• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Santelli On The Hypocrisy Of The Elites: "No One Will Ever Take Away The Punchbowl"

Tyler Durden's picture




 

The infamous Bob Rubin appeared on CNBC this morning - extolling the "nobody could have seen this crisis coming" meme - and Rick Santelli went after the hypocrisy of these so-called elites and what they did and didn't know. The glaring hypocrisy of claiming that S&P knew that everything they rated was a P.O.S. and yet no-one else could have seen the crisis coming. The crony capitalism of Geithner's proximity to Rubin's Citi during the dark days - especially considering the increasing evidence in book after book - prompts Santelli to suggest we "draw our own conclusions." From saving the GSEs to Maxine Waters ignorance and Barney Frank's slamming of any pessimists, Santelli covers a lot of ground fast but notes, with venom, that none of these 'elites' ever want to be the naysayer (due to the implications) and they will never "take away the punchbowl," and while he proclaims that if S&P goes down then everyone should suffer clawbacks, he reminds us all, "you can't fight City Hall."


0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 02/07/2013 - 14:04 | 3223485 Uber Vandal
Uber Vandal's picture

The video you are trying to access is no longer available.

Must be epic.

Thu, 02/07/2013 - 14:07 | 3223494 Sweet Pea
Sweet Pea's picture

I can watch it??

Thu, 02/07/2013 - 14:15 | 3223522 ihedgemyhedges
ihedgemyhedges's picture

Poor Rick.  He keeps preaching the truth, but he doesn't realize that the smart audience left CNBC years ago and now the sheeples who are left just hit mute when he comes on the air.........and wait for another bimbo to come on showing her cleavages.............

Thu, 02/07/2013 - 14:37 | 3223608 busted by the b...
busted by the bailout's picture

"showing her cleavages"

Wow!  How many does she have?  I need to start watching CNBC again!

Thu, 02/07/2013 - 14:39 | 3223619 redpill
redpill's picture

Tri-breasted Total Recall style?

Thu, 02/07/2013 - 14:43 | 3223632 MillionDollarBonus_
MillionDollarBonus_'s picture

It's quite sad to see how pathetic nerdy ZHers envy the success and power of financial professionals. Financial professionals at top tier investment banks laugh in the faces of feeble ZH computer nerds and weird silverbug preppers. These guys are earning millions of dollars a year - do you really think they could care less about a bunch of losers raving at a computer screen. C'mon guys; just admit that you're jealous of the wealth and success of accomplished financiers. It's ok to be jealous - not everybody can be join the higher echelons of society. Lucrative positions at top tier investment banks are reserved for the best of the best only. 

Thu, 02/07/2013 - 14:49 | 3223651 ATM
ATM's picture

Yet many of us earn over a million too so perhaps your superiority complex and disdain for we poor flyover rubes is misplaced? 

Thu, 02/07/2013 - 14:53 | 3223663 disabledvet
disabledvet's picture

we do? wow...really?

Thu, 02/07/2013 - 15:03 | 3223700 trav777
trav777's picture

RUBIN IS TELLING THE TRUTH.

Santelli should STFU.

NOBODY (in their profession of economists) COULD HAVE SEEN THIS COMING!

This is gonna sting, but it's the truth.  There IS NO PLACE in economics for ANY discussion about when growth ENDS.  And that's what happened in 2008.  Global Oil production PEAKED.  This was never contemplated in economics.  Their glib answer was "price" would just "figure it out."  Innovation would happen...hunger would cause a sandwich to manifest.

Rubin grew up in that church; they ALL DID.  They DID NOT believe and STILL DO NOT that the increase in the price of oil won't somehow cause new production to come online.  Global output is still in a state of decline and there are no substitutes coming.  ALL of the GLIB answers economics had for the real world are a pile of crap.

No engineer respects an economist.  No physicist does.  Sure, lots of them got paid to build models to tell the beanheads anything they wanted to hear and they took that money to the bank knowing the models were total garbage.  I've worked in forecasting and the models are whatever you put into them along with the "assumptions" and the latter are what you are TOLD by policy people to assume.

Not a single ONE of these clowns knew or acknowledged or believed or accepted Peak Oil or Peak Anything.  It was impossible.  Oh, if Helium peaks, we'll just "find alternatives."  Right...to an element that's only produced via alpha decay of U238...lol.  It's effing absurd but Rubin says the truth.

Thu, 02/07/2013 - 15:06 | 3223720 jcaz
jcaz's picture

Wow- you out-douched MDB-

Nice job...

Thu, 02/07/2013 - 15:47 | 3223873 NotApplicable
NotApplicable's picture

That he thinks these people are economists is what is funny.

They are but sophists posing as economists, thus Trav's critique is correct (they can't see) but for the wrong reason (they know better than to look, lest they be held accountable).

Thu, 02/07/2013 - 15:54 | 3223895 trav777
trav777's picture

horsesh!t.  They can't see because their understanding of how things work is farked.

Their malfeasance is banal- it's incompetence.  Sheer incompetence.

It was always easier to conform and not ask why a sandwich would manifest itself due to demand (hunger), but rather just assume it would because that had been the experience.

economics is a fking cargo cult. 

Thu, 02/07/2013 - 16:23 | 3223979 Thisson
Thisson's picture

Yes and no.  These economists are carrying water for the status quo.  There are economists, such as Malthus, who have indeed contemplated a world with finite growth.  They're dismissed as "dismal scientists", just as we've dismissed other "Cassandras" such as Ross Perot and Ron Paul.

Thu, 02/07/2013 - 19:17 | 3224488 RafterManFMJ
RafterManFMJ's picture

Economist 1. "Print money! Debt Doesn't matter! Buy votes! PARTY!"

Economist 2. "Live within your means. Those that do not work do not eat. Redistibuting wealth is not a valid economic system"

Now, which economist gets the job?  It isn't the fault of the Economists but rather the self serving selection process.  The only ones that gain power/professorships are the ones that enable, defend and promote the ponzi.

Thu, 02/07/2013 - 15:16 | 3223758 redpill
redpill's picture

The global economy tanked before we could really see the practical impact of peak oil production.  The vast collatoral damage from the ongoing debt bubble, currency war, and self-destructive monetary policy actions of central banks worldwide have "saved" us from seeing the impact of peak oil production for a few more years.  Of course they are destroying a couple centuries of accumulated wealth and structural economic vitality while they are at it, so I think I would have rather had the peak oil problem on its own.  Instead it is going to all explode at the same time at some point in the coming years.  Won't it be fun?

Thu, 02/07/2013 - 15:50 | 3223882 trav777
trav777's picture

dude...a growth system collapses as soon as it can't grow, especially one based upon math and computers and leverage.

No, they haven't destroyed a couple fkin CENTURIES of anything...idiot, does it look like 1813 outside your gd window?

You cretins need to cut the hyperbolic hysteria and stop trying to blame MALICE for what INCOMPETENCE adequately explains.

Thu, 02/07/2013 - 16:11 | 3223940 redpill
redpill's picture

You're a moron if you don't think there is malice involved when they deliberately fuck over the general populace to benefit a financial oligarchy.  

Obviously growth systems collapse when they can't grow anymore, where did I claim otherwise?  The point is that peak oil production isn't what has caused the last 5 years of recession, if anything it has postponed the impacts of peak oil production longer than what otherwise would have occurred.

As for what they've destroyed, you can't create a true middle class overnight, although they've done a good job at rapidly destroying it.

 

Thu, 02/07/2013 - 16:25 | 3223989 Thisson
Thisson's picture

I don't understand why you two are arguing over which "effect" pricked the bubble.  It's like arguing over which of two fires burned down a house, when those two fires were started separately but then merged together before getting to the house.

Thu, 02/07/2013 - 16:57 | 3224114 redpill
redpill's picture

It's important because when the impacts of peak oil production finally do hit us, it's going to be even worse.

Thu, 02/07/2013 - 15:29 | 3223804 Blubaba
Blubaba's picture

The great Peter Schiff forecasts the economic falldawn in 2006 in such a detail that everybody once sees the video must be curious how its possible to see the crisi coming.

Look at

http://www.youtube.com/watch?v=jj8rMwdQf6k

Listen and more humility to austrian economics please

Thu, 02/07/2013 - 15:55 | 3223898 trav777
trav777's picture

fk Schiff; I forecasted it in 2003.

Thu, 02/07/2013 - 17:28 | 3224215 caShOnlY
caShOnlY's picture

In June of 2002 I had just installed a credit card machine in my Fast food take out joint.  I opened only 3 months earlier.   In the next 3 months sales climbed 40%, the brand new cars pulling up were impressive.   I was in one of the poorest towns of the State and my $5.25 pizza baker came in with his new Acura RSX.  

I went home and told everyone I knew that the whole economy is a sham based on credit and it's collapse is inevitable.  I was laughed at.

 

Fri, 02/08/2013 - 08:06 | 3225394 Farley
Farley's picture

link?...............

Thu, 02/07/2013 - 16:35 | 3224026 Bicycle Repairman
Bicycle Repairman's picture

Trav, it's nappy time again.  Take a couple months off.

Thu, 02/07/2013 - 20:44 | 3224678 WhiteNight123129
WhiteNight123129's picture

cycles and circles TRAV, or something has to give if you will...

Thu, 02/07/2013 - 22:02 | 3224851 Spigot
Spigot's picture

Whatever you want to believe, Trav. IMO you are on the wrong track. But then there is no reason to be concerned either way, as none of it matters. Rubin is a pathological liar. A the least Santelli is sensible.

Thu, 02/07/2013 - 15:03 | 3223702 ATM
ATM's picture

Some of us on ZH do, yes.

Thu, 02/07/2013 - 15:15 | 3223750 Snoopy the Economist
Snoopy the Economist's picture

Good for you ATM. Can I stop by your cash machine?

Thu, 02/07/2013 - 15:01 | 3223691 LongSoupLine
LongSoupLine's picture

as angry as I fucking am, MDB always cheers me up with his masterful sarc.

Thu, 02/07/2013 - 15:31 | 3223813 ToNYC
ToNYC's picture

WalledStreeters are nothing alone, that is the definition of myrmidons and always whores feasting on your grandma's savings.

Community lies

always seem

like a surprise.

Thu, 02/07/2013 - 17:26 | 3224209 BeetleBailey
BeetleBailey's picture

Fuck You Million Douchebag Blowhard

Thu, 02/07/2013 - 18:35 | 3224401 stant
stant's picture

oh yeah rubin.i remember now he was treasurey secretary under clinton.thats why the germans, netherlands and a few others want thier gold back now, almost no tanks left at ft knox. and the depository could use a good preasure washing the last time i drove by it.as for the gold at the ny fed . well there was 911

Thu, 02/07/2013 - 20:41 | 3224669 WhiteNight123129
WhiteNight123129's picture

MDB if your not short duration, you are the loser here. At least the bugs of Silver and Gold are not long duration.

 

Thu, 02/07/2013 - 16:41 | 3224043 HowardBeale
HowardBeale's picture

One well endowed bovine = several 2-breasted media whores like Bartiromo--and it would put a lock on their hillbilly audience.

Thu, 02/07/2013 - 14:37 | 3223613 redpill
redpill's picture

Rick knows that he's been regulated to a limited niche role on that network.  He blusters a lot, but if he was really as passionate about these issues as he claims to be, it's odd that he then never advocates actions that would make a difference.  Why doesn't he suggest people take their money out of these Wall Street shops run by crooks?  Why doesn't he say equities are a sham and people shouldn't try to trade them?  Why doesn't he tell people to stick to hard commodities that you can realistically take delivery of?

Either he hasn't followed his own thought process to its logical conclusion or he just is playing his role as the squeaky wheel in a system that he doesn't really want to change, because afterall it is that system that has made him successful.

Thu, 02/07/2013 - 14:59 | 3223680 disabledvet
disabledvet's picture

absolutely. "the bond ghouls." they should be loving this Uncle Gorilla paper balderdash. of course "it is not helping Illinois" (let alone the City of Chicago) ONE BIT...so i think "from whence his frustration comes" is indeed "well placed." there is much to be said for Bill Gross' "Cult of Equity" comment. And of course many will indeed discern "designs" (not mis-placed) so that "the employers" are forever and always placated. but if the system is truly "rigged" it still doesn't change the fact that "you have to do your job and do it well." the idea that markets only move in one direction is a fool's game...and there is no greater fool than the one who thinks "the Game is rigged in my favor."

Thu, 02/07/2013 - 15:05 | 3223712 trav777
trav777's picture

Santelli plays a role...that's what everyone on TV is, a persona.  This is the Rick Santelli persona, like Colbert has a persona too that is different from the real Steve.

Thu, 02/07/2013 - 18:18 | 3224348 booboo
booboo's picture

No, Colbert fills the void that Pee Wee Herman left for the same generation.

Thu, 02/07/2013 - 15:44 | 3223854 Henry Hub
Henry Hub's picture

***Why doesn't he suggest people take their money out of these Wall Street shops run by crooks?***

That's because he probably has a mortgage and kids in college and he needs to keep his job.

Thu, 02/07/2013 - 16:15 | 3223952 tango
tango's picture

It's simple - he still thinks that investing in America is a plus and not a negative.  I find that most who attack equities 1) don't do their due diligence, 2) use only one source - Cramer, CNBC, ZH, Moneyline, etc  3) buy at a peak, 4) invest only the up side or 5)  don't have a financial manager to apply the  necessary tough love.  Rick may still think (doubtful) that the system can be saved but more and more it's like he's going through the motions - one last hurrah.

Thu, 02/07/2013 - 15:00 | 3223685 Derezzed
Derezzed's picture

QFT

Fri, 02/08/2013 - 00:16 | 3225134 jerry_theking_lawler
jerry_theking_lawler's picture

on cnbs, i only watch for one bimbo.....that would be MCC.....that dark headed vixen with her expertly sculpted (by an actual MD, i'm sure) lips/nose/tits/hips/etc catches my attention every time. bet she's had more dongs in her than a chinese phonebook has in it.....

Thu, 02/07/2013 - 14:21 | 3223554 CPL
CPL's picture

Check his youtube channel or one of the hundreds of guys that record and post this stuff on youtube.

Thu, 02/07/2013 - 16:00 | 3223910 SMG
SMG's picture

Looks like the video went down the memory hole, which in the book 1984 led to the furnace.

Thu, 02/07/2013 - 14:08 | 3223495 Boston
Boston's picture

.

Thu, 02/07/2013 - 14:21 | 3223552 azzhatter
azzhatter's picture

You can see that little fuckwad Obama ball licker Melissa Lee can't stand Rick

Thu, 02/07/2013 - 14:34 | 3223584 TruthInSunshine
TruthInSunshine's picture

No question. Her inner Kim Jong-il (Oh...I didn't see you there...herrrro) is trying to break free and is showing a little bit in her eyes.

Thu, 02/07/2013 - 14:23 | 3223559 meltdown
meltdown's picture

i am trying to load it on cnbc, all i get is the lack of progress circle.

Thu, 02/07/2013 - 14:59 | 3223681 redpill
redpill's picture

Don't worry, even if it comes on it will still be a lack of progress.  It's CNBS afterall.

Thu, 02/07/2013 - 14:29 | 3223576 pupton
pupton's picture

"You can't fight City Hall"...but you can burn it to the ground.

Do NOT follow this link or you will be banned from the site!