Rick Santelli

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The October 2012 Pre-Election Jobs Report Was Faked





On Friday October 5, 2012, the BLS released what was arguably the most important report of Obama's first term: the final jobs number, and unemployment rate before the November 2012 presidential election. As so many predicted, it "plunged" from 8.1% to 7.8% allowing the president to conduct countless teleprompted speeches praising the success of his economic recovery. It also served as the basis for the infamous Jack Welch tweet: "Unbelievable jobs numbers..these Chicago guys will do anything..can't debate so change numbers" and prompted the pro-Obama media to quickly brand all those who questioned it as conspiracy theorists...  Well, as it turns out over a year later, the conspiracy theorists were once again, spot on: the Bureau Of Lies And Subterfuge manipulated the most important jobs report in Obama's career.

 
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4 Things To Ponder This Weekend





As we enter into the two final months of the year, it is also the beginning of the seasonally strong period for the stock market.  It has already been a phenomenal year for asset prices as the Federal Reserve's ongoing liquidity programs have seemingly trumped every potential headwind imaginable from Washington scandals, potential invasions, government shutdowns and threats of default.  This leaves us with four things to ponder this weekend revolving around a central question:  "Does the Fed's Q.E. programs actually work as intended and what are the potential consequences?"

 
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Santelli Stunned As Nobel Winner Fama Explains Fed Unwind "Is No Big Deal"





If ever there was a few minutes of television to confirm the deep-seated disconnect between reality and the ivory-tower academics pulling the levers behind the curtain, CNBC's Rick Santelli just exposed it. For once, simple questions were enough to allow none other than Nobel-Prize-winning economist Eugene Fama to show Santelli (who did his best not to explode in incredulity) that the "smartest people in the room" just don't get it (just as they didn't get it in 2007). Santelli was gracious and polite as he asked what the great professor's thoughts were on QE... (and the entire brief clip is worth watching in its entirety) but his conclusion is perhaps the most stunning (and left Santelli almost silent)... when asked the impact of the Fed 'Tapering' or even selling down its $4 trillion in assets, Fama calmly says "it's basically a neutral event... It's No Big Deal!" Indeed, professor, that is so clear...

 
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If You Believe In The Recovery, Do Not Look At This Chart





Just a few moar years of unlimited open-ended quantitative money printing and we are sure this will all be fixed...

 
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Spot The Wealth Effect





Things are getting better; the nice man on the TV said so...

 
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A Libertarian View Of The "Grand-Standing" Over Government Shutdown





"It's really just politics as usual," notes Mark Thornton in this brief perspective-giving clip that seemingly confirms the grandstanding idiocy of our politicians that Rick Santelli pointed out earlier. Thornton notes, "Congress has been acting irresponsibly for years," enabled by an always-willing-to-lend Federal Reserve that provides no incentive for fiscal responsibility (that a gold-standard could provide). Thornton also notes that despite the fear-mongery, "it's not really government shutting down," as 'essential features of government' will remain active.

 
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Santelli Exposes The Gaping Hypocrisy Of The "Rubber-Stamping" Politicians





Unfortunately for almost every politician in the US, the way-back machine is fully functional in our new technologically miraculous normal. These are "strange times," CNBC's Rick Santelli notes, as he begins to systemically destroy the credibility of all the gaping wide mouths of the politicians (on both sides of aisle) that doth protest too much over the debt-ceiling debate. Santelli is breathless in his rage at the hypocritical comments of the Democrats based on their views from 2006 (when "W" was in the White House) as they decried the "rubber-stamping" of fiscal irresponsibility (raising the debt ceiling) of the Republican Congress. His ire raises as he shines a light on Harry Reid (Dem.) and Charles Grassley (Rep.) among others.

 
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Summing It All Up In One Cartoon





"The new normal..."

 
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Rick Santelli Exposes The "Wimpy" Economy





Earlier this week, we followed up the CBO’s publication of its 2013 Long-Term Budget Outlook with a chart that we believe should have been included. But what would Rick Santelli say? Only Rick would think to mix our debt projections with cheeseburgers and a magnifying glass. Here’s his entertaining "I will gladly pay you Tuesday for a cheeseburger today" take on our chart...

 
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Hilsenrath Spots "The 2016 Problem" Facing The Fed





As we warned here exactly one month ago, the tapering discussion may be merely a "sideshow to a previously undiscussed main event: the Fed's first forecast of 2016 interest rates." Now, the Fed's mouthpiece-at-large has decided we can handle the truth and the WSJ's John Hilsenrath explains the dilemma - The Fed's updated economic projections could show an economy that appears back to normal by 2016, but their projections of where short-term interest rates will be could show rates still quite low by then. Their challenge: How to justify the low interest-rate plan when their own estimates suggest an economy regaining its health. Crucially, Hilsenrath adds, as the economy improves, the Fed is trying to shift its emphasis from bond buying, which has uncertain costs and benefits, to the low-rate pledge. How will the Fed square an economy near full employment with a federal funds rate that remains historically low? "There is an inconsistency there," said John Taylor - apparently confirming what Rick Santelli asked before - "What is the Fed afraid of?"

 
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Santelli Rants Against The Intellectual Arrogance Of The "Intellectuals"





The American public is "just too darn stupid to get it." That is the message that CNBC's Rick Santelli hears from the mainstream media when discussing polls that suggest US citizens are against a rise in the debt ceiling. Perhaps, as he exclaims, "we should only poll the Harvard and Princeton professors," since they have such a good grasp of reality. But, it is the "giant leap of faith" that the Fed can really move unemployment and keep the economy humming along to support the level of equities that has the Chicagoan irate. Congress - listen up - he explodes, "70% of Americans oppose raising the debt ceiling, and 55% oppose it even if it means default." With the mid-terms not so far away, Santelli warns, "Americans know exactly what they want and they are not getting it from the current Congress."

 

 
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Santelli Blasts Bad-Jobs Bullish Market Response: "What Are We A Banana Republic?"





Bond yields snapped lower, equity prices surged higher, gold and silver prices ripped higher, and the USD snapped dramatically lower (as JPY surged) on the worse-than-expected payrolls print (and terrible downward revision). The sad reflection of bad-news-is-good-news reaction of US capital markets to this 'most important number in the world' is summed up perfectly by CNBC's Rick Santelli as he exclaims how sad this reaction is and asks "what are we a banana republic?" Well, yes, Rick, it appears we are...

 
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Santelli Rants On The Looming Auto Subprime-Loan Crisis





With interest rates rising and now clearly weighing on the housing recovery (and affordability, as we noted earlier), many look at the extreme jumps in auto sales being pumped out today and worry that higher rates will impact that credit-fueled orgasm of optimism. While house price appreciation and belief in its linear extrapolation seemed to have prompted an inordinate amount of fed-funded credit-based car sales in the last month, the fact is that rates won't 'directly' affect car-buyers, since as CNBC's Rick Santelli exclaims, auto-loan rates are massively high already with millions paying high double-digit rates and terms are now as long at 97 months!! Simply put, with incomes stagnating, should we see any marginal impact on ability-to-pay or credit-availability (which will be affected by higher rates weighing on funding abilities - see below), then as Santelli concludes, watch out for these little words... "Auto Sub-prime loans."

 
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Chart Of The Day: Who Is Ben Bernanke Working For?





Presented with little comment aside to ask (as Rick Santelli did a few months back)... just who is Ben Bernanke working for?

 
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The US Manufacturing Renaissance In (Perplexing) Context





As the following two charts show, despite the rest of the world being mired in an entirely lackadaisical muddle-through (in terms of both manufacturing and non-manufacturing PMIs), the US is representing itself as the new growth engine with an expanding and rising economy (if the 'recovery-is-right-around-the-corner' data is to be believed). Of course, we are hearing the term 'decoupling' and 'cleanest dirty shirt' once again (begging the question Rick Santelli has asked numerous times "so why not remove the Fed's training wheels") but we remind, there is never a decoupling in the highly interconnected global economy (and its stagnant trade volumes). Our simple question is, with all this dramatic divergence from the rest of the world, stagnant income growth, and anemic manufacturing job growth at best, how will the consumer-driven US sustain its exuberance?

 
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