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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Thu, 12/27/2012 - 15:00 | 3099516 Tommy Gunner
Tommy Gunner's picture

FUCK Rick Santelli the hypocritical bastard!!!

He rants about people who listened to the crooks who pushed them into outsized mortgages BUT not a fucking peep out of the cocksucker about the banks who benefited from this... not a peep about how the fuckers have been lined up at the Fed window getting ZIRP cash on the taxpayers back TO THIS DAY. 

Not a peep about the institutionalized corruption that IS Wall Street.  Throw these cocksuckers in JAIL!!!! 

If you want to scream about something you stupid fuck scream about that. 

But Nooooooooo - Rick is finger fucking Blankein whilst sucking his cock and getting rogered by Dimon.  He ain't gonna call out his loverboys.....

Thu, 12/27/2012 - 19:13 | 3100125 flattrader
flattrader's picture

>>>not a peep about how the fuckers have been lined up at the Fed window getting ZIRP cash on the taxpayers back TO THIS DAY.<<<

Thanks for noticing.  I thought I was the only one who had.

>>>Not a peep about the institutionalized corruption that IS Wall Street.  Throw these cocksuckers in JAIL!!!! 

If you want to scream about something you stupid fuck scream about that. <<<

Agreed, but he never will.  He's a bond market butt boy.

Thu, 12/27/2012 - 11:25 | 3098863 BandGap
BandGap's picture

The Dow is now the opiate of the masses.

Thu, 12/27/2012 - 11:37 | 3098915 tango
tango's picture

Bandgap - How true, how true.  There is a similarity among all opiates - religion, stock markets, global warming/Euro/Socialism in Europe, endless growth -  folks twist facts to fit their ideologies.   The market with eternal QE is only slightly related to performance.  I smile at all the MSM folks hyping this market after savaging Bush (14,000+ Dow) for a "jobless recoverty".  Santelli for King of the Universe!

Thu, 12/27/2012 - 11:59 | 3098979 Mr Pink
Mr Pink's picture

Did that trader dude just say Congress showed competence when it passed TARP?

Thu, 12/27/2012 - 12:25 | 3099051 GAAPpreNixon
GAAPpreNixon's picture

Not shit, BULLSHIT!

THAT'S WHAT THE "FISCAL CLIFF" AND HYSTERICAL SCREAMING about "unfunded liabilities" is when nary a word is uttered about UNFUNDED WARS.

I say it's time to STOP FUNDING WALL STREET and slap a nice trasnsaction sales tax on the leaches there so we can FUND our UNFUNDED WARS AND other liabilities!

No more HFT BULLSHIT and a REAL STOCK MARKET where buying and selling is done on fundamentals and GAAP balance sheet principles is what we need NOW!

A bouyant Dow index should mean something besides Bernanke masturbating Dimon and Blankfein's balance sheets!

 

Thu, 12/27/2012 - 13:58 | 3099342 rotagen
rotagen's picture

Gee, ya think it might be time to acknowledge that our money is fake, our economy is fake, and our debt is fake?  Nah, let's keep dancing around the creature from Jekyll Island and writing articles about the "fiscal cliff".

http://educate-yourself.org/cn/creatrefromjekyllisland25feb05.shtml

Thu, 12/27/2012 - 14:04 | 3099362 rotagen
rotagen's picture

Jekyll Island bitches.  Fake money, fake economy, fake debt, fake concern.

Thu, 12/27/2012 - 11:01 | 3098782 caShOnlY
caShOnlY's picture

But the consumer comfort index is hovering at its strongest point since March 2008 - isn't the FED partially responsible for this good piece of green shoot?????  Come on folks, right after a dismal holiday shopping season isn't this just what the doctor ordered to boost that market???? 

consumers are probably feeling comfortable knowing they didn't run their credit cards to the hilt!!     http://www.bloomberg.com/news/2012-12-27/consumer-comfort-in-u-s-hovers-near-strongest-since-march-2008.html

Thu, 12/27/2012 - 11:05 | 3098788 caimen garou
caimen garou's picture

wait til they get that cc bill next month

Thu, 12/27/2012 - 11:14 | 3098821 S5936
S5936's picture

Yup, happy days are here again.

Thu, 12/27/2012 - 11:42 | 3098935 tango
tango's picture

Cashonly - They can't charge to the hilt because their money is now going to the exploding costs of health care under the "Affordable Health Care Act" - a new low in DC 1984 Speak.

Thu, 12/27/2012 - 11:03 | 3098783 Cognitive Dissonance
Cognitive Dissonance's picture

I don't always agree with him, but Santelli does give good rant.

<I (heart) the Santelli.>

 

Thu, 12/27/2012 - 11:25 | 3098862 MachoMan
MachoMan's picture

I'd like to give him a few strings from the ceiling, a louiseville slugger, and some cheap chinese products just so we can get an apples to apples comparison on epic rants...  I'm thinking that wallstreetpro has some better endurance though.

Thu, 12/27/2012 - 12:15 | 3099018 Cognitive Dissonance
Cognitive Dissonance's picture

What ever happened to WallStreetPro2?

Thu, 12/27/2012 - 12:36 | 3099080 token
token's picture

No Doubt!  Where did he go.  I had a man crush on that dude.

Thu, 12/27/2012 - 11:02 | 3098785 caimen garou
caimen garou's picture

and only one TV news man does! go RICK keep up the rant!

Thu, 12/27/2012 - 11:05 | 3098790 Anasteus
Anasteus's picture

The Fed does have a clue but it's better to know nothing about it unless one wants to get stunned.

Thu, 12/27/2012 - 11:06 | 3098792 TerminalDebt
TerminalDebt's picture

They should just vote for a 90% rise in taxes in 2022 and a cut to all spending. That will show a massive future surplus. They can always vote to change it later. Raise the debt ceiling to 100 Trillion and forget about it for 5 years.

 

Thu, 12/27/2012 - 13:00 | 3099143 SilverDOG
SilverDOG's picture

We, the US, already owes far more than 100 trillion.

By 2022, there will not be any US, as we assume it is today.

Thu, 12/27/2012 - 19:09 | 3100113 Real Estate Geek
Real Estate Geek's picture

That will be quite convenient for the NWO.

Thu, 12/27/2012 - 11:07 | 3098798 fuu
fuu's picture

The video you are trying to access is unfortunately unavailable at the moment.

Thu, 12/27/2012 - 11:08 | 3098800 Flakmeister
Flakmeister's picture

The Santelli doth protest too much, me thinks....

Usually one needs to strip away the faux anger and reveal the self-serving nature of his diatribe...

But in this case he is spot on...

Thu, 12/27/2012 - 11:25 | 3098865 Bay of Pigs
Bay of Pigs's picture

A self serving diatribe? I thought you loved those?

Thu, 12/27/2012 - 12:24 | 3099050 gmrpeabody
gmrpeabody's picture

+100

ROFLMAO...

Thu, 12/27/2012 - 11:08 | 3098801 rsnoble
rsnoble's picture

The Fed and gov't doesn't have a clue? Bullshit.  They won't let it collapse because they'll lose control. They have only a few options:  Take it as far as they can hoping they can really fix it AND filling up their money bags as many times as possible while there in office in case it doesn't work.

Go ahead and hand your gun over to these people. LMAO.

I always knew this would end in finger pointing.  I'd rather see redneck bob vs. richy rich rather than some mouth on the exchange floor.

Thu, 12/27/2012 - 11:14 | 3098823 Mr. Hudson
Mr. Hudson's picture

Richy Rich will hire Redneck Bob to kill Larry Liberal.

Thu, 12/27/2012 - 11:26 | 3098868 CJHames
CJHames's picture

My money is on Redneck Bob, or as we refer to him here in TX, "Billy Joe Six Pack."

 

 

Thu, 12/27/2012 - 12:04 | 3098992 Mr Pink
Mr Pink's picture

The Fed. the President and Congress don't have a clue? I'm pretty sure they know exactly what they are doing

Thu, 12/27/2012 - 12:41 | 3099096 NotApplicable
NotApplicable's picture

Yeah, gettin' laid, and gettin' paid!

Otherwise, they only know to do what they're told by their handlers.

Thu, 12/27/2012 - 13:06 | 3099165 SilverDOG
SilverDOG's picture

rsnoble

 

In not letting "it" collapse, all around will crumble.

Detroit is a perfect example, a template.

Assume otherwise LMAO.

WW3 will complete the cycle.

Thu, 12/27/2012 - 11:08 | 3098802 youngman
youngman's picture

Someone said that he tweeted something good too.....I don´t tweet....anyone have a connection...

Thu, 12/27/2012 - 12:41 | 3099103 NotApplicable
NotApplicable's picture

Neither does he.

https://twitter.com/RickSantelli

Somebody makes sure the rants go out though.

https://twitter.com/SantelliRants

Thu, 12/27/2012 - 11:09 | 3098804 francis_sawyer
francis_sawyer's picture

Santelli shouldn't allow joobux to raise his blood pressure... It's not worth it...

Thu, 12/27/2012 - 11:10 | 3098810 WhiteNight123129
WhiteNight123129's picture

I am not American but when I see Americans showing some backbone like that, I am thinking not everything is lost for America. Maybe I am too hopeful, but I do not know, in end the economy is driven by its people.

 

Thu, 12/27/2012 - 11:28 | 3098875 DosZap
DosZap's picture

in end the economy is driven by its people.

Here, the economy is not driving, because the real engine for growth(business), are scared shitless of what the unknown is, and what is going to hit them next,Obama is keeping his cards close, and NO one in their right mind can afford to hire, or add to their companies precisely because of the UNKNOWN.

This has what has stifled any semblance of growth in this country.

ONE mans agenda,w/little demons helping.

Thu, 12/27/2012 - 11:51 | 3098958 tango
tango's picture

It's so eerily John Galtish.  Our downward plunge is quite apparent to anyone with an atom of sense.  Everyone knows that free markets produce more, prudent saving and living within ones means is the only sustainable path and that the more politicians tinker and interfere, the worse the economy gets.   Yet the DC "experts" solution:   unrestrained spending, mountains of regulation, stifling of Constitutional liberties and central planning.   Is it ideology, action-reaction or inertia?  I just don't get it.

Thu, 12/27/2012 - 13:12 | 3099180 SilverDOG
SilverDOG's picture

 

DosZap,


No wonder this country is tanking. 

Scared is an inoperable position to hold.

Fear is generated by ignorance.

Sadly, ignorance abounds in our country.

Duck and cover, or have you, your company, and all you know, swept away.

Count only upon yourself.

Thu, 12/27/2012 - 11:28 | 3098877 insanelysane
insanelysane's picture

All is lost.  There are too many people living on the government teet to have a constitutional republic work.  The few remaining conservatives will be beaten down to make way for massive government spending.  Things won't be different until we hit Wiemar levels of inflation.

Thu, 12/27/2012 - 12:20 | 3099038 Brindle702
Brindle702's picture

Nicely said.  One of the lessons from the last election was that we voted for more socialism, not less ... more dependence, not less.

Thu, 12/27/2012 - 12:43 | 3099112 NotApplicable
NotApplicable's picture

I'm nearing fifty, and can't recall an election ever resulting in anything but that. The flavor of the lies change, that's about it.

Thu, 12/27/2012 - 13:17 | 3099199 HalinCA
HalinCA's picture

And then the final act to the lost of the Republic, as calls for a strongman to fix things overwhelms us all.  I wonder if the Reichstag Congress will have to get burned this time too.

Thu, 12/27/2012 - 15:04 | 3099529 Tommy Gunner
Tommy Gunner's picture

Remember who controls the Fed....  who are the big shareholders behind the big banks?

Thu, 12/27/2012 - 12:17 | 3099031 Brindle702
Brindle702's picture

There aren't enough patriots to win this.

Thu, 12/27/2012 - 12:56 | 3099137 LFMayor
LFMayor's picture

LOL.

Let's find out... and I know lots of good fun that is funny.

Thu, 12/27/2012 - 13:15 | 3099198 SilverDOG
SilverDOG's picture

Brindle702

 

The Revolution was only 3% of the colonies population.

The remainder stuffed their cowardly heads up their ass.

You may be correct.

Thu, 12/27/2012 - 11:11 | 3098812 S5936
S5936's picture

BING F'IN GO !

Thu, 12/27/2012 - 11:12 | 3098813 Lendo
Lendo's picture

I love it when Schiff & Santelli talk about the collapse of the dollar. People get very upset when their belief systems are threatened.

Especially statists that say PMs are for fools.

Thu, 12/27/2012 - 11:21 | 3098841 Stoploss
Stoploss's picture

PM's also say statists are fools!  :)

Thu, 12/27/2012 - 11:24 | 3098857 GACGB1000
GACGB1000's picture

Something I just thought of today.  When everyone keeps talking about the supposed collapse of the US dollar.  I would ask them, well, while your selling the dollar, what currency are you buying? I can't think of too many that I'd like to buy.  I'm Australian btw.

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