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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."


 

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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.

Thu, 02/07/2013 - 15:03 | 3223698 disabledvet
disabledvet's picture

one of my favorite quotes...EVER. Isn't it ironic "they have their man in the White House" though? I'm sorry...."what was the story-line this whole Obama thing was supposed to be about"? Where did it all...go wrong? http://www.youtube.com/watch?v=62Qfbrc1jdo

Thu, 02/07/2013 - 15:52 | 3223888 stormsailor
stormsailor's picture

+1000,  i'll bring the marshmallows

Thu, 02/07/2013 - 15:53 | 3223893 ToNYC
ToNYC's picture

Saw the video twice at this site since your note. Good that I like to ignore naysayers when the risk is so low.

Thu, 02/07/2013 - 14:09 | 3223490 Theta_Burn
Theta_Burn's picture

Santelli has come along way, from blaming all those dead beat homeowners for causing this debacle. amazing what a paycheck and an audience will do to one's conscience..

Santelli slowly redeeming himself from douch-bag status.

Thu, 02/07/2013 - 14:55 | 3223670 hannah
hannah's picture

technically the 'dead beat homeowners' did cause the crash. the pigmen offered bullshit loans. the consumer didnt have to take the bait...but they did. they knew they couldnt pay...but they did it anyway. so who is really at fault...? santelli just made a statement that we are responsible for our own actions and the sheeple screwed themselves as much as 'being taken advantage of'....

Thu, 02/07/2013 - 15:07 | 3223722 disabledvet
disabledvet's picture

phuck you Angelo Mozillo. CNBC STILL hasn't demanded some answers. What a bunch of cow turds. "throw some more shit on the wall and see what sticks" network. NOT serious people...pathetic actually (when not being outright criminals of course...and they are that as well...and should apologize to the American people for being "nothing more than rank and file terrorists" actually.) But hey..."the show must go on"...even if it is nothing more than "we profit from watching you die America."

Thu, 02/07/2013 - 15:40 | 3223808 Theta_Burn
Theta_Burn's picture

If you said "subprime" I'd agree, as the only requirement was that an idiot be able to sign his name.

 Still..banksters offered the bait...knowing full well the borrower couldn't repay, but they did it anyway.

I wouldn't bite off more than i could chew but thats me, not 1 homeowner got bailed out PLUS there homeless.

Wall St.? what was thier penance?

I don't recall ANYBODY on Wall St.  including Dick Santelli complaining about the windfall they all shared due to "dead beat homeowners"

Thu, 02/07/2013 - 16:38 | 3224035 stormsailor
stormsailor's picture

i didn't mind the rising cost of housing,  i knew in 05 when people who had hundreds of unpaid charges with insurance premium finance companies started buying homes and requesting insurance. some of them more than 250k, yet they couldn't qualify for standard insurance.  sold off all my residential.  claw that back, lol.

Thu, 02/07/2013 - 17:02 | 3224128 hannah
hannah's picture

theta_burn...if the dumbshit homebuyers didnt go for the bait...THERE WOULDNT HAVE BEEN A BAILOUT. american middleclass fucked themselves.

Thu, 02/07/2013 - 15:31 | 3223812 Winston Churchill
Winston Churchill's picture

Bollocks.Do some research before posting you moron.

Wall Street made more money on every loan that was toxic.They capitalized the yeild spread

when they sold those mortgage loans.I suppose the borrowers were responsible for selling

those same Notes ten different times as welL ?

What are you ,just stupid or a paid shill ?

Thu, 02/07/2013 - 17:19 | 3224184 Blankenstein
Blankenstein's picture

Wall Street and the banks are very much to blame, but you weren't paying attention if you aren't aware of all the flippers and specuvestors that were out there trying to be the next Donald Trump.  There were also those who thought they could live in houses that were WAY out of their price range.  (Some how it was going to just work out because of asset appreciation?)   They all helped enable the ponzi, by providing enormous amounts of loans for the mbs and cdo packagers and sellers.  

Obviously those who were involved at the banks should be prosecuted.  But there were many other players involved, such as realtors, mortgage brokers, underwriters, and buyers.  If any of them were involved in fraud, they too should be prosecuted.  The penalties and fines should fit the crime, with the banking sydicate having the most - by far.  

Greed, nor stupidity should be rewarded, but it has been through taxpayer bailouts.  Those who are truly penalized are those who chose to be responsible and the taxpayer.  

Thu, 02/07/2013 - 16:02 | 3223905 ToNYC
ToNYC's picture

If you wipe the vaseline off your spectacles you'd see that there are at least as many dead beat  homeowners ALWAYS at the ready if the dealer mortgage syndication source of funds wasn't corrupted by their increasing profits from magical thinking. Try leaving your car running near the schoolyard on the other side of the tracks and be surprised that the car disappears. Corzine intentionality rhetoric that put a spanner in the just 4us justice.

Thu, 02/07/2013 - 14:08 | 3223492 francis_sawyer
francis_sawyer's picture

Bob Rubin ~ hmmmmmm

~~~

I'd go ahead and say something... but LongSoupLine would probably say it much better...

Thu, 02/07/2013 - 14:42 | 3223585 DavidPierre
DavidPierre's picture

Fuck Santelli and all of CNBS shills!

 

Jim Willie ... a much bigger picture!

 

Friend of gold Jim Sinclair, and executive to a mining firm with interests in Tanzania, put it so well. He captures the theme of this article when he said, "It is the constant drop in the dollar's usage as a contract mechanism internationally. No one sees this but it is the Hammer of Thor on the head of the dollar." The rejection of the USDollar in global trade will mean the end of the abused privilege in a currency turned toxic. Its rejection is the marquee event in the financial world for 2013, following isolation. It is unstoppable and all-encompassing, certain to have geopolitical consequences, as it alters the economic and financial landscape in harsh ways much like a band of violent marauders brandishing machetes alter the neckline of their victims. See the Tonton Macoute in Haiti. The greenback is cornered; it is done!


 http://news.goldseek.com/GoldenJackass/1360270800.php

 

REQUIEM FOR THE NATION

A sweeping captivating question will dominate in 2013: What happened to the United States? The answer cannot be made simple. As preface, the key to comprehension must bring focus to extreme banker thefts in the multiple $trillions, which began in a virtual theft of the bulk of the national home equity in the mortgage bond fraud.

The problem is far more pervasive, if any degree of depth is to be grasped.

It was the refusal to liquidate the broken sacred banks steeped in criminal activity,

the extreme corrosion to the economy from adopted sanctioned urgently requested hyper monetary inflation,

the burdensome war costs hidden within the mammoth unfixable federal budget deficits,

the compromised Congress whose constituents are lobbyists,

the cancerous growth of the state which is realized in higher taxes,

onerous regulations, an expansive welfare network,

a forced tiresome war and terrorism that conceals a broad confiscation of gold hoards during a global capture of the narcotics trade, upon which the New York banks are hopelessly dependent.

A military element has been prevalent in the breakdown, an extension of the Fascist Business Model into the business sector. It saw impunity of big banks from prosecution, devotion to war, permission of narcotics by the security agencies, the obfuscation of liberty as it vanished, the perversion of patriotism (including honor guards at sporting events), the subjugation of the press, the salute to an aggressive national socialism (often dubbed nazi by the enlightened).

Enter systemic failure from a military standpoint.

Thu, 02/07/2013 - 14:45 | 3223641 francis_sawyer
francis_sawyer's picture

If I'm going for the throat, I'd prefer a nice kukri to a standard machete...

Thu, 02/07/2013 - 14:56 | 3223675 hannah
hannah's picture

give me a parang or at least a karambit....much nastier.

Thu, 02/07/2013 - 15:05 | 3223710 SmallerGovNow2
SmallerGovNow2's picture

M1911....

Thu, 02/07/2013 - 15:09 | 3223728 francis_sawyer
francis_sawyer's picture

The only TRUE test would be to ask the "victims" what they think...

Thu, 02/07/2013 - 15:10 | 3223732 ParkAveFlasher
ParkAveFlasher's picture

I love Jim Willie and his dark Jim Willie shit.  He's the Edgar Allen Poe of the gold money crew.

Thu, 02/07/2013 - 15:06 | 3223721 trav777
trav777's picture

willie's been saying that for years...the USD doesn't end in 2013, not even close.

Right as we speak, the other major currencies are trying to dilute themselves against the USD, pushing it upwards.

Thu, 02/07/2013 - 15:14 | 3223746 disabledvet
disabledvet's picture

unfortunately no. "it doesn't matter if you're right...you're only helping someone else." it would be nice to think the taxpayer wins here...but i'm really struggling with "cutting postal hours to save Wall Street." How phukcing pathetic...Bob "no one saw it coming" Rubin. REALLY? The book was titled THE BIG SHORT you ass muncher. YOUR PHUCKING OUTFIT LED THE CHARGE COCK FACE. Why do you think this site even exists you DOPE. You're talking to the MONIED INTERESTS YOU SCREWED bitch...coming on the air and lying right to their faces just shows how far gone you are...and always were. Somewhere on this planet is a Special Forces goon squad WAITING TO DO WHAT'S RIGHT FOR A CHANGE. History is already the judge of course...

Thu, 02/07/2013 - 16:31 | 3224014 Thisson
Thisson's picture

What a bunch of bullshit.  The world cannot get away from the dollar.  They are stuck with this timebomb until it explodes.

Thu, 02/07/2013 - 15:17 | 3223761 LongSoupLine
LongSoupLine's picture

ughhh...Bob "fuck the ass of America" Rubin?!?!

 

Double fuck you Rubin, you fucking Goldman/Citi/Treasury/Harvard piece of fucking Ivy League stinking shit.

 

Fuck you the most for shutting down Brooksley Born for trying to expose the danger of derivatives.  Fucking eat molten hot tungsten and die you fucking global wealth destroying bank fuck. 

Thu, 02/07/2013 - 14:10 | 3223503 Vashta Nerada
Vashta Nerada's picture

If they couldn't have seen the last one coming, I suppose it pre-explains why they can't see the one that is about to happen.

Thu, 02/07/2013 - 14:18 | 3223536 rqb1
rqb1's picture

It wont happen until the broker dealers have sold their positions.  One of the reasons for all this QE is to keep them afloat until they can sell.  The PR team is working overtime to sucker the individual in again. 

Thu, 02/07/2013 - 14:12 | 3223509 fonzannoon
fonzannoon's picture

I wish ZH could somehow force it's advertisers to sponser the daily PM knockdowns.

 

Thu, 02/07/2013 - 14:12 | 3223513 Meat Hammer
Meat Hammer's picture

Nobody saw the possibility of a crisis???  Rrrrrrriiiiiiiiggggghhhhht.  How about the ones who are planning the serious crisis?

Thu, 02/07/2013 - 14:16 | 3223523 EmileLargo
EmileLargo's picture

Bob Rubin?? LOL

Thu, 02/07/2013 - 14:22 | 3223558 azzhatter
azzhatter's picture

Bob "I took $100 million from Citibank and was responsible for nothing that goes on" Rubin?

Thu, 02/07/2013 - 14:16 | 3223525 natronic
natronic's picture

I love it when your just waiting for santelli to pop a blood vessel.  Atleast him unlike a lot of other people have passion left in him.

Thu, 02/07/2013 - 15:13 | 3223709 CaptainSpaulding
CaptainSpaulding's picture

Howard Beale was the king of passion

http://www.youtube.com/watch?v=ywD7d9OzGCw

Thu, 02/07/2013 - 21:04 | 3224731 rhinoblitzing
rhinoblitzing's picture

I always thought that Glen Beck was as close to Beale as Ihave seen so far - they didn;t shoot him though... If you look at the video from Glen Beck's DC protest - it looked like his shirt was kinda bulky.

Now I wonder if Glen is the pied piper to attract and identify that crowd for TPTB...?

Thu, 02/07/2013 - 14:16 | 3223527 Unprepared
Unprepared's picture

Shania Twain saw it coming, circa 2003

 

Ka-Ching

Thu, 02/07/2013 - 14:23 | 3223553 Zer0head
Zer0head's picture

LOL you can't make this sht up

Struggling Shania Twain centre to be demolished, turned into actual gold mine!!!  

 

TIMMINS, Ont. -- A tourist attraction celebrating country-pop singer Shania Twain has officially become a $10-million money pit of taxpayer dollars.

The Shania Twain Centre in this northern Ontario community permanently closes its doors today, barely a dozen years after its grand opening, and will be demolished to become part of an open-pit gold mine.

A sinkhole of taxpayer money, the centre consumed some $10 million in government funds for its construction in 2000-2001, and racked up more than $1 million in operating deficits in the years since.

 

http://www.ctvnews.ca/entertainment/struggling-shania-twain-centre-to-be...

 

 

Thu, 02/07/2013 - 15:30 | 3223807 trav777
trav777's picture

nobody ever asked the taxpayers.

Listen, NOBODY goes to Canada as a freakin tourist anyway...there's not a helluva lot there.  It's fking cold, no beaches, skiing is better in the US. 

Thu, 02/07/2013 - 16:33 | 3224024 Thisson
Thisson's picture

Not entirely true.  People go there for bachelor party tourism, and also the skiing on the east coast is better in Canada than in VT/NH.

Thu, 02/07/2013 - 14:17 | 3223531 Sixdeuce062
Sixdeuce062's picture

anonther one added to the drone's "to do list"

 

Thu, 02/07/2013 - 14:23 | 3223560 azzhatter
azzhatter's picture

Obama will have to drone Rick for criticizing the Maxine and Barney shit show

Thu, 02/07/2013 - 14:17 | 3223533 darteaus
darteaus's picture

They are punishing S&P for not supporting the "Everything is fine." mantra.

If the plebians lose faith, then the strip mining of Omerika can't continue.

Thu, 02/07/2013 - 14:22 | 3223556 riley martini
riley martini's picture

S&P or someone is now leaking JP Morgan emails with proof they were committing mortgage fraud .

Thu, 02/07/2013 - 15:20 | 3223770 Stoploss
Stoploss's picture

The banks are at war with each other right now.

Very under the radar.

There is absolutely zero trust between banks, and i mean more so from the little local banks to the big banks.

That's why they hold all large deposits, > 10$ lol!!!

ZERO TRUST.

Thu, 02/07/2013 - 16:45 | 3224053 horseman
horseman's picture

And Henry Blodgett on yahoo finance is already got an article out trying to discredit the emails.  They work fast.

Thu, 02/07/2013 - 14:22 | 3223557 fonzannoon
fonzannoon's picture

did everyone buy that dip?

Thu, 02/07/2013 - 14:34 | 3223589 Whiteshadowmovement
Whiteshadowmovement's picture

"you betcha!"

-collective audience

Thu, 02/07/2013 - 14:24 | 3223562 kevinearick
kevinearick's picture

You can’t fight city hall…

Why would you want to; it f-s itself every time.

While it’s quite convenient for the opposing peer pressure groups to ignore demographics, on their way to tyranny, borrowing and giving money away from the top down, to be paid in the future by the bottom up, the reality is that empire financing is predicated upon demographic acceleration, which is why each group resting control simply kicks the can down the road as long as possible, regardless.

From the perspective of an individual laborer, it’s just gravity. Peer pressure results in delay to consensus, hoping some external force, an Act of God, saves the Titanic, as the participants fall further and further behind, and cannibalize themselves, with their own technology. It’s a system, an extremely stupid system, which depends upon dumbing humans down to the point where they compete with computers, to be stupid, playing on their “smart” phones, pretending their job doesn’t suck and they aren’t freaked out of their minds.

Of the many things you can do with gravity, what would you like to do?

Thu, 02/07/2013 - 14:26 | 3223568 JR
JR's picture

Twenty-six years with Goldman Sachs and current co-chairman of the Council on Foreign Relations (CFR). This is Bob Rubin. And now his protégé, Timothy Geithner, former president of the all-powerful NY Federal Reserve Bank and former U.S. Secretary of the U.S. Treasury (as well as Rubin), moves on to the CFR.

It is the NY Fed that is the core, the father, the nucleus, of financial control of the US economy. And now its operatives are attempting to take financial control of the world – the founding goal of the Council on Foreign Relations.

Thu, 02/07/2013 - 14:28 | 3223573 otto skorzeny
otto skorzeny's picture

market creeping back-POMO day today.

Thu, 02/07/2013 - 14:33 | 3223591 Watts_D_Matter
Watts_D_Matter's picture

I call Barney's Frank a cocksucker...but that dick would take it as a compliment!

Thu, 02/07/2013 - 14:34 | 3223597 ziggy59
ziggy59's picture

You can always start draining the bowl, by putting holes in it with lead..

Thu, 02/07/2013 - 14:37 | 3223611 Michelle
Michelle's picture

With the punchbowl flowing freely and banks drunk with risk-free returns via the Fed, what's the point of an economic recovery???

Thu, 02/07/2013 - 15:53 | 3223894 NotApplicable
NotApplicable's picture

No doubt. That would only invite competition, killing the "Glorious Recovery" in utero.

I kept hoping he would kick the table out from under the punchbowl to complete the metaphor. But that would surpass his "Rant heard 'round the world" in popularity, and well, doesn't serve the elite like it did.

Thu, 02/07/2013 - 14:40 | 3223623 katwoman
katwoman's picture

I thought I was the only one who could see every time Rick hands back to that cow Melissa Lee she is spitting venom.  She only looks the ass she is.

Thu, 02/07/2013 - 14:42 | 3223630 IamtheREALmario
IamtheREALmario's picture

Thinking they may have already passed the Weimar moment when the genie can no longer be stuffed back in the bottle. Too much depends on the lie.

Thu, 02/07/2013 - 14:52 | 3223645 El Hosel
El Hosel's picture

It looks like the punch bowl stays... They did take a way the video!

"message has been sent to customer care team in the event there has been an error", yeah error was letting it out to ZH.

    "Customer care Team", only one customer they care about.

 

Thu, 02/07/2013 - 14:53 | 3223664 Grand Supercycle
Grand Supercycle's picture

DOW monthly chart as of February 7, 2013 shows the impending Wile E. Coyote drop.

It doesn't take a genius to realise this chart will end in serious tears.

http://trader618.com

Thu, 02/07/2013 - 15:13 | 3223743 yogibear
yogibear's picture

LOL, market going back up. Joe Grandville is eating crow predicting a market downturn.

Your wasting your time.

Bernanke and the Fed will follow Zimbabwe's stock market 50,000.

Bernanke, Dudley, Evans and Yellen would rather crash the US dollar and blow up the government than let the 1% loose the game.

Thu, 02/07/2013 - 15:57 | 3223903 jomama
jomama's picture

if i could have given you half an upvote, i would've.

 

it's you're and lose. not 'your' and 'loose'.  though, you very well might be.

Thu, 02/07/2013 - 15:55 | 3223900 NotApplicable
NotApplicable's picture

Wait, is there suddenly no more paint for the tape?

Thu, 02/07/2013 - 14:56 | 3223674 world_debt_slave
world_debt_slave's picture

The elites don't like anyone pissing in thier punchbowl.

Thu, 02/07/2013 - 15:04 | 3223707 yogibear
yogibear's picture

Still no answer of why the DOJ is just going after S&P.

Why not Moody's and Fitch?

After all Moody's and Fitch did the sane thing.

It wouldn't be the useless Eric the Place Holder punishing S&P for downgrading the US credit rating last time?

 

 

 

Thu, 02/07/2013 - 15:24 | 3223784 Bear
Bear's picture

You can't fight City Hall (Tammany Hall ... NY Banks) ... Whatever goes around comes around

Thu, 02/07/2013 - 19:22 | 3224496 Blankenstein
Blankenstein's picture

Just look at who Moody's largest stock holder is .....  bailout beneficiary and bama buddy Buffett.

Thu, 02/07/2013 - 15:39 | 3223842 lynnybee
lynnybee's picture

see how easily Robert Rubin lies.   he's a grifter, a true scam artist.    that's my opinion after much research & reading & i'm sticking to it.  

Thu, 02/07/2013 - 15:59 | 3223906 imapopulistnow
imapopulistnow's picture

"they will never "take away the punchbowl"

It's not a punchbowl, it's an IV - major difference Mr. Santelli.

Thu, 02/07/2013 - 16:23 | 3223977 Henry Hub
Henry Hub's picture

CNBC has removed Santelli's video. It looks like old Rick has stepped on the wrong toes. Criticizing Ruben even obliquely is beyond the boundaries set by CNBC: never tell the sheeple the truth about the TBTF banks and their henchmen.

Thu, 02/07/2013 - 16:29 | 3224003 MrBoompi
MrBoompi's picture

Why prosecute a ratings agency when the people who created and sold the shit are walking free?  We're talking co-conspirators, after all.

 

 

Thu, 02/07/2013 - 16:40 | 3224038 Thisson
Thisson's picture

In our society, banks are not legally liable for aiding and abetting fraud!  See Central Bank, N.A. v. First Interstate Bank, N.A., 511 U.S. 164 (1994).

Thu, 02/07/2013 - 16:47 | 3224061 tpgaynor
tpgaynor's picture

Bang! Pow!! Zoom to the Moon! Rubin served up a hangin curve with that pitch. Santelli punched that watermellon out of the park. Touched em all as he rounded the bases too!!! 

Thu, 02/07/2013 - 16:54 | 3224073 earleflorida
earleflorida's picture

'guilt by association?'

but, i had too??... or what?

as the innocent german soldiers, load up the cattle-cars with the undesirable, for a euthanize'd journey in gold-extraction post mortem 

'one only knows what morrow's will`bring... were it naught for yesteryear's f[L]ailing on a vacillating merry-go-round,... rewarding historys' darwinian continuum, of perpetual cyclic rhyming -- eh?'

rickster the man?! 

Thu, 02/07/2013 - 16:53 | 3224092 Walt D.
Walt D.'s picture

Nobody saw this coming? Stevie Wonder could have seen this coming.

The issue is not that nobody saw this coming, but nobody WANTED to see this coming.

To claim that S&P acted with criminal intent and that Moody's did not, you would have to show that:

a) S&P rated more securities  than Moody's by being more lenient with their ratings, by making it more profitable for Countrywide and others to use S&P ratings instead of Moody's.

b) The default rate on S&P rated securities was higher than those rated by Moody's

I don't believe that this was tha case.

 

Thu, 02/07/2013 - 17:07 | 3224145 earleflorida
earleflorida's picture

McGraw Hill... a subsidiary of Rothschild LLC-- or was, up until a year ago?!

 

 

Thu, 02/07/2013 - 17:03 | 3224133 Walt D.
Walt D.'s picture

Here is an article, written in 2008, that shows what S&P and Moody's were doing.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ax3vfya_Vtdo

Selective prosecution by the DOJ?

Thu, 02/07/2013 - 18:28 | 3224353 Lord Of Finance
Lord Of Finance's picture

I love that man. I wanna see Rick totaly spaz out and just start swinging his fists the next time he confronts one of this decieptful keynesian clowns. Get Rick off the floor for a moment and bring him up to the studio to confront one of these Keyenesian crumbs and start swinging fists to face. Better yet. Send one of these socialist bumbs down into the pit with Rick. Let him tear them up!!

 

LET HIM TEAR EM UP!!!!

 

  OH YEAH! INSTEAD OF A PUNCHBOWL, HOW ABOUT A PUNCH TO THE CHIN!

 

Lets "arrange" a "discussion" with Peter Schiff and Paul Krugman. I want the "discussion" down in the pit!

Thu, 02/07/2013 - 19:19 | 3224494 neutrinoman
neutrinoman's picture

What an epic rant! Yep.

Some of us figured out the Citigroup angle a few years ago. Kudos to Sheila Bair for saying it publicly. She mentioned Geithner and Rubin (and others) by name in her book.

Thu, 02/07/2013 - 20:44 | 3224683 WhiteNight123129
WhiteNight123129's picture

MDB is long duration and is a loser...

 

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