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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 - 11:40 | 3098916 francis_sawyer
francis_sawyer's picture

currency???... all paper currencies are joobux to some degree or another... You don't SELL them... You trade the little pieces of shit paper for useful things like food, ammo, seeds, lumber, tools, etc... Then ~ if you're handy & nifty, you can put those things to work to build yourself a decent self sustaining life without having to pay the 'tolltakers' every quarter of a mile on the journey...

Of course ~ if you happen to LIKE the idea of a bunch of greedy pussies collecting tolls [on your money] every step of the way, that's your prerogative...

Thu, 12/27/2012 - 12:56 | 3099135 Diogenes
Diogenes's picture

The Canadian dollar and Swiss franc will be among the last down the drain. Gold and silver will still be gold and silver. Land, art, furniture, antiques, stamps, rare coins, pretty much anything tangible that can't be mass produced or counterfeited will retain value.

Thu, 12/27/2012 - 16:01 | 3099677 August
August's picture

My money is on the Swiss franc and the Singapore dollar (or whichever greater-east-asia-coprosperity currency into which it may merge). 

The Canuckistanis don't want the CAD to get too out of line with the USD; well, that's what I heard.

Thu, 12/27/2012 - 11:12 | 3098814 SheepDog-One
SheepDog-One's picture

We must have a 'panic event', buzz the sheeple with a market drop so everyone shrieks...then we can get busy robbing them some more.

Thu, 12/27/2012 - 11:13 | 3098816 upb
Thu, 12/27/2012 - 11:13 | 3098818 Seasmoke
Seasmoke's picture

Clawback any wealth accumulated since they walked into congress to today. Harry Reid would be broke and homeless.

Thu, 12/27/2012 - 11:13 | 3098819 pods
pods's picture

It is at time like these where I just cannot take all the stupid floating around.

For 99% of the time, people have zero clue about anything related to real monetary matters.  Then everyone gets whipped up in a fervor and becomes an "expert" about all things fiat.

And it always seems that their pet gravy train is the most important thing on earth.  Everyone else can piss off as long as their preferred feed trough stays full.

The stupid, it burns.  Or maybe it is the Silkwood Shower I must take to wash their stupid off of me?

pods

Thu, 12/27/2012 - 11:21 | 3098842 Ignatius J Reilly
Ignatius J Reilly's picture

Honestly, I vasilate between the "they know what they are doing, they just don't want to admit to it." and "they are less intelligent than monkeys pulling levers."

Thu, 12/27/2012 - 11:24 | 3098856 SheepDog-One
SheepDog-One's picture

I think they 'knew what they were doing', but now that they're 'here', kinda like bank robbers getting cold feet when it's finally time to pull off the job...they're making excuses and marching in place because the outcome is not certain as the imagined and actually they probably see they lose it all instead of becoming all-powerful.

Thu, 12/27/2012 - 13:00 | 3099144 Diogenes
Diogenes's picture

They know what they are doing. They are in  a shit fight with 50,000 other  psychopaths where the prize  is to grab as much money and power as possible as fast as possible, before you get a knife in the back. Under the circumstances, only the crassest short term thinking pays off.

Thu, 12/27/2012 - 11:58 | 3098973 TWSceptic
TWSceptic's picture

Allow me to make it easier for you. There is a group of bankers (cartel) that can print currency out of thin air and ask interest for it which is highly profitable for them. Now read your comment again and pick your choice.

Thu, 12/27/2012 - 11:21 | 3098846 SheepDog-One
SheepDog-One's picture

So then...when is the big 'market correction' everyone is talking about to 'stir people into 'action', tomorrow I guess? Certainly isn't today seems everything is still fogged up in Hopium smoke. 

Thu, 12/27/2012 - 14:25 | 3098944 dracos_ghost
dracos_ghost's picture

I seriously doubt they don't raise the debt limit -- it will be spun as a W on all sides of the argument. That's the only thing that matters. They can mentally masturbate all they want in the little Beltway triumvirate of House/Senate/WH; but they are negotiating what? There is no budget, no line items to address. It's "We are going to spend 20T and you're going to spend 20.000001T therefore we are shrinking the government, we win"

Outright embarassing.

Thu, 12/27/2012 - 11:21 | 3098847 youngman
youngman's picture

Harry Reid was just speaking..pointing fingers..mumbling...sound bites.... but they seemed wierd...it was a strange speech...

Thu, 12/27/2012 - 11:25 | 3098860 Yikes
Yikes's picture

Market didn't like it much.  It's going to have to give a bigger signal than this to get this guys to make a move.

 

Thu, 12/27/2012 - 11:30 | 3098884 insanelysane
insanelysane's picture

Like most politicians Harry Reid was never a smart guy and now that he is senile he comes across as borderline functional.

Thu, 12/27/2012 - 12:15 | 3099023 Brindle702
Brindle702's picture

Can you provide a link?  I'm not finding it right off.  Would love to see that.

Thu, 12/27/2012 - 12:46 | 3099119 Brindle702
Brindle702's picture

http://www.c-spanvideo.org/program/SenateSessionPartOne2

... at ... 00:02:49

you're right, it sucked

 

Thu, 12/27/2012 - 14:37 | 3099458 Chaos_Theory
Chaos_Theory's picture

Just remember Jimmy Stewart, every time Harry Reid or Nancy Pelosi speaks, a constipated Angel takes a shit.

The converse is every time Bohner or McConnel speak, a hung over Angel pukes his guts out.

Thu, 12/27/2012 - 11:23 | 3098853 Mr. Hudson
Mr. Hudson's picture

Is there a conspiracy here? Is there really a tangible, identifiable collect group of people who control the world’s financial system; who are stealing the world blind, or is this the evil actions of Alex Jones’ unknown “Bogeymen Globalists”?

Thu, 12/27/2012 - 11:34 | 3098904 pods
pods's picture

Of course there is.  It is not really a conspiracy.  Just how it is.  If you look back to the birth of modern central banking you will see many names repeated.

I would recommend "The Secrets of the Federal Reserve" by Eustace Mullins.

Griffin's book is another good one, but Mullins lays out the players better, where Griffin focuses alot of the mechanics of the FED/central bank.

pods

Thu, 12/27/2012 - 12:00 | 3098983 flattrader
flattrader's picture

Yeah.  They  [ bankers, industrialists, corporate CEOs, etc...] don't have to meet in a smoke filled room, put on robes and meet in secret once a year or sign a blood pact.  They know the script and understand the club rules.

And occasionally one of them has to go down to "save" the others or falls prey to a rouge herd element.

It's all good.

Thu, 12/27/2012 - 12:39 | 3099095 insanelysane
insanelysane's picture

Google "libor" and tell me there are no financial conspiracies.

Thu, 12/27/2012 - 13:06 | 3099163 Diogenes
Diogenes's picture

There isn't one conspiracy. There are hundreds of them. More come to light every day. Others can be inferred from otherwise inexplicable events and coincidences. Every political and financial scandal that makes the news, involves a conspiracy of some kind. All of them were sniffed out beforehand by conspiracy nuts.

Thu, 12/27/2012 - 11:23 | 3098855 MachoMan
MachoMan's picture

It's an eternal question with our administrators...  are they completely corrupted or completely incompetent?  I've toiled with this one over the years...  but I think I finally figured out the answer...  they're both.

Thu, 12/27/2012 - 11:36 | 3098912 Ricky Bobby
Ricky Bobby's picture

I have always maintained that a society can survive corrupt leaders and a society can survive stupid leaders but a society cannot survive stupid corrupt leaders.

Thu, 12/27/2012 - 12:15 | 3099024 DoChenRollingBearing
DoChenRollingBearing's picture

THAT is an interesting idea.  Peru, for example, has been surviving its last FOUR corrupt presidents, but none of them has been stupid.

Earlier, Peru suffered mightily when their top guys were both corrupt and stupid.

Excellent comment, it turned a switch on, thanks.

Thu, 12/27/2012 - 12:01 | 3098985 TheGardener
TheGardener's picture

"It's an eternal question with our administrators... are they completely corrupted or completely incompetent?
I've toiled with this one over the years... but I think I finally figured out the answer... they're both. "

Imagine yourself pulling the strings from behind the
scenes. You just gave a perfect job description for the
kind of administrators you should have in place.

Thu, 12/27/2012 - 11:25 | 3098861 asteroids
asteroids's picture

Yes, they have a clue. Every morning for the rest of their lives these assholes will look into the mirror as they shave and wonder "my God, what the fuck have we done, and for what." Since they are amoral, they'll forget about it in 30 seconds and go to breakfast.

Thu, 12/27/2012 - 11:30 | 3098883 Atlantis Consigliore
Atlantis Consigliore's picture

The Fed, Congress, Pimp in Chief are clueless; public has sold and RUN for the hills:

Weimar Fed,  hyperinflation,  they are clueless, incompetent, Parliament of Whores. 

 

Country middle class are on a capital strike and now spending strike.....No Maas,  

watch the tax rates go up and tax collections go to 15% of GDP,   with a 1.5 trillion gap:   we ARE GREECE, Italy. massive tax underground economy

 

Thu, 12/27/2012 - 11:40 | 3098924 youngman
youngman's picture

You are right..the Dems think that raising tax rates means more money...revenue...it does not...but you can never teach them that because is does not fit their redistribution gameplan...but less revenue...more expenses means bigger deficits....and that is where we are going...1.3 trillion goes to 2 trillion a year I think....and then up from there as the rest of the world dumps the USA dollar ....

Thu, 12/27/2012 - 11:43 | 3098937 kito
kito's picture

Wrong Rick.....the president, the fed and congress know EXACTLY what is transpiring.......clinging to the last strands of the status quo.....

Thu, 12/27/2012 - 12:58 | 3099140 Jam Akin
Jam Akin's picture

Keeping the current game going as long as possible.  

Thu, 12/27/2012 - 11:43 | 3098939 hapless
hapless's picture

"The stock market takes all the news stories and filters them for us..."

So what was the Dow filtering for us when it hit 14100 in October 2007?

Thu, 12/27/2012 - 11:44 | 3098941 Imminent Collapse
Imminent Collapse's picture

Somethin's happening here
What is ain't exactly clear
-Buffalo Springfield-

Thu, 12/27/2012 - 12:23 | 3099044 Bay of Pigs
Bay of Pigs's picture

There's a man with a gun over there...

Thu, 12/27/2012 - 13:53 | 3099322 fuu
fuu's picture

Telling me I got to beware.

Fuck it: http://www.youtube.com/watch?v=bjSpO2B6G4s

Thu, 12/27/2012 - 12:08 | 3098946 jjsilver
jjsilver's picture

Once again, more nonsensical distraction, ignoring the real issue regarding the federal Reserve. Completely scripted soundbites for the brain dead masses who have no clue

 

 

Thu, 12/27/2012 - 11:55 | 3098969 Atlantis Consigliore
Atlantis Consigliore's picture

F+++k the FED, go print $ 45 B and buy 300,000 homes a month....  keep the mortgage spread up from 1.5 % to 2.0% in favor of the banks, Lend less. 

Thu, 12/27/2012 - 12:15 | 3099011 Zer0head
Zer0head's picture

 it's 85 billion of printing going on though BBG would have you believe it's just 45b

 

Watch BBG's very own Steve Lieman aka Mike McKee official Bloomberg Fed mouthpiece as he twice insists it is $45B to Pimpco's Tony Crescenzi who in turn dismisses McKee as the lightweight he is

http://www.bloomberg.com/video/-salami-bargains-in-fiscal-deal-crescenzi...

Thu, 12/27/2012 - 12:04 | 3098993 stant
stant's picture

rick james my ass IAM RICK SANTELLI BITCH

Thu, 12/27/2012 - 12:05 | 3098996 ebworthen
ebworthen's picture

The whole CNBC "Rise Above" meme has been complete bullshit from day one; no talk of Jon Corzine or the Moral Hazard of privatized gains and socialized losses - only the call for more government gravy to benefit the corporatocracy and pump the rigged markets.

We might be seeing Rick on Fox Business or doing crop reports for some ag. outlet (hope not).

Thu, 12/27/2012 - 12:18 | 3099036 JR
JR's picture

Breaking in and listening to Lew Rockwell talking with Gerald Celente...

CELENTE: Everyone should understand that this battle, by the way, is not mine. It's everybody's battle. The criminality of what the money changers, the political and financial mob can get away with is in front of everyone's eyes. Here's something that comes under the category, Lew, of "you can't make this up."

One of the trustees, Louis Freeh, former FBI director –

ROCKWELL: Oh, yes. And a creep.

CELENTE: Yes. I call him Louis Freeh-loader.

You know, another one of these guys that gets these jobs because he's a member of the club. Well, he decided, Louie did, that the COO, the CFO and the general counsel of MF Global, for doing such a wonderful job in cleaning up this mess, should get a bonus. In other words, they didn't steal enough of my money and everybody else's; they've got to get whatever's left. And I'm saying that it's not only MF Global. You know, pick up any day's paper and read about the banking frauds that continue to go on, and the schemes undreamed of that they come up with to make it seem as though the banks are being punished when we're paying the freight.

I'm going to make this really clear, Lew. Unless you have your money in your pocket, you don't own it. I don't care if you have it with MF Global, Raymond James, Charles Schwab, you have it with Mickey Mouse, because it ain't your dough. And they're going to change the laws any time they want to make sure that you don't have it.

And there's no criminality involved in this. I mean, you saw what's his name over there, Jon Corzine, former CEO of Goldman Sachs, former governor of New Jersey and Senator of New Jersey, when he went before that rinky dink committee over there, the House committee, to answer question. What was the word in front of his name? "Honorable" Jon Corzine. Honorable? How about Jon "the Slime" Corzine? Can anybody say that?

The point being, Lew, there's no indictment. There's no criminal charges. Justice, the word "justice" – everybody out there understand this, it's J-U-S-T U-S, just us.

So that's how it's going with MF Global. It's business as usual. The merger of state and corporate powers, Fascism. We're getting raped in broad daylight by the money changers, the loan sharks or, as they like to call themselves today, bankers.

ROCKWELL: Gerald, they, of course, stole your money for a significant period of time. Have you gotten some of it back, all of it back?

CELENTE: I got two-thirds of it back.

ROCKWELL: Two – unbelievable. So they stole a third of your resources?

CELENTE: They stole a third of my resources, and then they're cutting up what's left over to give to their buddies! You know, let's call this what it is. I've said this many times before. You know, if the names on Wall Street were called Celente, Caruso, Mondavi, Pacini, Rossini, they'd call it the Mafia. But now you've got Louis Freeh in there; he's a former FBI guy. Hey, it's OK. You know, come on! This is a criminal operation. And it's going on in front of everyone's face.

And whether it's in the U.S. or the E.U. – look at the scheme that they came up with over there, Lew, just before Christmas and continuing on now to keep the ponzi scheme going on over there. Oh, the head of the ECB, Mario Draghi. Mario Draghi? You mean the former vice chairman of Goldman Sachs gang over there in Europe? Yes, that Mario. Well, he says, "I'll tell you what, you guys, the money changers and the banks, I'm going to give you all the money you need. Take as much as you need. Don't worry about it. You can pay me back in three years. Just keep the ponzi scheme going. I'll charge you 1% interest rate but put it back with us, put it back in the bank. We'll hold it. You can use it as much as you want. We'll give you 25% back." It's one big scheme and everybody's paying for it. They're paying for it out of their pockets and they're paying it with their lives.

ROCKWELL: Gerald, what's going to happen in Europe? Of course, the governments and the banks working together are willing to give every dime of the people's money to the banks and to the governments. But can they actually get away with it or is the crisis even beyond their control?

CELENTE: It's beyond their control. And that's why they're cracking down like they're doing right here in the good ol' USA. You know, when the money stops flowing down to the man on the street, the blood starts flowing in the streets. This is as old as history. And that's what's going on right now. The people have nothing. And for what? Because the banks made bad bets. That's all it is. They made bad bets and they want the people to cover the losses.

And the big lie becomes – I'll tell you why – what we have to do to fix this. We have to cut pensions, benefits. We're going to raise the retirement age until after you die. You don't deserve anything. Oh, by the way, we're going to put tax on top of tax on top of tax. We're going to tax you every way you can look. Oh, and if you break the law in the most minor way, we're going to clamp down on you to get more money. And that's going to fix the system....

http://www.lewrockwell.com/celente/celente106.html

Thu, 12/27/2012 - 12:06 | 3099001 Monedas
Monedas's picture

Harry Reid .... a good example of "Fractional Senility" !

Thu, 12/27/2012 - 12:09 | 3099004 Zer0head
Zer0head's picture

circa 1979

The affidavit also revealed that some of the reputed mobsters felt they had control over at least one top Nevada official. Harry Reid, chairman of the Nevada Gaming Commission, has said federal authorities felt he was the "Mr. Clean" referred to in wiretapped conversations, But Reid has denied any connection to organized crime.

 

http://news.google.com/newspapers?id=wEIrAAAAIBAJ&sjid=h54FAAAAIBAJ&pg=5...

Thu, 12/27/2012 - 12:17 | 3099034 DoChenRollingBearing
DoChenRollingBearing's picture

Monedas, Zer0head,

As serious investigation of the loathsome Harry Reid is way past due...

Thu, 12/27/2012 - 12:13 | 3099016 Super Broccoli
Super Broccoli's picture

oh well we heard that already ... that doomsday just never happens ! PRINT baby !

Thu, 12/27/2012 - 12:16 | 3099028 Yes_Questions
Yes_Questions's picture

 

Well, Kernen did call himself Forrest Gump.

Low yield Truthiness on CNBS.

Though in the case of Santelli, there is no Box of Chocolates comparison.  We're sure he'll deliver the ranting rhetoric, we know what we're gonna get.

Thu, 12/27/2012 - 12:24 | 3099048 TheMayor
TheMayor's picture

www.usdebtclock.org

Wake up America, we have a spending problem!

 

Thu, 12/27/2012 - 12:54 | 3099132 IridiumRebel
IridiumRebel's picture

23 trillion by the end of Obama's second term. We're FUCKED. Time for more stacking.

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