
You sir, accidentially clicked on Zerohedge... Huffpo is the site you were looking for right?
Who was the liar - Acorn or the people that exposed Acorn for was it was?
If something is still in place, then it isn't exactly a "cut", now is it, shit-head?
What, you missed the part where the cuts were supposed to be temporary? Don't bash a fella for not sipping the kool-aid.
Turk - Record Silver Backwardation Spells Danger for US Dollar http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/4/1_Turk_-_Record_Silver_Backwardation_Spells_Danger_for_US_Dollar.html
Excerpt:
“We’re now at a record backwardation in silver in terms of length of time. I think what we need to do is compare what is happening now to 2009 when silver was in backwardation the last time.
Over a period of just about two months silver rose 40% from approximately $10 to $14, and that rise in price eliminated the backwardation.”
“But here is the really stunning thing this time Eric, we’ve gone from $27 to over $37, again about a 40% rise in price and the backwardation is still there.
It hasn’t disappeared. So what that suggests to me is that there is tremendous physical demand for silver. This is a very, very rare event and it’s very bullish.
US Dollar Decline to Accelerate http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/3/30_Faros_-_US_Dollar_Decline_to_Accelerate.html
Santelli said "Trichet will probably raise interest rates in a week."
Anybody know what this means for the PM market if the ECB does this, if it'll create a nice dip to get in on?
I'm a n00b at finance, so i don't really know how this would effect PM's.
I first said" they probably will" raise interest rates but they are in the same boat as the US so in fact they can't without nasty side effects like the carry trade and making debts more expensive. And they already said it two times and didn't do so ... Bernankesan isn't going to raise rates, altough they are doing the talk, that's for sure. They can't avoid QEIII (or a QEII extension - same thing) or the economy will collapse. They have to pump the trillions in till they die. Also to keep the treasuries under wraps. some say Japan did it so why not the US but the US ain't Japan in oh so many ways.
Don't worry. The rates will be raised for him. He ain't a magician... obviously.
Higher interest rates are meant to slow inflation. By itself this would
be bearish for metals. Higher interest rates could also
cause the advent (or continuation depending on your view)
of a global recession which would also create downward pressure
on metals. Given the latter point central banks may not be able
to raise interest to the extent necessary to thwart the extreme liquidity
they have created in the monetary system. This then would be bullish
for metals. Not too many metal bears here @ ZH. I think you will find
the typical ZH'r advising you to purchase systematically over time and
definitely advised to buy the dip. If confidence in the dollar erodes
significantly metal is good for trading in a worst case scenario.
Best regards!
Repost from last night... this is not investment advice:
Let's start with some facts:
* 17% unemployment
* ANNUAL Structural deficit of over $1 Trillion for the next 10 years
* debt of over 13.5 Trillion (100% of GDP)
* depending on what department of lies you follow, unfunded liabilities of between $75 Trillion and $120 Trillion
* "full scale" nuclear meltdown in 3rd largest global economny with radiation in ocean, soil and air
* Most of Europe is insolvent... not 1 country, not 2.... all of them
* EURO is built on a belief between countries that have been at war for the last 600 years... and they do have their well known prejudices, mythology and biases towards each other
* 3 Middle East governments have fallen
* don't forget the onset of Iran's nuclear capabilities
In the past, any one of these events would have had a major negative impact on the markets. But not in this day and age. Ask yourself "why"?
Now... consider this
* bad news comes out, gold, silver and most commodities go up
* good news comes out, gold, silver and most commodities go up
* old rules (pre 2008) of correlation between currencies and commodities don't work
* FACT - PIMCO is out of US Bonds to the tune of $236 Billion
* The economy has Trillions of QE sloshing around seeking yield
Now pick up your pencil and connect these dots
* teleprompter as a President
* Fed signaling premature ejac with ending of QE2. That means $100 Billion of heroin will stop being pumped into the market each month
* every #uckin low life and schill you can find on Wall Street is being paraded around on CNBC to talk about "strong fundamentals".
* 89% of all trades on the NYSE are robot controlled (algorithms)
* Trades on the NYSE are held for an average of 11 seconds
* extraordinarily low volume
DON'T BELIEVE ONE COKSUKEN #UCKIN WORD OF IT.
This market is being goosed by ETFs, hedge funds and major banks who have been the recipients of QE. They are currently tweaking their algorithms to assess probability scenarios and when they have enough evidence that QE2 is over... or will end prematurely YOU ARE ABOUT TO SEE A #UCKIN BLOOD BATH... WITH COMMODITIES FALLING 30% - 40%.
Them comes QE3... and PMs to the moon.
The US dollar is finished as reserve currency. It is a controlled crash. Don't believe a #uckin word what these ghouls are saying. We all think that endings come like a freight train... but in reality... they do happen in slow motion as we are witnessing now.
Print this off and stick it on your wall and come back to chat with me in 120 days.
U-6 17% Unemployment yeah but I say look at SGS-Alternate which is 22% or somtin http://www.shadowstats.com/alternate_data/unemployment-charts
They have to pump in a couple of trillions over the next several years to keep up appearances or the ship will sink. THey can't raise interest rates and they surely can't sustain higher raites on their 10-year and/or longer term debt. Heard that China is lending them more and more short term to keep the pressure on.
Thanks RS.
- FED will do QEIII but will announce that in a "Timely Fashion" or do it in stealth mode. - FED won't raise interest rates
- FED talk is a propaganda circus indeed, same with Trichet
btw US/IMF are also bankrupt but steel the real assets from countries, like they always do in change for bogus FIAT paper money.
IMF same exact four-step program: http://www.gregpalast.com/the-globalizer-who-came-in-from-the-cold/
1.0 Privatization 'Briberization.'
2.0 IMF/World Bank capital market deregulation allows investment capital to flow in and out the "Hot Money" cycle.
3.0 Market-Based Pricing, a fancy term for raising prices on food, water and cooking gas
3.5 IMF and World Bank call their "poverty reduction strategy": Free Trade- "The IMF riot."
British Agent Papaconstantinou sells the country out Greece to draw up list of state assets for sale. Where the Germans failed during WWII a British puppet succeeds in turning Greek property into the hands of the enemy. Greek Stake Sales Will Help Boost Athens Exchange, Chairman Says http://www.bloomberg.com/news/2011-03-31/greek-stake-sales-will-help-boost-athens-exchange-chairman-says.html
btw Greece and Portugal downgraded
http://www.financial-news.co.uk/2173/2011/03/greece-and-portugal-downgraded/Ya. A rate hike is impossible. Also the majority of US Gov't securities are less than 3 years in terms of maturity which means as these are rolled over, a few percentage points above where we are at and we're into crisis mode.
Realistically, what can be done, if anything to stave off this?
The only thing that I can see is very high inflation which will destroy the value of gov't debt... but you likely have social unrest.
Don't know how old you are, but I recall having a few tops as a kid. You know, pull the string and watch it spin for a long time. Toward the end of the spinning, the energy decays and the top starts to wobble. It then does some really erratic gyrations before the edge hits the floor and the top shoots off into a random direction -- dead. Even economies adhere to the laws of physics.
Santelli is a selfish fool. Knows very little of which he speaks which makes for tension with Lisman. CNBC put him in an embarrassing job handling econ reports and markets. He has confused political bs with the real world of finance.
You Stupid Boy! http://tinyurl.com/ydxab4g
I conclude from your statement, correct me if I'm wrong, that you agree with the "experts" that the job report is valid and everything is coming up all green-shooty?
Lithium. Helpful.
I will be graduating this spring and am starting off work on the floor of the CME. I really hope I can catch him one day, shake his hand, and give him some encouragement to keep taking down the economic morons like liesmen.
SILVER: Peter Schiff – CNBC Fast Money 3-31-11 Vid http://www.youtube.com/watch?v=AvF4qa5A6-o
Heard this from 2008: Pimco’s Crescenzi Says Banks Still `Not Lending Much’ http://www.youtube.com/watch?v=qprN4f1rb9g
The boyz discounted Schiff's entire premise at the end. "Let's talk about what the reality really is...." Buffoons. Of course the Fed is not going to tighten by 300 basis points. That's silly to assume that was what Schiff was advocating -- because they WON'T. And all the scared little kittens on that panel know it. Their "reality" is from an alternate universe.
If interest rates don't rise, Gold and Silver will maintain their present trajectory.
If rates rise, trillions more must be printed to service the debt.
I fail to see either scenario as negative for Real Money.
We passed the "event horizon" a while ago...
RockyRacoon...Exactly
Those pussies make their scratch on the backs of Grandmas eating dog food and Millenials being turned into sheep.
Pricks.
Their only purpose is to provide an example to sheeps of what a lunatic looks like. These are classic nlp manipulation techniques.
You are a free-thinker and are thus less susceptible to these tactics; however, most are not so quick to even question what these so-called experts spew forth.
This is highly effective and you can see it all around you. Here's a 9/11 "nut" on Hannity & Fuckyourself:
http://www.youtube.com/watch?v=9GAU2WjtRr0&feature=youtube_gdata_player
"I can't stand to watch T.V. or open a Newspaper anymore."
Yes, I agree Mr. Santelli, what a bunch of bullshit flying out of D.C. and Wall Street!
Notice that Rick talks about his CHILDREN.
It isn't just about his wallet or his mojo or his penis - he has people he cares about who will SUFFER because of these lies.
LIES, LIES, LIES!!!
The road to Perdition, the road to HELL.
Revolt is the only road to truth and sanity at this point.
What we've just listened to is one of the most insanely idiotic things I've ever heard. At no point in their rambling, incoherent dialog was there anything that could even be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award them no points, and may God have mercy on their souls! - so sayeth the penguin
Specifics...no specifics...your point is?
The FED is not ginning the markets with trillions of $'s in liquidity?
The government is not "revising" numbers up so the next week they can say that unemployment is "down"??? (perception management).
The Emperor has clothes?
What?
You said nothing and criticized nothing being said...???
I don't get it, please clarify...
Anyone ever notice Santelli has been wrong through the entire rally?
Yeah, hey, it only cost $14 TRILLION and my kid's future, no sweat off your back, eh?
If you can't see what is going on you may as well run down to the shore to take PHOTOGRAPHS of the TSUNAMI right about when it comes to shore.
Rick Santelli’s the ONLY sane one in that clip.
It must be like being the only sane one in an asylum...
So saith the penguin - What my point is that listening to these
foktards babble about this number or that number really serves
no purpose, especially when Joe's only goal is to try encourage
Rick to make good television.
I really took what rick had to say to heart in his tea-party speech
but lightning rarely strikes twice, and unless one of these idiot
puppets actually grows a pair, and calls for full blow revolt on live
national television, you, me, and everyone else can argue over what
the feds gonna or not gonna do, if this number matches that projected
number, or if i'm full of shyt, till we're blue in the face.
The time for debate, serves no purpose at this point in time, and should
be reserved for a future time when the house of card has fallen, and the
fat lady has sang her song, and when prudent men can debate on how to
rebuild.
I hear you, but you must blow on the coals to stoke a bigger fire.
Having a beer and falling asleep until someone wakes you for dessert is the road to hell, get mad, start talking and quit laying down.
Its 0158 on 04/01, and I can still get the video. So cnBS has not taken it down.
Awesome Rick, I just love when you get on a rant.
OOPS! Dupe. How does that happen?
A shocker: UK PMI falls a record amount
http://dawnwires.com/investment-news/uk-shocker-manufacturing-output-rec...
I can't believe that nobody reproduced the great acronym that Santelli put out there:
That's a keeper!
just have to love the guy