Santelli Blasts Bernanke: "Whatever You're Doing, It Isn't Working"

Tyler Durden's picture


While some would look at the surge in government spending in Q3 last year (ahead of the election) and subsequent plunge in Q4 as conspiratorial, CNBC's Rick Santelli takes a step slightly further back as he draws the analogy between the mystical monetary experimentation of Ben Bernanke and his horde of central bank cronies and the "bloodletting of leeching" of medieval medicine providers. The point being that if you were sick in the middle ages, leeches were applied; and if you returned weeks later (still sick), more leeches and blood-letting took place - with no lesson learned. The fact that we borrowed $300bn in Q4 and managed a dismally dire drop in GDP growth offers little hope as the world glares agog at the Dow Jones Industrial Average index while Bernanke, six years on from the start of the recession continues to apply the same medicine that has done nothing to resurrect our economy. In Rick's words, "Whatever you're doing; It isn't working!" and in fact the monetary support could potentially hurt the economy in the medium-term as debt piles up exponentially. An epic rant...

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Wed, 01/30/2013 - 16:37 | 3200095 DoChenRollingBearing
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<--- Santelli > Bernanke

<--- Bernanke > Santelli

Wed, 01/30/2013 - 16:38 | 3200113 King_of_simpletons
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Bernanke has lost control of the economy. That is a fact. The rest is fluff.

Wed, 01/30/2013 - 16:40 | 3200119 falak pema
falak pema's picture

the fluff has lost control of Bernanke; that is a fact! 

Wed, 01/30/2013 - 16:46 | 3200160 FL_Conservative
FL_Conservative's picture

Rick, PLEASE!!  Don't you see that market indeces have never been higher???  How can you say that all the money printing hasn't done anything???  It's not all about GDP or earnings and PE, you know.

Wed, 01/30/2013 - 16:51 | 3200180 Supernova Born
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Wed, 01/30/2013 - 16:55 | 3200196 MillionDollarBonus_
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Today’s GDP figure was actually a result of Trickle Down Economics and deregulation, which Santelli supports. You idiots need to read a bit of economics and history before you pretend to understand the economy. Look up toxic derivatives and read up on the OWS movement. You morons have a lot to learn, I'm afraid.

Wed, 01/30/2013 - 17:02 | 3200235 Gamma735
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Come on, Ben, fess up to being MDB.   Maybe change your login to TrillionDollarBonus.

Wed, 01/30/2013 - 17:09 | 3200260 TheFourthStooge-ing
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Reminds me of a Steve Martin sketch from SNL:

Theodoric of York, Medieval Barber

"You'll feel much better after a good bloodletting."

"But I'm already bleeding..."

"Hey, who's the barber around here?"

Wed, 01/30/2013 - 18:53 | 3200578 Big Slick
Big Slick's picture

"You look familiar.  Do I know you?"

Belushi as the Humpback: "You worked on my back."

Wed, 01/30/2013 - 19:24 | 3200691 gould's fisker
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MDB could be in either party--only their scripts are different, but their backbiting dipshit economic rationale's are the same: it's the other guy's fault.  Both parties hope that you don't notice in the scrum that they are equally fucking incompentent where it concerns economic policy as they try to perpetuate the false premise that there's only two shitty choices.  We bitch about the public alot on this site, but give 'em the credit that tuning out of this dipshit dialogue is a rational choice.  Fuck you MDB and all who you represent.

Thu, 01/31/2013 - 10:15 | 3202158 phalfa5
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OT...  Germany wants it's gold, why not send them a $1T coin or 2.  Shipping costs would be minimal, and I bet that they could have it within a month instead of multiple shipments over several years.  Added bonus - no need to figure out who/where it is and "clean up" the books.  The only real problem would be designing the coin and determining the "bust" that will grace the coin.  The Bernak?  BHO?  How about Alfred E. Newman and his famous quote "What?  Me Worry?"

Wed, 01/30/2013 - 17:11 | 3200269 FL_Conservative
FL_Conservative's picture

More like trillion$platinumcoin

Wed, 01/30/2013 - 21:47 | 3201000 californiagirl
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MillionDollarBonus, I can't figure out if you are a fraud-committing, criminal, socialist, moronic, elitist hypocrite, or if you are just getting your jollies by pushing the buttons of Zerohedge readers.

Wed, 01/30/2013 - 18:18 | 3200200 DoChenRollingBearing
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@ Supernova Born, when it comes to GOLD:

BTFD!  BTFS!  Just buy it!

Wed, 01/30/2013 - 16:51 | 3200181 LawsofPhysics
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Of course he knows, he is a trader.  Pushing paper, skimming a living while producing nothing of real value.  He is entertaining however.  Now where's my bread?

Wed, 01/30/2013 - 17:06 | 3200252 astoriajoe
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next to the circus tickets on the table.

Wed, 01/30/2013 - 18:33 | 3200515 Looney
Looney's picture

He is NOT a trader, you fucking dipshit!


Wed, 01/30/2013 - 16:53 | 3200188 Popo
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Hmm.. I just watched that video and didn't think Santelli was nearly bearish enough.   He seemed downright positive about the economy and the markets, and slightly miffed at Ben Bernanke.   Not sure what to make of these once-bears like Santelli and Bass that are increasingly bullish...



Wed, 01/30/2013 - 17:04 | 3200242 lasvegaspersona
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popo new meme...ain't cha heard?

Oil from rocks will restore the country. All that worry about unpayable debt...that was just doomers selling advisory letters. Now, without explaining how the old meme (we are doomed) has been resolved, we are instructed to prepare for Obama's third term (because things will be so good every voter will get a pony and a blowjob). Apparently everything is OK now and the prior panic was just a test. Time to sell your gold, surrender your guns and love the coming utopia.

Wed, 01/30/2013 - 17:55 | 3200385 LawsofPhysics
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can I get that blowjob upfront?

Thu, 01/31/2013 - 00:26 | 3201447 astoriajoe
astoriajoe's picture

If its in the back its not a blowjob.

Wed, 01/30/2013 - 19:07 | 3200618 Stoploss
Stoploss's picture

Actually, what Bernanke's doing IS working.

The question is it intentionally being done? Or is he being told what to do??

Because if you want to put down a large swath of the population, this is exactly how you do that.


It is working flawlessly i might add.

Not too much longer now, we are nearing the home stretch.


Wed, 01/30/2013 - 16:52 | 3200164 TWSceptic
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He has been very succesful at his job, that is enriching the other banksters.

Wed, 01/30/2013 - 17:29 | 3200318 WarHorse
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I'd love to know what readers of this site do for a living.  Seems to me many that post here have very little understanding of markets, derivatives and economics

Wed, 01/30/2013 - 19:32 | 3200712 AlaricBalth
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That's the second time this month you have pondered the vocations of members of ZH. Some are butchers. Some are bakers. Some are candlestick makers. Some are in the Biz and some are not. There are farmers, office workers, machinists, programmers and analysts. There are many traders and entrepreneurs. What difference does it make! We do not adhere to generic labels. We are all here to learn and we are all here to teach. Many know more about Economics than those I have interacted with in my career. They may not conform to the selected schools of economic thought sanctioned by the acolytes in Ivory Towers, but I have found that most everyone here brings something to the table.

Wed, 01/30/2013 - 20:20 | 3200833 TheFourthStooge-ing
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Apparently WarHorse works down in the data mines.

Thu, 01/31/2013 - 01:13 | 3201560 Navymugsy
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Do I need a fucking resume to post now WarHorse? Do I need to call you for approval before I snark? Dipshit.

Thu, 01/31/2013 - 10:19 | 3202172 phalfa5
phalfa5's picture

@ warpony   u first ....   oh , and blo me


Wed, 01/30/2013 - 16:50 | 3200178 Gamma735
Gamma735's picture

Bernanke has a fluffer?  Is it little Timmy G?

Wed, 01/30/2013 - 17:17 | 3200287 Ms. Erable
Ms. Erable's picture

Nope. Krugman.

Wed, 01/30/2013 - 17:05 | 3200246 Silver Bug
Silver Bug's picture

As always, Santelli is spot on. This is the definition of insanity.

Wed, 01/30/2013 - 17:11 | 3200263 trader1
trader1's picture

your statement assumes the bernank had control in the first place...

Wed, 01/30/2013 - 17:31 | 3200326 RichardP
RichardP's picture

Early on, Bernanke admitted that he was in uncharted territory.  I think he never claimed to know how to fix the problem.  He was just interested in trying to keep things from getting worse.

Wed, 01/30/2013 - 17:11 | 3200265 DrkPurpleHaze
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Or....Bernanke is in full control and knows exactly what he is doing, that is usurping for his controllers and the .001%

Wed, 01/30/2013 - 20:04 | 3200792 Law97
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Follow the money.

Wed, 01/30/2013 - 17:13 | 3200271 NotApplicable
NotApplicable's picture

He never had control of the economy, just the world's biggest magic checkbook.

To state that he "lost control" only empowers his ability to destroy further as you add to the fiction.

Wed, 01/30/2013 - 17:18 | 3200293 PAWNMAN
PAWNMAN's picture

You mean the illusion of control don't you?

Wed, 01/30/2013 - 17:20 | 3200300 tbd108
tbd108's picture

He never had control. He is just a half-witted shill for the London/New York banksters.

Wed, 01/30/2013 - 18:23 | 3200478 ATM
ATM's picture

He is just not doing enough!


That's what we will be told anywys. What the Bernenk is doing isn;t working so the scale of his non-working plan must be increased by magnitudes to really work!


Isn't that right Paul Krugman?

Wed, 01/30/2013 - 18:48 | 3200566 mightycluck
mightycluck's picture

I was in DC at the National Association of Realtors meeting and saw this guy mention the bad GDP numbers. But he also put up a chart of Fed Funds Target against the Case-Shiller index. And then lumbers costs rising over 50% in one year. YIKES! Here is some of what he said:

Wed, 01/30/2013 - 21:52 | 3201010 philipat
philipat's picture

Thät is why he now wants "Out".

Wed, 01/30/2013 - 22:29 | 3201128 j0nx
j0nx's picture

Bernanke is a fluffer.

Wed, 01/30/2013 - 16:40 | 3200121 fonzannoon
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Here is the poroblem with Rick Santelli. As most people out there do, I watch CNBC on mute. I assume everyone else does as well. So what happens is every once in a while I happen to look up and I see Santelli screaming and waving his hands. I look around for the remote and look up again and he is humping a watermelon or sticking a tube of toothpate up his ass. Finally I find the remote and unmute it in time for him to yell "Back to you".

I wish I had some device to give me a heads up before he comes on.

Wed, 01/30/2013 - 16:43 | 3200135 DoChenRollingBearing
DoChenRollingBearing's picture

fonz, do what I do when there is something objectionable on CNBS:

Head for the can...


Especially the NYT ads...

Wed, 01/30/2013 - 16:45 | 3200150 fonzannoon
fonzannoon's picture

But i'd spend all day in the can, no?

Wed, 01/30/2013 - 16:52 | 3200186 DoChenRollingBearing
DoChenRollingBearing's picture



on how strong your stomach is

on how strong your prostate is

on how strong your sphincter is




Wed, 01/30/2013 - 16:55 | 3200203 fonzannoon
fonzannoon's picture

FWIW it is the freakin scooter store commercials that are going to take me down.

Wed, 01/30/2013 - 17:00 | 3200226 DoChenRollingBearing
DoChenRollingBearing's picture

But, you can LEARN a lot from the scooter store ads...  Social Security Disability Abuse Alert!  I mean they practically scream "Scam the government!".

Next time you go to Wal-Mart, you will see what I mean.

Wed, 01/30/2013 - 19:09 | 3200631 Getting Old Sucks
Getting Old Sucks's picture

"I didn't pay a penny for my Power Chair.  Medicare and my insuranced covered it all".

I'd love to thow that bitch down a flight of stairs!

Wed, 01/30/2013 - 19:14 | 3200648 akak
akak's picture

"You've fallen, and you can't get up --- and I don't give a damn!"


(Referring to the welfare state, of course.)

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