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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 - 12:24 | Link to Comment tooriskytoinvest
tooriskytoinvest's picture

A Horrific Economic Collapse Is On The Way: Bond Market Is Imploding, Debt Ceiling Will Be Breached On Next Monday, Dec. 31st, Homeowners Now Foreclosing on Banks, And America Is rapidly Becoming A Nation Of Taker, Everyone Takes, Nobody Makes, Money Is Free And Worthless!!

http://investmentwatchblog.com/a-horrific-economic-collapse-is-on-the-wa...

Thu, 12/27/2012 - 12:47 | Link to Comment muppet_master
muppet_master's picture

gee, "WHO WOULD OF THUNK  IT"??

who would of thunk it that, by the "fed = rapists" loading up on the TOXICITY of the banks (subprime garbage) that the govt would be poisoning itself with DEBT and that the housing market would still be going down its downward trajectory. and that the govt would be putting its creditworthines and more importantly its SOLVENCY at stake..

gee who would of thunk it??? well you know, "hindsight is 20-20"...QEorganizer will bankrupt the US. GANGARAPING-KENYAN STYLE

Thu, 12/27/2012 - 12:26 | Link to Comment Shizzmoney
Shizzmoney's picture

I think when they meant, "Rise Above", they were talking about Santelli's voice and temper.

Man, I pray for Rick's mom.  I bet she had to slap the shit out of this little bratty bastard when he went on a temper tantrum as a kid.

Thu, 12/27/2012 - 12:27 | Link to Comment muppet_master
muppet_master's picture

stupid "REPORTERS"

dont' have a "CLUE"...they want the PONZI scheme to continue, so THAT IT HAS A HARDER FREAKING FALL !!! but the "fed" will be unpotent, having spent all its fuel...and the PATH OF LEAST RESISTANCE  = COMBO of deflation in casino, with HYPERINFLATION in food and US BANKRUPTCY !!!

don't believe me...QEorganizer please listen to those stupid "REPORTERS"....the equation above will come true !!

by the way on 12-25-12 I said to:  not let your Xmas emotions get in the way of this casino...or else the casino mgrs will pull the rug from under your feet.....if you want to donate to charity, do so with $$$$ or time/service....NOT  by buying INFLATED "equities/securities" = a bunch of house of cards

Thu, 12/27/2012 - 12:32 | Link to Comment muppet_master
muppet_master's picture

"IF" the fed/congress/odummer

"HAD" a clue...by know, according to the stupid "REPORTERS"...we would be on QE10 and the DEBT would be at $25T...NOT $16T and sp500 would be at 2,000, instead of 1410....

and the casino mgrs would be richer....and the rest would suffer from HYPERINFLATION...but that's  ok, bc casino would be doing "fine".....no matter the riots ($25/gasoline, $20/milk)...

the casino, "would be telling you the eCONomy was strong" because of its pumped up level.

THE HYPOCRISY, THE HORROR, of the LIE-BERAL mainstream media...they like to RAPE the 99% with debt and inflation...go figure!! LOL !!! ROFLMAO !!!!

Thu, 12/27/2012 - 12:28 | Link to Comment Derezzed
Derezzed's picture

LOL, free Rick Santelli !!!

Thu, 12/27/2012 - 12:33 | Link to Comment ebworthen
ebworthen's picture

CNBC server overloaded from people trying to view the clip; Rick must not be alone in the "no clue" sentiment for the FED, Congress, and Administration.

Thu, 12/27/2012 - 12:37 | Link to Comment SilverMoneyBags
SilverMoneyBags's picture

Stock market is a joke. Its all phoney.

Thu, 12/27/2012 - 13:09 | Link to Comment linrom
linrom's picture

When 'money grubber' speaks, pigmen cheer. He is as clever as Kyle Bass!

Bass thinks that he can collect on his bet that Japanese bonds will vaporize? What an idiot--- there is no counter party risk? How about collapse of global economy? The betting parlor that he runs, will cease to exist, but, he is fooling his clients to pay him to manage their money. He's getting paid  now, his clients will never collect a penny even when he is right.

Santelli wants to skim from the productive economy forever because he's entitled to make 20% or so for trading nothing forever.  He can't figure out that's a mathematical impossibility but he is quick to point out to debt being piled on, but as long as that debt accumulates to pay him and other money grubbers, that's fine.

Thu, 12/27/2012 - 13:01 | Link to Comment the grateful un...
the grateful unemployed's picture

and life imitates art? Santelli has his Howard Beele moment, with Maria Bartiroma playing Faye Dunaway's character, and Cramer as Bill Holden?. It's even less likely now than when they made the movie Network, for the US people to demand that any branch of government should be other than monolithic, that is a rational set of policies crafted by elected leadership. The job now, (and POTUS is a job) is rearranging the deck chairs on the Titanic, real change, real policy is no longer possible. The machine is running the show, we're just along for the ride. The machine is a set of economic policies which allow us to keep going (we call it kicking the can). The challenges to the status quo in the current situation are population and a massive structural switch away from jobs (and employment, which were the only way consumers could get money). The status quo is about drawing the shortest line between two points; people have no jobs? Throw money out of helicopters. The college students who elected Obama have never known anything else, the machine is their mother father and priest. They are born to the status quo, but the real question is, should we take matters in our own hands, or just hand our lives over to Apple? It's a generational divide, Don't Trust Anyone Under Thirty is the new bumper sticker. The Obama Zombies are in control, (have you ever seen an old Zombie?). It would be slightly more rational if Santelli started screaming at gen Y, to hang up and think, and wouldn't that look silly..

Thu, 12/27/2012 - 13:05 | Link to Comment walcott
walcott's picture

An economic shit storm is on the horizon.

More than 70% of the population is living for free that won't last.

Gator Bowl tickets starting at $1.50

Enjoy bread and circus while it lasts.

Thu, 12/27/2012 - 13:45 | Link to Comment Shizzmoney
Shizzmoney's picture

More than 70% of the population is living for free that won't last.

You have that wrong.  It's the 1% that are collecting 70% of the wealth for free; while a good portion of the working class, WHILE WORKING, are colecting benefits from the government tit because banking and corporate executives need to buy 198 million dollar yachts (like Steve Jobs' Neptune).

If there is a God, this shit burns to the ground.

Thu, 12/27/2012 - 13:10 | Link to Comment walcott
walcott's picture

Capital One Bowl tickets

Georgia vs. Nebraska  starting at $10.00

Implozen Tundra.

Thu, 12/27/2012 - 13:44 | Link to Comment walcott
walcott's picture

Capital One Bowl tickets

Georgia vs. Nebraska  starting at $10.00

Implozen Tundra.

Thu, 12/27/2012 - 14:03 | Link to Comment Shizzmoney
Shizzmoney's picture

I have a love/hate toward Santelli's and his rants, but he's 100% correct on this one, especially this point:

THE DOW IS NOT AMERICA'S REPORT CARD.  STOP TREATING IT AS IF WE MUST PROP THE THING UP TO PRESERVE THE COUNTRY'S ECONOMIC HEALTH.

That's what the crash in 2007/2008 produced.  People saw the layoff numbers, the huge chunks off the DOW slintering, thinking that mean the country is going to shit.

I'll let you know right now: The country is already in deep shit.

Thu, 12/27/2012 - 16:04 | Link to Comment indio007
indio007's picture

Unfunded liability is a dumb ass meme. Go read the Treasury's CAFR.The future liability Rick refers to are accounted for as a cash payment TODAY. Why do you think there the USA is in "debt"? The are counting future benefits as cash not accrual.

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