Santelli Channels Cramer: "The Fed Doesn't Have A Clue"

Tyler Durden's picture

Comparisons of the failure of the TARP vote and the fiscal cliff were summarily dismissed early in this clip - though CNBC's Rick Santelli does note, as we have vociferously stated that a market correction is the only impetus to get something done in Washington. Having abandoned his channel's "Rise Above" meme in the face of this "childish nonsense", Santelli agrees that politicians "can show incompetence at very critical moments." Then, sparked by the anchor's comment that "the markets would know if [the cliff] was going be a horrific thing", Santelli goes 'off-script' with an epic take-down of all things CNBC: "the stock market is an immediate gratification for investors to make money;" and asks the key question "Why do we look to the Dow Jones Industrial Average to handicap if this country is going to go down the sewer in a couple of years? It doesn't give us a glimpse into the future." He adds that the market is not discounting $100 trillion of unfunded liabilities in our future and then slams the door shut with what will likely become the new meme: "The Fed doesn't have a clue, neither does the President, neither does Congress."

 

Forward to 4:30 for the epic rant (or enjoy the whole thing as Rick summarily dismisses the much hoped for "Rise Above" theme)

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Zer0head's picture

y'all recall when Cramer compared Obama to Lenin back in early 2009? http://www.youtube.com/watch?v=p1jBlLZv7ug

 

not long thereafter the SEC arrived on his Street and uncovered a massive $250,000 accounting error that was just recently settled. 

 

 

S5936's picture

Same for Michael Burry after calling out Greenspan . Cost him a cool MIL

Manthong's picture

Oh crap.. it's all part of the show.

The Fed and Feds know exactly what they are doing.

old naughty's picture

CNBC turned fight-clubish...

Hahaha.

strannick's picture

St. Rick, shoutin it out. My fav was when his straight man said ''Im just Forrest Gump'', Santelli says ''Forrest Gump is Congress''

gmrpeabody's picture

Rick may soon find himself working on another network..., just sayin'...

ratso's picture

Santelli is Italian for clueless.

TheSilverJournal's picture

The DOW hanging in there is only 1/2 of the story. The DOW is measured in dollars. If the companies in the DOW go to crap and the dollar goes to crap at the same rate, then there is essentially no change in the nominal value of the DOW.

So when speaking of what the stock market is indicating about the future of the economy, all it's really saying when stocks rise is that the dollar is going to get hit harder than big companies.

Since a price is a ratio, to say that it's good if the DOW rises is simply ignorance or denial and is ignoring the denominator in the ratio.

Try fifth grade math and convert fractions all while ignoring the denominator. Fifth graders know better. These people are supposedly financial gurus and they can't seem to figure out that a price is a ratio.

knukles's picture

God Bless all the Bond Guys

willwork4food's picture

..and God Bless all the Banksters. Each and everyone.

redpill's picture

Eventually the cognitive dissonance between Santelli's increasing realization of the massive unholy alliance of the central banking/financial oligarchy/government's scam of debt servitude on the general population contrasted with the ongoing goal of CNBC to continue/promote/celebrate the continuation of the ponzi fleecing of society will lead to the accelerated marginalization of him as some "crazy right winger at the CME" until such time as Santelli finally crosses some imaginary line and they editorially paint him as some Glen Beck/Alex Jones type person and run him off the network.

But until then, the interesting thing has been watching the evolution of Santelli as a former 'true believer' in the current market system transform into someone who is steadily waking up and pulling back the curtain to see the ugly truth.  The risk is, of course, that at some point when it dawns on him if he continues pressing the truth he may lose his job, he may agree to become a caricature of himself and simply offer clownish commentary within careful confines set by CNBC without the authentic fervor that some of his more famous rants have clearly contained.  Hopefully we aren't already there.

Karlus's picture

As much as I like Santelli, I think he is already in CNBC clown mode.

I imagine their message is pretty tightly controlled and I think Santelli is there to try and lend some credibility to the network with market skeptics. I also suspect his rants are kinda self scripted. Remember, the network is about ratings and perhaps not really about news....its "infotainment." I think they saw a ratings bump with the first rant, but much like QE, it's losing its effectiveness with repeated applications.

*Note: I am not disagreeing with him as much as I am trying to explain the "rant" phenom.

SheepHerder's picture

+1

Santelli not saying anything extraordinary and he has the ZH crowd watching and interested in CNBC for a few brief minutes.  Now if he was spouting off about how we should execute bankers who steal from their clients and the public, end all foreign wars and empire expansion, introduce state controlled complementary currencies backed by state exports, grant states the right to buy their soverignty by paying off their share of Federal debt, or any other unique and out of the box ideas, then I'd be impressed.  

Being obnoxiously loud does not make Santelli's points incredibly unique or insightful.  As I recall Puppet Presidential Hopeful Romney made some of the same points.

 

derek_vineyard's picture

santelli's rants were good the first year....now it getting too repetitive

SilverDOG's picture

What is not repetitive on Central Nationalized Bull Crap.

You may hear the message as repetitive, most 'tards regard it as terrorism.

To their facade of investment belief. 

CNBC is out of business, its ratings bailout, Saturday Night Live equivalent.

eclectic syncretist's picture

Yep, the Fed, the politicians, and banksters know the game very well and are in complete control of it.  They are going to raise our taxes to help sustain their parasitic "skim" from the hard work of the true Americans.  Unfortunately, Santinelli doesn't understand what he is talking about or he would know and discuss this instead.

I suspect they intend to degrade the economy until some drastic measures (that otherwise would be unthinkably unpopular) permit a further consolidation of power.  Maybe something like a global currency or holy war.

cranky-old-geezer's picture

 

 

The Fed and Feds know exactly what they are doing.

Yes.  They're looting the nation and doing it well.

Only fools believe the cover stories, like "helping the economy recover", "recapitalizing banks", all that bullshit.


CharlesFilson's picture

I can't really agree. Few parasites actually kill the host. The Fed has power/wealth only as long as the US does...it's the GDP of the US that backs the paper they print.

I think the Fed is doing their best to preserve the status quo and failing.

 

red_pill_rash's picture

I agree Manthong.

Anyone who thinks that the "the fed doesn't have a clue", needs to get one.

The "New" is always built on the ashes of the "Old".

GottaBKiddn's picture

Exactly. What's not to love about Santelli? He's honest. But he and way too many others are naive to think that "they" are clueless. They know exactly to whom they are slipping the fiscal stiff, and they're through with the foreplay.

ConfederateH's picture

Santelli is a statist tool that the banking cartel uses to occasionally throw raw meat to wall street.  Notice how he is dissapointed that the fasco-communists and the commiefascists cannot grow up and reach an agreement over who will rape us first and who gets sloppy seconds.

flattrader's picture

Amen brother.

Why anyone thinks that asshole speaks some sort of "Truth" is beyond me.

 

ratso's picture

Pseudointellectual creations like fasco-communist and commiefascist are a reflection of your lack of education and mindless mimicking of other right wing wingnuts.  They are meaningless contradictions intended to suggest great insight but instead just go on to betray your ignorance.

LFMayor's picture

wow, that was wordy.   Hey, didn't Good Will Hunting threaten to beat you up that one time?

overmedicatedundersexed's picture

TO ALL ZHers. THE attack on gun rights has begun:

New Senate bill to ban sale of all handguns, so call assault weapons on and on from bill:

  • Requires that grandfathered weapons be registered under the National Firearms Act, to include:
    • Background check of owner and any transferee;
    • Type and serial number of the firearm;
    • Positive identification, including photograph and fingerprint;
    • Certification from local law enforcement of identity and that possession would not violate State or local law; and
    • Dedicated funding for ATF to implement registration

    and so it starts the sleeping nation has 1% who may resist 3 million who will not bend the knee to the tyrant's decree. finger print photo's,, maybe they really do want violence. 

    cranky-old-geezer's picture

     

     

    Violence?

    Hardly.  95% of gun owners will do the fingerprint / photo / LE certification /and any other hoops they have to jump thru.

    Other 5% will be arrested, prosecuted, jailed, guns confiscated under civil forfeiture, have a felony record from then on, can't own guns ever again.

    Registration is the step before confiscation.  Always has been.

    Your chance for revolution is over.  You waited too long.

    ConfederateH's picture

    Er... actually I have already renounced.  BTW, can an old geezer like you even get your pud erect, let alone in a pussy like that?

    LFMayor's picture

    ... might explain the crankiness. 

    cranky-old-geezer's picture

     

     

    continued (after that ConfederateH dumbass interrupted) ...

    Once Americans are disarmed, 4 million LE ( who would gladly turn their guns on Americans, they do it every day now), will be plenty to keep the other 346 million (sheep) in line. 

    400 million guns?  They'll melt down fine in electric arc furnances, turned into cars, appliances, whatever.

    LFMayor's picture

    don't worry.  We didn't expect YOU to do anything anyways.  As ever.

    Real Estate Geek's picture

     New Senate bill to ban sale of all handguns, so call assault weapons . . .

    Link?

    tango's picture

    Sorry, but even by ZH's standard (everybody except posters are consipiring for a NWO with banks) this doesn't wash.   Hoping against financial disaster is not throwing your lot in with fasco-communists.  He has ridiculed the CNBC sloganeering and their absurd campaign.  Santelli has stated repeatedly that the problem is NOT taxes but instead, spending, financial ignorance and lack of savings. I could not agree more.

    GetZeeGold's picture

     

     

    Michael Jackson and Sir Elton John both concur.....but only one could be reached for comment....and he ain't talking.

    ConfederateH's picture

    Yes, Santelli, a statist tool like you, would gladly leave the Federal Government with its hands on our throats as long as enough spending is cut to make his job sustainable.  Meanwhile they are tightening the grip on our throats with staged mass murders and terrorist attacks.  They preparing to seize our weapons, flood the airspace with drones and have the TSA patrol the streets.  Gary North has a great piece on where this leads:

     

    A decree went forth that all Armenians should be disarmed The Armenians in the Army were drafted out of the fighting ranks, re-formed into special labour battalions, and set to work at throwing up fortifications and constructing roads. The disarming of the civil population was left to the local authorities, and in every administrative centre a reign of terror began. The authorities demanded the production of a definite number of arms. Those who could not produce them were tortured, often in fiendish ways; those who procured them for surrender, by purchase from their Moslem neighbours or by other means, were imprisoned for conspiracy against the Government. Few of these were young men, for most of the young had been called up to serve; they were elderly men, men of substance and leaders of the Armenian community, and it became apparent that the inquisition for arms was being used as a cloak to deprive the community of its natural heads. Similar measures had preceded the massacres of 1895 – 6, and a sense of foreboding spread through the Armenian people. "One night in winter" writes a foreign witness of these events," the Government sent officers round the city to all Armenian houses, knocking up the families and demanding that all weapons should be given up. This action was the death-knell to many hearts."

    Karlus's picture

    My belief is that could "break the seventh seal" here in the US. While there is much grumbling about taking arms, I think that when we see it actually happening, "flash mobs" could form to punish the local magistrates tasked with grabbing guns. A few guys in ski masks could really wreak havoc with the door to door officials...

    Think about how you would feel if you were the guy charged with getting the weapons and people knew where you were....I would think that you would want a new "assignment" pretty quickly. Especially if you were the third or fourth guy in charge of that in a month...

    Stoploss's picture

    The Bozo cannot fool the Kennedy Kids.

     

    We posses something the rest do not.

    A B I L I T Y

    SafelyGraze's picture

    just to be clear -- 

    he's paid by nbc

    he stands on the "busy floor" of a tv set

    he joins in the rant-shout-interrupt dialectic

    controlled opposition sideshow

    CPL's picture

    CNBC Sock puppet theatre is brought to you by our sponsors Delusion, Lies, Ego and Bankruptcy.

     

    The guy in the right hand corner by the way I recognize from other interviews that have been posted on here before.  Last I seen him he was talking about JPM in a two piece in studio.  I'll go find the clip.

    CPL's picture

    http://www.tjmbrokerage.com/jim-iurio

     

    After receiving his bachelor's degree in economics from the university of Illinois, Jim Iuorio has been a 25 year veteran of Chicago trading floors. Much of that career has been spent brokering and trading financial futures and options contracts for large institutional investors or for his personal account. Beginning in 2005 Jim began providing commentary for global financial television stations and is now a contributor for CNBC.

    He's a jack of trades financial guy and a paid actor to CNBC, plus sells HFT solutions.  So anyone confused as to why he was there the solution is easy.  He was paid to wear the smock and act as the foil.  

    His acting hasn't been limited to the smock, it also includes.

    • man on the street
    • man in studio in suit 
    • man acting as expert for JPM, GS, whoever...sock puppet.

     

    Youtube is full of him.  His analyst is wishful thinking and his largest deal was never probably why he started acting.  His trader career didn't bare fruit.

    TraderTimm's picture

    Actually, aside from whether he's a 'plant' or not - he does stand on the Chicago trading floor, not a set.

    Of course, there's also the meta-commentary that trading floors in general are obsolete compared to electronic trading, but that's another story completely.

    Dude is shorter than he looks, smokes like a chimney too - if you want to talk to the guy, just go where all the smokers are near the trading floor entrance, he grabs a square there now and then.

    SafelyGraze's picture

    chicago "trading floor"

    nice one!

    next they'll be filming on a new york "trading floor"!

    TraderTimm's picture

    Just go on Lasalle until it stops at the CBOT building. There's a trading floor in there, jackass.

     

    smlbizman's picture

    these assholes just use rick for ratings....they poke him with a stick than, cunts like liesman and michelle big tits cabrarro et.als. sit back,  laugh and mock him....never backing up or agreeing with his point..never furthering his  thoughts....i hope for the day when he finally lets it all out, knowing the big shepard's hook is on its way to pull him off the stage, but rick exits stage right (even)...than lets watch them laugh...then i think others may start to grow balls....we need so many more ricks and ben swanns...fingers crossed.. 

     

    youngman's picture

    He is getting applause from the floor now...so did Bartaromo when she told the congressman what an idiot he was......I think the "masses" know he is speaking the truth...

    walcott's picture


    1976 Flyers Game kate smith anthem God bless America

    http://www.youtube.com/watch?v=GO3gPUn24FI

    Fuckn' A!

    walcott's picture

    flyers 36-3-1 when Kate Smith Sang God Bless America before their game through 1974


    Kate Smith: God Bless America 1974 Flyers' Stanley Cup

    http://www.youtube.com/watch?v=sRMtXUgVp0c

    Fukn' A!