Santelli: "There Has To Be An Endgame To Insanity"

Tyler Durden's picture

The 'deal' didn't surprise CNBC's Rick Santelli as he notes the administration did the "easy thing" once again. However, he does think the coming battle in 6-8 weeks regarding the debt ceiling will be surprising to many and believes "there has to be an endgame to insanity." Rick's rightly cynical perspective on the euphoric opening gap today in stocks and bonds (and questioning the veracity of manipulated 'market' prices) appears as frustrating to him as "watching politicians all slap each other on the back while the country slips into a Grecian like formula."


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CrockettAlmanac.com's picture

There's got to be a morning after but we'll have to capsize first.

Landotfree's picture

Rick will most probably see the end game or portions of it, trust me when we get there he is going to hate seeing it.

If you reach the end of the process of liquidation of the unfunded liabilities and are still walking around I don't know if that is lucky or not.  

Rick's problem is he is looking for a solution, the end game is collapse as that is the end result of using the equation.   Looking to DC to fix the unfixable is a waste of time, unless someone there has unlimited power there really is not much they can do. 

The insanity is humans doing the same thing and expecting a different result.  Any system based on taking more than you put in... ie interest, it is doomed to  collapse in a bad way.   100+ million unfunded liabilities liquidated last, my guess 1-2 billion this time, go ahead and rinse and repeat if you like....

Manthong's picture

Um, Rick..

The end game for the US financial insanity (dictionary: unsoundness) is tyranny..

But they need to get the guns first.

And of course, a huge transfer tax on gold and silver is in everybody’s future (http://www.zerohedge.com/news/2013-01-02/india-finmin-demand-gold-must-be-moderated).

espirit's picture

Rick could very well handle his own insanity by placing the barrel between his lips and squeezing the trigger.

He's just another MSM lackey playing the advocate.

redpill's picture

What's to stop the same majority (RINO + Dems) that just sold us down the river yesterday from raising the debt limit also?

SheepHerder's picture

"Any system based on taking more than you put in... ie interest, it is doomed to  collapse in a bad way. "

It's even more than money.  Chris Martenson's "Crash Course" does a good job of explaining that we live in a closed system with a limited supply of certain resources (i.e. oil, clean water, fertile soil, copper, etc.) yet we have economic models that strive for continuous growth year over year (i.e. GDP, GNP).  Given that these economic models need raw resources to manufacture goods, this model isn't feasible.  Then when you factor in exponential population growth feeding demand for necessities and jobs, the problem worsens.  

The end result is a lot of societal turmoil and death.  That's not necessarily a bad thing since everyone dies eventually and can actually make people value life a lot more in the coming years.  However I doubt most of our society is prepared or doing anything to mentally and spiritually prepare for future hard times.

 

DaveyJones's picture

The Yachts

contend in a sea which the land partly encloses
shielding them from the too-heavy blows
of an ungoverned ocean which when it chooses

tortures the biggest hulls, the best man knows
to pit against its beatings, and sinks them pitilessly.
Mothlike in mists, scintillant in the minute

brilliance of cloudless days, with broad bellying sails
they glide to the wind tossing green water
from their sharp prows while over them the crew crawls

ant-like, solicitously grooming them, releasing,
making fast as they turn, lean far over and having
caught the wind again, side by side, head for the mark.

In a well guarded arena of open water surrounded by
lesser and greater crafts which, sycophant, lumbering
and flittering follow them, they appear youthful, rare

as the light of a happy eye, live with the grace
of all that in the mind is fleckless, free and
naturally to be desired. Now the sea whoch holds them

is moody, lapping their glossy sides, as of feeling
for some slightest flaw but fails completely.
Today no race. Then the wind comes again. The yachts

move, jockeying for a start, the signal is set and they
are off. Now the waves strike at them but they are too
well made, the slip through, though they take in canvas.

arms with hands grasping seek to clutch at the prows
Bodies thrown recklessly in the way are cut aside.
It is a sea of faces about them in agony, in despair

until the horror of the race dawns staggering the mind;
the whole sea become an entanglement of watery bodies
lost to the world bearing what they can not hold. Broken,

beaten, desolate, reaching from the dead to be taken up
they cry out, failing, failing! their cries rising
in waves skill as the skillful yachts pass over.

- William Carlos Williams is fitting since his "capitals" were so scarce

Spastica Rex's picture

That might be the first ever WC Williams poem on ZH.

James-Morrison's picture

When the still sea conspires an armor
And her sullen and aborted
Currents breed tiny monsters
True sailing is dead
Awkward instant
And the first animal is jettisoned
Legs furiously pumping
Their stiff green gallop
And heads bob up
Poise
Delicate
Pause
Consent
In mute nostril agony
Carefully refined
And sealed over

- Horse Latitudes, Jim Morrison

DaveyJones's picture

Jim, I knew you were still alive. Those French always lie. Tell Elvis I said hello. Oh, and ask what color is best for depression

Landotfree's picture

SheepHerder

Nice post, generally agree.  The system is based on the requirement of exponential growth, normally you can get 60-80 years max or a generation.   

"this model isn't feasible"

The model is feasible, if you enjoy the liquidation at the end result.  

derek_vineyard's picture

i think the endgame is to baffle ZH readers so much that think they are the ones that are insane

StychoKiller's picture

There's BILLIONS of stars in the milky way galaxy alone!  Time to leave the cradle!

 

spankfish's picture

How about a morning after pill for this mess?

sunkeye's picture

spankfish penned: 'How about a morning after pill for this mess?'

even if today was 12/31/13 i'd still say comment of the year

westboundnup's picture

Was that a reference to The Poseidon Adventure? Well played, sir.

agent default's picture

Too much is always better than not enough.

JR Bob Dobbs

sgt_doom's picture

Santelli????

Isn't he that douchetard that's the head of the Tea Party?????

Thought so...

Salon's picture

Trololololololololololo.com

flattrader's picture

He's a bond butt boy.  Called people stuck with underwater and fraudulent mortgages "loosers" eventhough frauad was rampant in the origination part of the industry (FBI issued and altert in 2004) and the same notes were packaged and sold up to 10X.

Didn't hear Santelli bitching about the bank bailouts...but, he didn't want to see the average homeowner get anything out of the deal because they were "loosers."

Salon's picture

You ddnt hear about him bitching about bank bailouts?

You must not have been listening.

flattrader's picture

Provide clip.  Never seen anything like that or heard the he launched a rant against the bank deals in paricular.

mvsjcl's picture

He channelled through Max Keiser.

ultraticum's picture

"Loosers" is about right: i.e. "loose"  "er", as in more loose.   You didn't even know it, but you hit the nail on the head!

youngman's picture

Sorry Flat...but if you bought a house that you could not afford...lied on the application...and if fell in price...you are a loser..you lost money...its not fraudulent...its was greed on your part...and no you should not get bailed out....you should pay the contract...or lose your house...and your credit rating....fraudulent...yeah right...like you didn´t know what you were buying....

FiatFapper's picture

What a putrid comment.

Banks perpetrated the debt culture by not doing any due diligence nor risk assesment. They gave loans to anybody with a pulse knowing that the market would collapse so they could sell this toxic debt as AAA credit.

Banks orchestrated the fraudulent loans, to keep the bubble expanding.

A bank CFO testified that they knew 85% of the loans they were giving out, were going to default; so who exactly is the greedy con-artist, the banks or the house buyers??????????????

flattrader's picture

low doc and no doc liar loans...switching papers at closing so that people who thought they were getting fixed rate loans got variable rate loans instead...re-packaging of toxic debt...fraud rampant throughout the system.

Yeah, all the fault of the "homebuyer."

 

Harbanger's picture

In Amerika everyones a victim.

DaveyJones's picture

Ouch, that really hurt. How could you say that? 

Middle_Finger_Market's picture

You could say the banks took advantage of consumer stupidity, the fact that buying and consuming is the rage, owning 'stuff' is the in trend. It is all about selling people debt, debt they can't repay and will never be able to repay. The people need to do their due diligence, become responsible and understand how the system works before getting fucked by it. IMO. 

StychoKiller's picture

So, BOTH parties to the contract were dishonest -- WHO should we feel sorry for?

Jake88's picture

What kind of a moron relies on a banker to do his thinking. LOSER!!!

Bob Sacamano's picture

Greedy bankers were matched up with greedy borrowers.  No one put a gun to the head of borrowers to borrow money.  Banks could not "perpetuate a debt culture" without borrowers eager to join in -- impossible.   Most of the loans were not fraudulent.  Even if the bank thought the default risk was high or knew the due diligence was weak, it in no way relieves the borrower from paying back the money he received.    Borrowers are still obligated to pay back the money they were given.   

Not looking to give the banks anything, but I am not looking to give borrowers anything either.  The two parties to the loan document should bear all the pain and not taxpayers.  Any unhappiness about loans from the government to banks (which have largely been repaid) are 100% the fault of elected official.  No one had a gun to politicians' heads to lend banks (or auto makers) money -- they could have choosen not to, but decided otherwise.  Banks lobbying politicians (with donations) is not the primary problem either -- politicians can only be corrupted if they choose to be corrupted (banks can not force them to do anything).  We need politicians with some character. 

The problem is primarily government based. Unfortunately, the elected group we have may accurately represent their constituents who generally believe they are entitled victims and are due money from others -- and politicians like to give away other peoples money to get re-elected.  Their is a character / cultural deficiency in the US -- both in politicians and their constituents.

sgt_doom's picture

This "youngman" is hilariously ignorant and a douchetard, or a pathological liar.

You've never heard of the largest insurance swindle in human history?

AIG's sales of $460 billion in credit default swaps (CDS), or "unregulated insurance" which put them in the bag for between $20 trillion to $40 trillion, plus, in insurance payouts, none of which they had on hand in capital reserves, 'natch!

You've never heard of Manetar Capital?  Paulson & GS's financial fraud called Abacus CDO?  Ambac or MBIA?

You should don't know anything about finance nor economics, do you, douchetard?

FYI:  Paulson & GS put together a trashy designed-to-fail, garbagey mortgage loan tranches called Abacus CDO, and then they buy shiploads of CDSes at $1.4 million per CDS for a payout of $100 million per CDS.

 

flattrader's picture

>>>You should don't know anything about finance nor economics, do you, douchetard?<<<

Easier to call homeowners "losers" than to recognize the entire system was and still is fraudulent.

I think he's a former bankster given his propensity to defend the status quo by blaming average people for what happened.

Winston Churchill's picture

You ignore that it was the banks pressuring the appraisors to increase prices

that helped make sure everyone would be underwater.

Anyway 99% of the fraud was by the banks.not the borrowers.

Is your reale name Dick Bove by chance.

Zer0head's picture

Do you mean the Tea Party that was voted into congress in 2010 and again last November, the Tea Party that made John Boehner Speaker of the House, the Tea Party that agreed to raise the debt limit etc

 

If that's the Tea Party you are speaking of I am not sure he is the head of it, but the word douchetard is being polite

Salon's picture

If Boehner doesnt lose the speakership over this then there is no teaparty

flattrader's picture

There's no Tea Party when the Koch Bros. pull thier funding and pursue a different avenue for their corporate concerns.

Salon's picture

You really think there is no one left at the grassroots who believes in limited government, limited taxes?

I didnt downrate you even if I do think you are hopeless

youngman's picture

I think they still do...but they are buying guns and ammo now....not funding politicians

Shell Game's picture

Liberty Movement, bitchez..

kridkrid's picture

There already is no teaparty.  One could argue if there ever was one... I think there may have been, very early on... but it was co-opted by the Republican Party.  I believe that those who believe otherwise have been played.

DaveyJones's picture

I believe I agree. These two parties are too powerful, too criminal and will crush the earliest sign of competition. Another reason why the "fix" will be more than political

Spastica Rex's picture

Co-option is an efficient and effective strategy. Dual power in reverse. I don't know how it can be fought.

kridkrid's picture

Dems co-opted the anti-war and pro civil liberties "movement" that seemed to gain some traction towards the end of W's term. It's how the system "works".

Harbanger's picture

What happened to all the anti-war protests since Obama took office?