Santelli On False Dictatorships And Fed Exit Strategies

Tyler Durden's picture

In a little under three minutes, CNBC's Rick Santelli clarifies (in a much-needed manner) that we do not live in a monarchy or dictatorship (hoping for benevolence) - no matter how many Democratic senators and congressmen believe the President was given a mandate leaving him "holding all the cards" - we live in a republic (where the sovereignty rests with all individuals) and removing 'debt ceiling' checks and balances (for example) is a ride down a slippery slope. The chagrined Chicagoan then goes on to discuss the fact that the Fed, having unloaded another package of potentially infinite unsterilized money-printing, was actively discussing its exit strategy. Put simply, Santelli notes, "mark my words" the market will decide that exit - and the Fed had better be ready when it comes.

 

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BringingTheRukus's picture

Ah, my man-crush is at it again.

MillionDollarBonus_'s picture

Interviews with average Americans

What do average Americans want from their government?

Brad Jones, age 25, IL

“What do I want from my government? What do I want?? Are you fucking kidding me? I have basic needs: A job, a descent salary, a house, a fucking vacation. These are needs not wants – get that through your stinkin head. Fucking government doesn’t give a shit about unemployed average guys like me. I’ve got a fucking college degree for fuck’s sake! I studies media and modern culture for four damn stinkin years and this piece of shit government can’t even provide me with a fucking JOB??? They’ve got enough  money for wall street, but not for an average hard working guy on the street. Fuck this shit. The occupy movement is gonna take over this country so guys like me can get a guaranteed job and a decent wage. We need a revolution in this country ... a progressive revolution

fonzannoon's picture

Brad is fkin hysterical.

I can't stop laughing.

"I’ve got a fucking college degree for fuck’s sake! I studies media and modern culture for four damn stinkin years"

I'm crying.

duo's picture

media and modern culture, is that Halo 3 on x-box?

Matt's picture

So, is the goal of the Occupy movement to make sure everyone that wants a job, gets a job, and that job is matched to the college course they took?

At least it seems that way, according to Brad.

Leopold B. Scotch's picture

I'll be anyone here two $ 1 trillion platinum coins that Brad Jones borrowed to gills for his degree, too.  (Govt. backed loans, I'm sure, taxpayers...)

Behold: The Next Bubble to Pop!

eatthebanksters's picture

not just a job, but a good paying job, with benefits and lots of vacation time!

bigkahuna's picture

These people who are after the government to give them everything are just too afraid to admit that they fucked up in life, let alone take the time and pain to go back and fix their own mistakes. 

What a bunch of losers.

We all fuck up. Some of us have the courage to un-ass our heads and fix it. Yes-speaking from EXPERIENCE!

rbg81's picture

Wish I had as much faith in "The Market" as Santelli.  The whole point of Central Bank balance sheet expansion is to make "The Market" much less significant, or even irrelevant.  Like a Republic, the Market is probably viewed as "too messy" these daze.

SheepDog-One's picture

Yea really...what 'market'? For years now the only market at all has been 'Gee, I wonder when and if Ben Bernank is gonna gift us some free money?' 

What fucking market is it Santelli speaks of?

Bay of Pigs's picture

He must still believe the "bawnd vigilantes" are coming back.

Yeah, sure they are Rick.

debtor of last resort's picture

The market is more than just shorting aapl. Comex default through physical shortages, or plundering supermarkets due to high inflation is also 'the market'. The market will take care. Don't worry.

Joe Davola's picture

Hopefully he partied it up during those four years, because he's gonna 'descent' to a job well below his perceived station.

jerry_theking_lawler's picture

And his vote counts just as much as yours.......haha. We will get what we deserve.....as a country.

Big Corked Boots's picture

I'd say if that boy studied Media and Modern Culture for four years, he has received exactly what he has earned.

azzhatter's picture

I've been studying media and modern culture for most of my 60 years. It's not pretty

boogerbently's picture

"media and modern culture"

TV and FB???

Esso's picture

There's a lot more to it than that. There's keeping a cell phone glued to the side of your head for 16 hrs/day, texting constantly, video gaming, the constant search for the Latest & Greatest iDooDad, it just goes on and on...

HardAssets's picture

So true, and so common.  I recently spoke with a middle aged moron who said he liked to "keep up with things" so he'd bought the latest i-gadget. I pointed out that he just bought the thing . . . . he didnt design it. The worse was seeing a man who had to be in his late 60s or early 70s with a gold earring stud. Probably a freakin' Californian. America . . . land of the 'trendy' and the brainless sheep.

eatthebanksters's picture

his degree should get him a great job as a bartender at the Hard Rock Cafe...

Rockatanski's picture

and you certainly didnt need a college to help you with that endevor either, i assume.

HoaX's picture

Least his modern culture course seems to be paying off.

mayhem_korner's picture

 

 

MDB...I can't stop laughing at your hat, dood.

debtor of last resort's picture

Would you please use the word 'dude' instead of 'dood'? Dood means death in my language. As much as i hate MDB, i don't want him dead.

Raymond K Hessel's picture

Dewd,

In what language does dood mean death and dude does not mean death?

Popo's picture

Jobs don't come from government.  

Government jobs come from government.   

Get that through your stinkin' head, Brad.  

BTW -- did they teach grammar and spelling in that "Media and Modern Culture" program?

centerline's picture

This stuff is pure genius MDB.  +1 from me.

q99x2's picture

I want nothing from federal government except State ownership of their nukes.

Mad Mohel's picture

Give that kid a bag of rocks and the directions to the Fed. These little teat suckers need to put their money where their mouthes are. You want it? You gotta take it!

ejmoosa's picture

Oh, we are going to have a revolution.

But I don't think ol' Brad will like the outcome very much.

 

caimen garou's picture

I studies whores in memphis, but whats that got to do with the price of rice in china! rich,million dollar butt wipe!

EmmittFitzhume's picture

This forum is the greatest!  I love all you guys...except MDB...and anyone like him....aaaannnd Brad

yogibear's picture

"a house, a fucking vacation"

Since when are those necessities?  Isn't he already on a forced vacation?

 

HardAssets's picture

He's on a vacation from thinking.

FanOfAnn's picture

It's not the Government that has failed you. Its you that's failed you. Wake the fuck up! 

brettd's picture

Brad is about to become a SNL recurring character....

 

flattrader's picture

Fuck Santelli

>>>CNBC’s on-air editor, Rick Santelli, calls ordinary Americans who face losing their homes to foreclosure "losers" who don’t deserve government help.

America’s homeowners have just lost about $6 trillion in home value in 2008, largely because the people who are supposed to oversee and finance the economy didn’t do their jobs, but Santelli thinks we should let Americans facing foreclosure just fail. That way, more patriotic Americans like the traders surrounding him — the guys who made a bundle riding the housing bubble economy — can scarf up the properties for pennies on the dollar and get rich.<<<

He's a predator.

Popo's picture

What?   Americans are losing "their homes"?   Please define "their homes". 

Why can't these people rent like I do?  And just out of curiosity, should renters also be given free homes?  Or just the people who took out mortgages, but never actually paid for their homes.   I'm not sure I understand your logic about specifically which Americans should be given free houses.

flattrader's picture

Where did I ever say that anyone should be given "free houses?"

Quote me...

Oh, you can't...because I never said that.

Popo's picture

If someone is in foreclosure, they can't afford their house.  You'd like them to keep it despite the fact that they can't pay for it.  The technical term we use for things that one gets to keep without paying for them is "free".

What you're doing is accusing me of quoting you.  I am not quoting you.  Please do not erect straw men and knock them down.  

What I *am* doing is ridiculing you because you believe that ownership is distinct from acquisition.   And you believe government's job is to provide homes to those who made irresponsible business decisions, but under different circumstances those individuals should keep the profits should those decisions go their way.  You are like a child.  You want a win win scenario courtesy of your fellow Americans.

Raymond K Hessel's picture

I rent because I can't afford a mortgage.

If those who were foreclosed on were as honest about their expenses as I was, they'd be secure in their rented homes.

eatthebanksters's picture

I lost my house, I hate TBTF banks, but in the end it was my fault and I own it...and Santelli is my fucking HERO!

Freddie's picture

I "own" a home, almost paid off, and have plenty of equity.  But guess what?  The county owns my home.  My home is there to keep fat f**k unionized govt workers on the gravy train with cushy pensions and endless freebies.  It is for the cops and firemen to make $100K + with cushy side jobs that can rake in more money, maybe an extra $50,000, plus everything they can steal.  

I went to a restaurant a few months ago near a police station in town with 100,000 people.  I ended up paying $10-11 bucks for dinner.  The cops and their cronies come in and it is all free.

Anymore, you "don't own nothin" in this country.  I just rent my home from the county by paying taxes aka rent.

VisualCSharp's picture

So true. As long as any person or organization can place a lien against "your" property or sieze it through eminent domain, you do not own your property.

Ayn NY's picture

I rent because it was obvious to my husband and I that we were in a housing bubble and taking out a mortgage on an over priced house is financial suicide. Most people who took out mortgages at that time couldn't afford them - you were smart not to get in over your head.

Tom Green Swedish's picture

Here's the problem.  As we all know the housing market caused the entire problem with our lives today. It is what the entire crisis was blamed on, we have heard it over and over again, yes it was the banks fucking with loans etc, but the root of the problem was "the American Dream". You can argue gas oil chinese etc etc, but the problem was BLAMED ON HOUSING.  So we have a big huge hint on what we need to fix.  HOUSING.  Ok so what do we do? It would be hard to fix the past, but better to prevent the problem in the future. 

 

First 1 percent loans for everybody, or rates that are on par with 30 year treasuries.  Housing has to go up less than inflation or not at all or within wage increases (otherwise the ponzi scheme will be in full effect and the next generations will get screwed; we are already experiencing this problem) or alternatively smaller houses or smaller cities with no suburbs.  So here is the problem once housing goes down renting prices go up.  Total crap. From one thing to another.  Somebody has to have an intelligent fix to this problem because the only thing housing does is stimulate the construction economy, and it is an extremely profitable business.  The materials to make a mansion are not that expensive.

 

I like averages so we'll use averages to prove our point. 

Go to menards and you will see the materials for a 2700 square foot home are 91,000 dollars (the average home size in the USA).

http://www.menards.com/main/project-center/homes/h053d-0021-the-heathwoo...

 

The median sales price for a home is 178,000 dollars (where I live its 280,000).  Ok so where did the other 88,000 dollars come from?  Land? Construction?  Ok here's the problem.  There's enough room in this country for us all the have a chunk of land.  2. Lets just say construction is for a new house (I'm not talking for one made 30 years ago when wages were 8,000 dollars a year) is 50,000 dollars or about 175,000 dollars.  Thats one man's salary for an entire year on average or gross pay for 8 years one AVERAGE.  Yes I would have to pay 8 years of my life for something that was constructed in 3 months, is that fucked up or what?  Ok so I can spend one entire year building a house for myself or 8 years for that matter and I'd come out ahead. Sounds like a plan to me.  

 

This is how stupid things are.  We are paying higher prices for labor and materials already purchased at a lower price so people can sit on their ass and collect money for nothing.  Pathetic.