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Rick Santelli Rages: "What Is Bernanke So Afraid Of?"

Tyler Durden's picture


The following three minutes of absolute perfection uttered by CNBC's Rick Santelli is dangerous for anyone living in Kyle Bass' "intellectually dishonest" alter-world of denial and "unicorns and rainbows" as the Chicagoan goes off on the ignorance of everyone in these so-called markets. When every talking head is bullish and the world is going so great that we should all "buy stocks," Santelli demands we ask Bernanke - "what are you scared of," that keeps you pumping this much money into the system for this long? Simply put, Santelli's epic rant is the filter that every investor (or member of the public) should be viewing financial media and the Fed today (or in fact every day).

On CNBC and all the channels that cover business, we have person after person after person, buy side, sell side, upside, downside:

  • How is the economy? Economy is great.
  • What about stocks? You got to buy them.
  • What if they break? You have to buy the dips.
  • What's wrong with the economy? I don't hear these people saying anything is wrong with the economy.

So what's wrong, Ben? Why can't we get out of crisis management mode?


There's always going to be something.




Why don't these people kick the tires?


They take a press release from the Federal Reserve and they think it was written by God.

One of Rick's most epic rants to date:

And perhaps clarifying some of the issues Rick brings up, here are the pertinent thoughts from the most recent Sth Klarman letter:

Is it possible that the average citizen understands our country's fiscal situation better than many of our politicians or prominent economists?


Most people seem to viscerally recognize that the absence of an immediate crisis does not mean we will not eventually face one. They are wary of believing promises by those who failed to predict previous crises in housing and in highly leveraged financial institutions.


They regard with skepticism those who don't accept that we have a debt problem, or insist that inflation will remain under control. (Indeed, they know inflation is not well under control, for they know how far the purchasing power of a dollar has dropped when they go to the supermarket or service station.)


They are pretty sure they are not getting reasonable value from the taxes they pay.


When an economist tells them that growing the nation's debt over the past 12 years from $6 trillion to $16 trillion is not a problem, and that doubling it again will still not be a problem, this simply does not compute. They know the trajectory we are on.


When politicians claim that this tax increase or that spending cut will generate trillions over the next decade, they are properly skeptical over whether anyone can truly know what will happen next year, let alone a decade or more from now.


They are wary of grand bargains that kick in years down the road, knowing that the failure to make hard decisions is how we got into today's mess. They remember that one of the basic principles of economics is scarcity, which is a powerful force in their own lives.


They know that a society's wealth is not unlimited, and that if the economy is so fragile that the government cannot allow failure, then we are indeed close to collapse. For if you must rescue everything, then ultimately you will be able to rescue nothing.


They also know that the only reason paper money, backed not by anything tangible but only a promise, has any value at all is because it is scarce. With all the printing, the credibility of our entire trust-based monetary system will be increasingly called into question.


And when you tell the populace that we can all enjoy a free lunch of extremely low interest rates, massive Fed purchases of mounting treasury issuance, trillions of dollars of expansion in the Fed's balance sheet, and huge deficits far into the future, they are highly skeptical not because they know precisely what will happen but because they are sure that no one else--even, or perhaps especially, the  policymakers—does either.


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Wed, 06/19/2013 - 11:51 | 3671600 Flakmeister
Flakmeister's picture

Because he doesn't want an epic collapse on his watch?

Wed, 06/19/2013 - 11:57 | 3671626 nope-1004
nope-1004's picture

Bernocchio out of bullets.  Just all talk at this point.  That's why he can't taper, stop, exit - the whole house of cards comes crashing down, bringing all the large insolvent banks with it.

But let's live out this fantasy:  If things are getting so much better, I say stop buying MBS altogether.  Either stop buying MBS and end QE, or STFU BEN!!!



Wed, 06/19/2013 - 11:57 | 3671638 Jonas Parker
Jonas Parker's picture

Ben's a "one-trick pony". Problem is, the trick isn't working any more...

Wed, 06/19/2013 - 12:28 | 3671776 JPM Hater001
JPM Hater001's picture

<----Strike "one"...It's the most epic

<----Keep "one"...Rick was just warming up

Wed, 06/19/2013 - 12:41 | 3671841 Big Slick
Big Slick's picture

We all know that Rick REALLY DOES KNOW why they cannot do what he says they should.   But it's fun to think about the 3 or 4 people watching this who have a lightbulb go on above their head.

A few more lightbulbs to go...

Wed, 06/19/2013 - 12:48 | 3671880 Triggernometry
Triggernometry's picture

Go Rick

Wed, 06/19/2013 - 13:19 | 3672004 dontgoforit
dontgoforit's picture

However, Ben's trick is still working - at least for now.  Santelli is spot on correct.  The Fed is afraid of the hell storm that is coming - they're putting it off as long as they can - at any cost.  Yeah, that's fear alright.  We're in over our heads and nothing short of God's intervention will save us.  It's just a matter of when.

Wed, 06/19/2013 - 13:26 | 3672043 Divided States ...
Divided States of America's picture

Love Rick but I think everytime he goes on a rampage like this on TV on FOMC meeting days, the stock markets end up rocketing higher after 2:00.

Wed, 06/19/2013 - 13:30 | 3672061 BigJim
BigJim's picture

I think Rick better start avoiding hot tubs

Wed, 06/19/2013 - 19:27 | 3673584 dcohen
dcohen's picture

I want the coffee Rick has

Wed, 06/19/2013 - 13:30 | 3672064 SheepDog-One
SheepDog-One's picture

But has Bernank ever been fired before an FOMC report as Business Insider is reporting?

Wed, 06/19/2013 - 13:43 | 3672119 Herd Redirectio...
Herd Redirection Committee's picture

Which really is just the way to make both of them come out of this a little cleaner.

Wed, 06/19/2013 - 15:10 | 3672618 DaveyJones
DaveyJones's picture

"Avoid Epic Collapse" - Ben's avoidance techniques are enhancement tools. Funny how that works 

Wed, 06/19/2013 - 14:08 | 3672236 silverserfer
silverserfer's picture

I dont think the fed is afriaid of much. They have their stacks and islands. I think they are just toying with the masses.  

Wed, 06/19/2013 - 13:26 | 3672037 I am more equal...
I am more equal than others's picture

Because he doesn't want an epic collapse on his watch?

No, Ben is the set-up guy.  An epic closer is coming. 

Wed, 06/19/2013 - 12:45 | 3671855 knukles
knukles's picture

Now that, my friends, is a fellow bond trader.
From the old school, way back machine days.
'Nuff said.

Wed, 06/19/2013 - 12:48 | 3671883 eatthebanksters
eatthebanksters's picture

Fuck me...I love it when someone just talks honest.  Santelli has to scream to get attention, attention that the MSM won't provide. Well, when the shit hits the fan, he'll probably be safe.

Wed, 06/19/2013 - 12:56 | 3671909 Big Slick
Big Slick's picture

Great point Bankster!  When you consider the people with demolished 401k's will be coming for the MSM like a mob to Frankenstein's castle, you realize that Santelli is LITERALLY screaming for his life here.  Ha-ha!  I love you, Rick!!

Wed, 06/19/2013 - 13:22 | 3672016 Winston Smith 2009
Winston Smith 2009's picture

"When you consider the people with demolished 401k's will be coming for the MSM like a mob to Frankenstein's castle"

That should have happened in 2008, but didn't.

I have zero confidence in mobs.  They're idiots until the games and circuses totally come to an end and that hasn't happened yet in the US and has been temporarily papered over (literally) in the EU.

Wed, 06/19/2013 - 13:33 | 3672075 BigJim
BigJim's picture

 They're idiots until the games and circuses totally come to an end

They're still idiots even then, it's just their idiocy switches from bovine to ant-like.

Wed, 06/19/2013 - 13:45 | 3672124 Herd Redirectio...
Herd Redirection Committee's picture

They've also been lied to their entire life.

When you aren't taught HOW to think (only WHAT) it is difficult for the avg person to imagine the amount they are being lied to, on a daily basis.

Wed, 06/19/2013 - 14:09 | 3672237 Think for yourself
Think for yourself's picture

To be fair to the social insects, ants are way more organized and situationally aware.

I think the word you're looking for is heerwurm-like:

Wed, 06/19/2013 - 14:41 | 3672389 Winston Smith 2009
Winston Smith 2009's picture

"They're still idiots even then, it's just their idiocy switches from bovine to ant-like."

Agreed.  I should have said "complacent." They're just idiotic to be complacent.  And, unfortunately, without the masses on their side, anyone who isn't complacent gets squashed.

Wed, 06/19/2013 - 12:30 | 3671797 TruthInSunshine
TruthInSunshine's picture

The U.S. economy, as well as most western ones, are structurally hollowed out, where the parasitic Wall Street/Financial complex has its blood funnel (enabled by captured, bought & paid for legislative bodies and regulatory agencies) draining the remaining blood from the corpse.

These economies are hollowed out by monetary policy repression (courtesy of monetary policy designed to exclusively benefit CronyComrades of entities such as the FRBNY), automation (whereby technology increasingly renders human labor obsolete), non-free and very much shopping-for-the-most-sweatiest-shop-slave-labor "trade" pacts, and a massively expensive and bloated military-technologyNSA/government union worker Complex that sucks the taxpayers dry while simultaneously reaming them up the ass on the civil liberties & opportunity side of the ledger.

And if the emerging markets think they'll escape the carnage when the walls come tumbling down in the streets that the Modern Money Mechanics/fractional reserve banking system built (on a foundation of mud), they will learn that they're wrong, and that life isn't fair when you depend on the benevolence of absolute criminals.

Wed, 06/19/2013 - 15:18 | 3672650 DaveyJones
DaveyJones's picture

well said. historians note that as empires go to shit (and they almost always do), their financial sector both balloons and inbreeds with the "leaders" not only out of criminal greed (both cause and effect) but at an ever growing need to create tricks to shuffle, hide, beg, borrow and steal

Wed, 06/19/2013 - 13:37 | 3671928 bob_stl
bob_stl's picture

He thinks his pony is a Quadricorn...

Wed, 06/19/2013 - 11:58 | 3671648 Political_Savage
Political_Savage's picture

He doesn't want to be the Man that Sold the World


Too late Ben, sorry. History won't be kind.

Wed, 06/19/2013 - 12:08 | 3671688 FL_Conservative
FL_Conservative's picture

Wish we had more Rick Santelli's.  I love watching that guy leave the reservation.

Wed, 06/19/2013 - 12:17 | 3671728 V in PA
V in PA's picture

Santelli in 2016!

Wed, 06/19/2013 - 12:34 | 3671815 silverknuckle
silverknuckle's picture

I'll vote for that!

Wed, 06/19/2013 - 12:18 | 3671733 Herd Redirectio...
Herd Redirection Committee's picture

One word: Legend.

Wed, 06/19/2013 - 12:16 | 3671727 maskone909
maskone909's picture

Every time i think of the chair satan i think of that song, "The Man Who Sold the World" bowie and nirvana.


will some one please remind me why we pay income tax when the Fed prints 85Billion +per month?  100million people in the USA, only a fraction of that actually pay taxes at the end of the year.  this is going to end well.

I laughed and shook his hand.... and made my way back home.

Wed, 06/19/2013 - 12:33 | 3671789 ParkAveFlasher
ParkAveFlasher's picture

I can't square that either, mask.  Although all the baby boomers retiring, and averting the bankruptcy of their retirement funds, probably has something to do with it.

Wed, 06/19/2013 - 13:08 | 3671962 eclectic syncretist
eclectic syncretist's picture

Again, it's all about people's trust and belief in something that is not real, that the Fed or anyone else can create real value indefinitely.  Alchemy is madness, and Bernanke and those who believe he has the power to create value are alchemists.  What Bernanke is most afraid of is that this truth will be recognized by the masses.

Wed, 06/19/2013 - 13:24 | 3672025 dontgoforit
dontgoforit's picture

It's freakin' Animal Farm: the masses don't care as long as status quo is kept running - really; they don't want to know.  Don't understand it; don't want to hear it; don't want to know.  They swallow every lie like it's cream pie.

Wed, 06/19/2013 - 13:21 | 3672019 dontgoforit
dontgoforit's picture

History?  They're ain't no history when we're all done.

Wed, 06/19/2013 - 12:03 | 3671667 onewayticket2
onewayticket2's picture

Bernank doesnt want it to blow on his watch......and, to him, it's less bad if Americans resurect the line from the Bernanke Horror Picture Show:  "Damn it, Janet"

Wed, 06/19/2013 - 12:30 | 3671794 Jena
Jena's picture

More like "Rose Tint My World" (keep me safe from a troublin' pain)

Wed, 06/19/2013 - 13:22 | 3672024 insanelysane
insanelysane's picture

That guy has no fucking neck.

Wed, 06/19/2013 - 12:04 | 3671669 onewayticket2
onewayticket2's picture


Wed, 06/19/2013 - 13:21 | 3672012 tarsubil
tarsubil's picture

The funny thing is, the house of cards will come crashing down anyways. This idea is fantasy that we've been able to avoid consequences up until now so that means we will never have to face consequences.

Wed, 06/19/2013 - 11:57 | 3671636 Levadiakos
Levadiakos's picture

Ben was like a deer in the headlights in 2007-2008. He wouldn't MOVE!!!!

Wed, 06/19/2013 - 12:00 | 3671656 Flakmeister
Flakmeister's picture

Piss on him to your heart's content, but he kept the house of cards collapsing for better or worse....

He is like Randall Flag from The Stand, "The last Magician of Rational Thought" and there are no shortage of fools that will flock to his banner...

Wed, 06/19/2013 - 12:13 | 3671704 Bendromeda Strain
Bendromeda Strain's picture

IT'S FOR WORSE - Bass cites Taleb with full concurrence... (para) "when volatility is repeatedly supressed, eventually it will breakout with a combined force greater than the sum of the suppressed actions". I repeat, IT'S FOR WORSE.

Wed, 06/19/2013 - 12:29 | 3671787 Say What Again
Say What Again's picture

I know what you mean.  You oughta see how those catholic girls party once they leave daddy's house and come to the parties!

Wed, 06/19/2013 - 12:42 | 3671849 Winston Smith 2009
Winston Smith 2009's picture

Two years old, but for those who haven't seen it:

The Black Swan of Cairo

How Suppressing Volatility Makes the World Less Predictable and More Dangerous

"Complex systems that have artificially suppressed volatility tend to become extremely fragile, while at the same time exhibiting no visible risks. In fact, they tend to be too calm and exhibit minimal variability as silent risks accumulate beneath the surface. Although the stated intention of political leaders and economic policymakers is to stabilize the system by inhibiting fuctuations, the result tends to be the opposite. These artificially constrained systems become prone to “Black Swans”—that is, they become extremely vulnerable to large-scale events that lie far from the statistical norm and were largely unpredictable to a given set of observers.

Such environments eventually experience massive blowups, catching everyone off-guard and undoing years of stability or, in some cases, ending up far worse than they were in their initial volatile state. Indeed, the longer it takes for the blowup to occur, the worse the resulting harm in both economic and political systems."

Wed, 06/19/2013 - 13:35 | 3672086 dontgoforit
dontgoforit's picture

Like a magma chamber under a heavy weight.  It'll find a way to squeeze out.

Wed, 06/19/2013 - 13:49 | 3672141 Herd Redirectio...
Herd Redirection Committee's picture

Vesuvius, bitchez.

Or will it merely be Eyjafjallajökull

Of course we could also get Pinatubo'd

Wed, 06/19/2013 - 14:08 | 3672230 Herd Redirectio...
Herd Redirection Committee's picture

Shit, I forgot Krakatoa!

Wed, 06/19/2013 - 15:18 | 3672660 Flakmeister
Flakmeister's picture

Google Toba Super Eruption...

Wed, 06/19/2013 - 15:02 | 3672558 Anusocracy
Anusocracy's picture

"Chaos is found in greatest abundance wherever order is being sought. Chaos always defeats order because it is better organized."

             Terry Pratchett

Wed, 06/19/2013 - 12:24 | 3671756 bluskyes
bluskyes's picture

Should I salute a gangster, who continually removes the value from my wages both current, and saved. Should I thank the fucking bastards who have continuously raped this country for decades, because they managed to keep the victim alive enough to rape for another 5 years?

I like the idea of every one of these bastards hanging from the light-post in front of their house.

Wed, 06/19/2013 - 13:25 | 3672035 dontgoforit
dontgoforit's picture

Flackmeister: where's that koolaide you've been drinking?  I could use a couple shots right about now.

Wed, 06/19/2013 - 15:18 | 3672667 Flakmeister
Flakmeister's picture

You clearly don't read things very closely do you...Go back and reread what I wrote

Wed, 06/19/2013 - 16:32 | 3672501 Blankenstein
Blankenstein's picture

He just delayed the inevitable by inflating the bubbles to insane levels.  The damage of which, will be far greater than if he would have let the economy readjust to the underlying fundamentals and concentrate on minimizing the pain associated with that.  Now we are in for a financial catastrophe with many more detrimental consequences and a much longer painful aftermath.

Wed, 06/19/2013 - 17:02 | 3673096 Flakmeister
Flakmeister's picture

You are sadly mistaken if you think that "economy could readjust" from where it was in 2008. There is no coming back from the collapse that is in the offing that will be as prosperous for Americans as the current paradigm. And Ben is full aware, sort of like Capt. Smith on the Titanic was after the berg was hit. QE was nothing more than a gamblers throw....

Wed, 06/19/2013 - 20:36 | 3673432 Blankenstein
Blankenstein's picture

Readjust doesn't only imply a positive outcome.  And why shouldn't an economy be based on underlying fundamentals instead of manipulation and lies?  QE was just more financial engineering to delay the inevitable and win votes.

Wed, 06/19/2013 - 12:11 | 3671701 slightlyskeptical
slightlyskeptical's picture

Ben raised rates in 2007 which caused the economy to implode. He has been behind the curve ever since. Now the only save can come from destruction and it will take a long time. I think we will be stuck between 1000 and 1600 on the S&P 500 for the next ten years. 

Wed, 06/19/2013 - 12:09 | 3671694 Midasking
Midasking's picture

Let's just have the rates rise and blow this phoney economy to pieces so we can start over and get on with our lives.... Is the Fed this stupid or just plain evil?  They have killed free markets, liberty, allowed the government to grow to a tyranical size, made the masses poorer.... let the rates rise and just close the Fed down forever..please!

Wed, 06/19/2013 - 13:55 | 3672164 KnightTakesKing
KnightTakesKing's picture

  Is the Fed this stupid or just plain evil?  They have killed free markets, liberty, allowed the government to grow to a tyrannical size, made the masses poorer...

I think that IS their point. So yeah, incompetence and evil are a deadly combination.

Wed, 06/19/2013 - 15:09 | 3672606 Anusocracy
Anusocracy's picture

Thanks for the link.

Wed, 06/19/2013 - 12:09 | 3671695 wallstreetapost...
wallstreetaposteriori's picture

Stocks only go up.....that what I hear everyday.  Buy the dips and never sell the rips.  Up everyday......I like koolaid.

Wed, 06/19/2013 - 12:48 | 3671876 Winston Smith 2009
Winston Smith 2009's picture

"Stocks only go up.....that what I hear everyday."

I've heard it's the same for home values.

Wed, 06/19/2013 - 12:18 | 3671700 Jack Burton
Jack Burton's picture

Indeed! Bernanke seeks to prevent the epic collapse on his watch. This theory goes a long way to explain the Greenspan years at the Fed. He began plugging holes in the dike in response to the slow, but real, collapse of America's economy. We began to get by on financial bubbles and financial engineering in place of the main street economy.

By now the story of the US shift out of manufacturing is an old story. But you watch the rise of China, it was built on the manufacturing the USA gave up on.

The NASDAQ bubble the housing bubble and now the QE bubble. We have a Fed that can only can kick, the real economy is a dead horse and you can kick that horse till you go blind, but guess what, it is Fucking Dead!

This is what Bernanke is afraid of, a pull back in QE reveals the dead horse is really dead! Oh wait, Ipad and Iphone sales will save us, bullshit! They are made by slaves in China. The retailing of these makes a few low wage no benefit jobs for College Graduates. The restart of a housing buble will save us! No, people no longer earn enough wages to service these big long term mortgages. To have a housing bubble that will not blow up in short order, you need qualified buyers with long term wage growth. Not happening! Health Care will save us, No, much of health care is government funded, the rest comes from wages or employeers. The kids selling Iphones don't have a health insurance plan at work!

America is all about financial bubbles and war. Read your history. Name your empire, we are going down. "This Sucker Is Going Down" Gerorge Bush humself said it!

Bernanke is a wealth transfer tool, a reverse Robin Hood. He even has a troop of Merry Men, those would be the 1% who hold most all of the asset classes long.

Wed, 06/19/2013 - 12:27 | 3671768 Herd Redirectio...
Herd Redirection Committee's picture

I wonder if they 'get it' in China, that the reason they have manufacturing jobs is because someone else lost his manufacturing jobs.  They aren't 'new' jobs.

And I wonder if they understand that "if they make you, they can break you", i.e. the same thing will happen in China,, maybe in 10 years, maybe slightly more.  But those manufacturing jobs will be outsourced with the Chinese laborer asks for that inevitable pay raise (that means they cost more than Bangladeshi or Vietnamese 'labor').

Wed, 06/19/2013 - 13:11 | 3671969 Badabing
Badabing's picture

The next generation of conspiracy theory is, this is all a set up. We have been taken over. The plan is almost complete.

·         Gut the USA of all manufacturing

·         Create laws that inhibit the use of our own natural resources

·         Implement a nanny state

·         When the economy starts to teeter  prop it up with printing

·         Hold the economy up until when let go there will be no way to adapt.

·         Rebuild a NWO from the ashes.  

Soon to be fact!

Wed, 06/19/2013 - 13:30 | 3672065 dontgoforit
dontgoforit's picture

The Geo. Soros method of becoming the world's first trillionaire.  Glen Beck had this shit pegged 5 years ago.  Few listened and those of us who did have no real recourse to do a damn thing about it.  Little americans like us will be quashed and what little life-savings we have will be sucked up into the NWO vacuum.  Yeah - I'd say that pretty much describes it, except, there's going to be hell to pay when those 90 million guns go to town.

Wed, 06/19/2013 - 13:42 | 3672113 Badabing
Badabing's picture

You gotta hold it to the back of his head and badabing, just like that!

Sonny / Godfather 1

Wed, 06/19/2013 - 13:58 | 3672172 Herd Redirectio...
Herd Redirection Committee's picture

"-When the economy starts to teeter  prop it up with printing

- Hold the economy up until when let go there will be no way to adapt.

-Rebuild a NWO from the ashes.  "


The idea is to figure out what they are planning, without either OVERestimating their capabilities, nor UNDERestimating their capabilities.

Honestly, I don't think intelligence is their great advantage.  Ruthlessness and cunning, more likely.

I think the idea has been to bring the US to heel (as were other countries, the US needed special attention though).  That the looting has been sped up in recent times would suggest to me that things are getting out of their control, they can sense the collapse of empire, and that wouldn't have been the plan. 

Order out of chaos, yes.  Chaos, no.

Wed, 06/19/2013 - 14:17 | 3672283 WarPony
WarPony's picture

Nice, the Trojan Horse of the finacial takeover/war dejure.

Wed, 06/19/2013 - 13:15 | 3671996 Moe Howard
Moe Howard's picture

Manufacturing equipment and technology get old. Much better for TPTB to pick up and change countries every couple of decades; some country without a clue they can pollute and rape for another couple of decades.

Wed, 06/19/2013 - 13:35 | 3672085 starman
starman's picture

and thats right on Jack the US is finished, the glory days were the 20's 30's 40's and the 50's. 

Wed, 06/19/2013 - 13:06 | 3671951 SheepDog-One
SheepDog-One's picture

Simon looked like he shit his pants when Rick fired back at him!

Wed, 06/19/2013 - 13:22 | 3672021 GaryNeville
GaryNeville's picture

Its simple - Bernanke will never stop QE because the USA can't sell all of its tresuries in the open market. No one wants to buy that sh*t! No one wants to fund the US war machine!!!!

Wed, 06/19/2013 - 13:28 | 3672052 CPL
CPL's picture

He won't have any choice in the matter.

Wed, 06/19/2013 - 11:53 | 3671606 BLOTTO
BLOTTO's picture
Rick Santelli Rages: "What Is Bernanke So Afraid Of?"


A. The 'man' behind the curtain/throne...his Master.


Next Q?

Wed, 06/19/2013 - 11:58 | 3671641 Flakmeister
Flakmeister's picture

Removing nuclear weapons from the equation, one is faced with the realization that BB *is* the most powerful man alive... The buck stops there and he knows it, he also knows how fucked we are and that any admission of such initiates the end-game of the current system...

Wed, 06/19/2013 - 12:19 | 3671735 newworldorder
newworldorder's picture

OK Most would probably agree with you.

But what about fixing the financial system, credit diriveties, regulation etc. Benny has done none of those things. All he does is create money from thin air and given it to his financial cronies all over the world.

Wed, 06/19/2013 - 12:27 | 3671777 Herd Redirectio...
Herd Redirection Committee's picture

So what, the end of the current system is not the end of the world.  Only for the Oligarchs is that true.

Wed, 06/19/2013 - 12:36 | 3671829 ParkAveFlasher
ParkAveFlasher's picture

Flak, YOU are effectively the most powerful man in the world, for your intents and purposes.

Wed, 06/19/2013 - 14:03 | 3672186 shovelhead
shovelhead's picture

I am.

When I hold a dog bisquit.

I am a GOD.

Wed, 06/19/2013 - 16:21 | 3672957 DaveyJones
DaveyJones's picture

and when you hold

a beer

or a pair of new stilettos

Wed, 06/19/2013 - 11:58 | 3671607 takeaction
takeaction's picture

YES 100% AWESOME.....and RICK...I know you are reading this...please say it...PLEASE SAY IT...WE WANT YOU TO SAY IT...You will be OUR hero forever...SAY IT ON THE AIR.  "FUCK YOU BERNANKE".  Please say it!!


Wed, 06/19/2013 - 12:00 | 3671652 fonzannoon
fonzannoon's picture

The follow up with the golden boy hilsenrath will make you want to take a shower.

Wed, 06/19/2013 - 13:10 | 3671968 NotApplicable
NotApplicable's picture

Hilsy better get well medicated during lunch so that he might survive this afternoon's hot seat.

Wed, 06/19/2013 - 11:57 | 3671616 Bay of Pigs
Bay of Pigs's picture

Thats was pretty damn good. +1 Santelli.

And FUCK YOU Simon you spineless little weasel...

Wed, 06/19/2013 - 12:45 | 3671861 Jumbotron
Jumbotron's picture

Thats was pretty damn good. +1 Santelli.

And FUCK YOU Simon you spineless little weasel...

Precisely.  Where the fuck does Simon get off saying that he thinks its best that Santelli is not in that meeting?  Regardless of the fact that Santelli should be there or not....who elected Simon as a god? 

Go have some fish and chips with a pint of bitters and shut the fuck up Simon.

Wed, 06/19/2013 - 12:47 | 3671871 fonzannoon
fonzannoon's picture

Santelli's response was even more interesting. "It's best for who Simon?"

Great question.

Wed, 06/19/2013 - 13:13 | 3671974 NotApplicable
NotApplicable's picture

Simon looked like he wanted to crawl back inside his suit to hide. I can't recall the last time I've seen a talking head duck for cover like that.

Wed, 06/19/2013 - 13:15 | 3671990 SheepDog-One
SheepDog-One's picture

Looked to me like Simon the weasel shit his little British knickers and was thanking heaven Rick was not there in front of him when he fired back!

Wed, 06/19/2013 - 17:44 | 3673276 peekcrackers
peekcrackers's picture

Hear Hear Bay of pigs ! Plus 1000

Wed, 06/19/2013 - 11:54 | 3671617 Agent P
Agent P's picture

George is getting upset!

Wed, 06/19/2013 - 11:54 | 3671619 LawsofPhysics
LawsofPhysics's picture

Rhetorical question from an insider.  All paper-pushers are afraid of the same thing as the value of their labor is zero.  They all fear the guillotine.

Wed, 06/19/2013 - 12:26 | 3671761 nope-1004
nope-1004's picture

+1.  Comment of the day.


Wed, 06/19/2013 - 12:49 | 3671886 Apocalicious
Apocalicious's picture



This is it in a nutshell, but Santelli is at least calling him out on it. BernANK is afraid of any pain on his watch, and is willing to trade much more pain later in its stead. Unethical.


This is why I activley do contracting, home repair, and farmwork on the side. All the paper pushers and teat sucklers will need them some food and shelter during the zombie apocalypse.

Wed, 06/19/2013 - 11:55 | 3671620 involuntarilybirthed
involuntarilybirthed's picture

Nuff said

Wed, 06/19/2013 - 11:54 | 3671621 Lendo
Lendo's picture

I love it when he goes off like this!

Wed, 06/19/2013 - 12:03 | 3671668 kralizec
kralizec's picture


I just worry one day he'll stroke out and it'll all be over!


Wed, 06/19/2013 - 12:15 | 3671713 Winston Smith 2009
Winston Smith 2009's picture

Yeah, I like the guy, but I really miss Dylan Ratigan.  He left to make waves in the system at MSNBC, but then gave up even there and is now doing some kind of hydroponic food growing crap.  Remember this famous rant of his?:

Wed, 06/19/2013 - 12:28 | 3671773 maskone909
maskone909's picture

that was awesome...

Wed, 06/19/2013 - 13:16 | 3671994 Shizzmoney
Shizzmoney's picture

I've had the pleasure of meeting Dylan not once....but twice (I know one of his former producers real well. I also got his great book, "Greedy Bastards", signed by him.  Must read, IMO).

Dylan's voice in the MSM is sorely missed.  But I can understand why the guy left: no one (who can make a difference) is listening to the great solutions that came about from the guests and segments on his show, he gained weight and starting smoking again (probably why his temper came about), and quite frankly (like the most of us) became apathetic towards the banality of this corrupted system.

I don't blame him from folding, moving the CA, and starting up his food startup, as well as being a staunch advocate for US Veteran employment (something I'm also passionate about).  Get a tan, lose weight, and enjoy what you love doing while helping those in your community.  I wish I could do the same thing (alas however, in this system, like everything, you need money).

The "Jacobin" spirit lives on in Dylan; "Ratigan" is a common last name amongst the many Irish and Scottish Catholics who came to America for asylum in the 1700s to escape the tyranny of the English Protestant Royals under King George (Jacobins were Charles/James loyalists and sympathizers of the French House of Bourbon, who were also shunned to Acadia, now known as Nova Scotia).

I share this ancestry as well...this "irish rage" has existed since the war vs the "blue bloods" maybe gone in physical but still exist in spirit, just now bigger and less sacrareligious in the form of Wall Street and Globalized Corporate Governance.



Wed, 06/19/2013 - 13:49 | 3672137 Winston Smith 2009
Winston Smith 2009's picture

"I also got his great book, "Greedy Bastards"

Thanks for reminding me.  Meant to read it, but forgot.

"I don't blame him from folding"

Neither do I.  On complex topics like our monetary and financial system, it's pretty much hopeless waking up the masses to the scam.  It's simply beyond far too many of them or they can't or won't take the large amount of time it takes to really come up to speed on the subject. So, why blow an artery trying to wake up the deaf?  The sheep will have to learn to save themselves once they finally wake up (too late).  I, like many, just come here to joke or rant with people who actually have a clue about what's going on.

"I share this ancestry as well'

I'm Scots-Irish on my father's side, Scandinavian on my mom's which, if you think about it, is a reversed role modern reenactment of the ancient history of those areas, but voluntary in this case.

Born Fighting: How the Scots-Irish Shaped America

Wed, 06/19/2013 - 16:25 | 3672973 DaveyJones
DaveyJones's picture

his "food growing crap" is a plus not a minus to his honesty and intelligence

Wed, 06/19/2013 - 11:55 | 3671625 General Decline
General Decline's picture

Rick Santelli Rages: "What Is Bernanke So Afraid Of?"

A tall tree and a short rope if he knows what's good for him.

Wed, 06/19/2013 - 11:56 | 3671635 fonzannoon
fonzannoon's picture

If those bond traders were as pissed as Santelli they could hit the sell button.

Wed, 06/19/2013 - 12:28 | 3671775 ebworthen
ebworthen's picture

We're going to need a lot of rope and trees.

Wed, 06/19/2013 - 12:55 | 3671902 Winston Smith 2009
Winston Smith 2009's picture

So that's why they're so afraid of allowing commerical hemp growing.

Wed, 06/19/2013 - 12:56 | 3671907 Money 4 Nothing
Money 4 Nothing's picture

Long hemp futures. 

Wed, 06/19/2013 - 11:56 | 3671630 TLT
TLT's picture

Wow, that was great.

Wed, 06/19/2013 - 12:27 | 3671631 Paper CRUSHer
Paper CRUSHer's picture

<---------------RAISE SHIELDS

<---------------FIRE PHASERS


The enterprise was on a routine mission on the far side of the sun taking surface temperature readings when visual sensors picked up a strange vessel with the insignia NSA and the U.S. National Emblem,we investigated.....

KIRK:"Put in on visual Sulu"

SULU:"Sir,the main viewer's still offline"

KIRK:"What d'ya make of it Spock"

SPOCK:"Sensors indicate it to be a highly advanced probe of some kind launched by the U.S.government possibly designed to intercept,monitor and record all radio,microwave and telecommunication transmissions across the entire planet"

KIRK"Kirk to engineering..........Scotty any luck?"

SCOTTY:"Scot'ere,aye captain..........power is being re-routed to the main bridge viewer"

KIRK:"Steady as she goes Sulu......slow to tapering speed........delay that order.....go to half impulse and come to a parallel position with that probe"

UHURA:"Captain,i.m receiving an incoming signal from Starfleet Command,its........  CNBC'S transponder,Rick Santelli"

KIRK:"Put it on speaker"

UHURA:"I'm losing it,audio being jammed,Sir.....the interference seems to be coming from that NSA craft"




KIRK:" all hailing frequencies"

UHURA:"Hailing frequencies open on all response Captain"

SULU:"Sir,the main viewer's back online"

KIRK:"Put it on visual"


SPOCK:"That as you have guessed is the entire crew of the USS Federation Reserve"

KIRK:"Sulu.......increase magnification"

[But,the U.S. government has a technology called the printing press(or its electronic equivalent)that allows it to produce as many dollars as it wishes essentially at no cost]


KIRK:"That first image is the experimental USS Federation Reserve launched almost a century ago,currently at the helm is Commander Ben Shalom Bernanke whose eight year quantitive easing mission explore stange new ways to seek out a new life after he steps baldy go where no man has gone before.One of its prime directives.was to protect,provide and assist Wallstreet Federation Vessels and to suppress the price of the precious mineral......GOLD..........Amazing Spock,the USS Federation Reserve was the first vessel to exceed warp and travel vast distances of space covering 85 billion a month"

SPOCK"Interesting.........scanner readings indicate they're unable to reduce the rate of speed they're travelling.Sir,sensors  picking up something unusual.......Wallstreet Vessel USS JPMorgan is currently under attack primarily from the eastern region of the planet........they're defenses are rapidly weakening, Captain, at the current rate of depletion they may have no alternative but to declare force majeure"


SPOCK:"Entirely correct Captain,paper casualities and losses will be negligible as the USS Federation Reserve possesses unlimited firepower so has the ability to expand beyond all frontiers and rescue Wallstreet Vessels from destruction by theoretically underwriting everything and anything".

SULU:"CAPTAIN......directly ahead.....on the viewer". 








SPOCK:"FASCINATING...the first two images all appear to be some primitive sub-humans,a species whose origins remain unknown possibly a whale or squid of some kind while the third is a Keynsian Priest belonging to ALPHA NOBEL LAUREATE, a distant planet on which the entire population possess PHD's in economics and who constantly worship they're dead Emporer...J.M.Keynes....


SPOCK:"Insufficient Data Captain"  

KIRK:"RE-HYPOTHECATION DAMMIT......... ITS GOTTA BE.............thats.better than poker......Chekov,lock phasers on that enemy NSA probe and await my order..........Scotty,alert security and have transporter beam aboard Commander Ben Bernanke to the bridge for questioning...and Scotty,get a fix on Corzine's position........have him join Spock and McCoy in my quarters........dammit Bones i wanna know what makes him tick". be QE-ontinued.

Wed, 06/19/2013 - 11:56 | 3671632 slaughterer
slaughterer's picture

Q: What is BB so afraid of?

A: 2008-2009 repeat on his watch.  (Ruining his record at the end of his tenure and the market proving he was wrong.)

Wed, 06/19/2013 - 11:58 | 3671643 fonzannoon
fonzannoon's picture

Ha instead he gets to take the fall for the end of the economy.

Wed, 06/19/2013 - 12:42 | 3671850 ParkAveFlasher
ParkAveFlasher's picture

It's the statist status quo that pushes him and his false-economic religion into the limelight that loses most. 

Wed, 06/19/2013 - 15:26 | 3672702 Anusocracy
Anusocracy's picture

The kleptoparasite called government has to continuously feed lies and deceptions to the masses, otherwise they might discover that government is unnecessary.

Wed, 06/19/2013 - 13:06 | 3671944 Professorlocknload
Professorlocknload's picture

Succinct there, fonz. Now the question is, having held "it" off through massive redistribution, miss-allocation, deceit, and a whole lotta luck, the Red Bidder is replaced by a Blue one.

I have this feeling that in future, dove boy BB is going to look like a Redtail Hawk compared to the Blue Goose who will succeed him.

Where the hatchet of blame falls is dependent upon who maintains control of the MSM propaganda venues.

Bearing in mind the fool in the Oval Office has only 17 months to turn his fortunes and stack con-gress in his "Progressive" favor, I would contend that odds are high Ben get's it in the ass. The rhetoric will go from "Free money for the 1% wasn't the answer," to "We need free money for all registered voters."  


Wed, 06/19/2013 - 12:53 | 3671896 dracos_ghost
dracos_ghost's picture

He's afraid of how history will record him. He wants the savior that avoided the Great Depression II and will do anything to maintain that illusion. Let's not forget he's a relatively you guy and probably wants to teach somewhere again.

Wed, 06/19/2013 - 11:57 | 3671633 goatmug
goatmug's picture

He is afraid of the stuff that the NSA logged and recorded and therefore will play along till it implodes.


Same with Chief Justice Roberts.  Isn't it interesting that he was so willing to play ball with the administration on several key court cases, including some we'll see decisions on in the next week or so?  Odd isn't it that such a conservative would suddenly become so open to adjusting the interpretation of the constitution.  Funny how everything those guys says, does, and types is probably recorded for "future use".


My guess is that the Chicago machine has the goods on every one of them.... is just the way they play politics.  

Wed, 06/19/2013 - 15:20 | 3672669 HobbyFarmer
HobbyFarmer's picture

Agreed.  The NSA has these guys by their balls.  Some are hiding their sexuality, others their affairs.  Still others (most) will have traceable bribes to their hidden bank accounts.  Expect all politicians to fall in line.  Any challenge to the NSA monitoring will quickly be shut down in the courts and by politicians controlled by those with access to the NSA info.  Critics will be imprisoned or have the IRS-thugs set upon them.

It's starting to look like I'm standing with only a couple hundred others in Thermopylae facing an overwhelming number of enemies. 

I don't see any way out but I won't abandon my brother to my left.

Wed, 06/19/2013 - 11:57 | 3671639 Meatballs
Meatballs's picture


Wed, 06/19/2013 - 11:58 | 3671647 useless_fact
useless_fact's picture

China produce over 20 million tonnes of onions!

Wed, 06/19/2013 - 12:08 | 3671691 Winston Smith 2009
Winston Smith 2009's picture

Thank god I went long on Chinese onions!

Wed, 06/19/2013 - 12:13 | 3671707 Dr. Engali
Dr. Engali's picture

I saw a flattened cat in the middle of the road while riding my bike last night.

Wed, 06/19/2013 - 12:23 | 3671751 Winston Smith 2009
Winston Smith 2009's picture

Thank god I went long on flattened cats.

Wed, 06/19/2013 - 13:52 | 3672157 Boxed Merlot
Boxed Merlot's picture

My family refers to those as "sleeping kitties".  They find the craziest places to fall asleep sometimes. 


I'm not sure how old the kids were when they figured it out, they probably knew from the beginning, but like this market's participants, nobody really likes to talk about the realities of life. (and death)

Wed, 06/19/2013 - 12:34 | 3671822 HulkHogan
HulkHogan's picture

Only 55% of Americans know that the Sun is a star.

Giraffes cannot cough.

A whale’s heartbeat only averages 9 times every minute.

The water that we drink into our body is already 3 billion years old.

Wed, 06/19/2013 - 12:44 | 3671858 ParkAveFlasher
ParkAveFlasher's picture

Everything in your body is already 3 billion years old, including those 24 inch pythons, brother.

Wed, 06/19/2013 - 12:49 | 3671879 Dr. Engali
Dr. Engali's picture

Since we are formed from stardust, everything in your body is over thirteen billion years old.

Wed, 06/19/2013 - 13:12 | 3671979 BandGap
BandGap's picture

13 billion years is only the radiation we have measured from the Big Bang. Think longer. Think the Void.

God created time.

Wed, 06/19/2013 - 16:31 | 3672993 DaveyJones
DaveyJones's picture

if God created time, how much time did he have to do it?

Wed, 06/19/2013 - 14:11 | 3672249 WarPony
WarPony's picture

... an owl has no rectum

Wed, 06/19/2013 - 12:00 | 3671655 ChaosEquilibrium
ChaosEquilibrium's picture

Caught it LIVE---spot on and the Brass/Copper Ring:)


Bernanke had to prevent a higher low off the 2007 peak at ANY COST!


If the FED cannot force the growth model....Western Capitalism is DONE and ALL CREDIBILITY is LOST.


This is THE END......but it will not be obvious to the uninfomed until it is!!


The system broke in was the rational response to the financialization of the Economy because basic productivity does NOT offer a high enough return to satisfy 20 million dollar bonuses and 100 million stock options.


Wed, 06/19/2013 - 12:00 | 3671657 jomama
jomama's picture

he's almost believable.  almost.

Wed, 06/19/2013 - 12:01 | 3671660 cloudybrain
cloudybrain's picture

because that the only thing he know and can do

Wed, 06/19/2013 - 12:01 | 3671661 SillySalesmanQu...
SillySalesmanQuestion's picture

One of the few voices of reason and sanity in a unreasonable sea of insanity.

Wed, 06/19/2013 - 12:06 | 3671679 Dr. Engali
Dr. Engali's picture

The Bernank is afraid that everybody who is supposed to have gotten out doesn't make it in time. His job is purely to buy time for the police state and for the real power to reposition themselves. He is doing a damn fine job.

Wed, 06/19/2013 - 12:08 | 3671685 Winston Smith 2009
Winston Smith 2009's picture

"Why don't these people kick the tires?"

Beacuse they already know the tires are flat.  It's just the continuing game of extend and pretend.

Wed, 06/19/2013 - 12:27 | 3671772 moonman
moonman's picture


They are shredded and we are driving on the rims.

Wed, 06/19/2013 - 12:57 | 3671912 Winston Smith 2009
Winston Smith 2009's picture

Ah, but they're "run-flat" tires thanks to the Fed.  There is a mileage limit, though, and we're going to reach it at some point.

Wed, 06/19/2013 - 12:08 | 3671686 slimething
slimething's picture

Ben, You can't handle the truth

Wed, 06/19/2013 - 12:08 | 3671689 Fuku Ben
Fuku Ben's picture

He's afraid of a taper bringing the market down on his watch and having his alleged good name tarnished

That's why he's a big pussy and looking to bail

He's send out his boy Hilsenrath with another "leaked" market feeler 

Wed, 06/19/2013 - 12:09 | 3671690 Manipulism
Manipulism's picture

The video you are trying to access is unfortunately unavailable at the moment.


Wed, 06/19/2013 - 12:09 | 3671692 Village Smithy
Village Smithy's picture

If you are too lazy to read Kyle Bass then just watch this. Same point different delivery. Thank you Mr. Santelli. 

Wed, 06/19/2013 - 12:27 | 3671770 Winston Smith 2009
Winston Smith 2009's picture

"If you are too lazy to read Kyle Bass then just watch this."

Or this:

Wed, 06/19/2013 - 12:11 | 3671698 Dr. No
Dr. No's picture
Bernanke: "What guarantees can I give you? I am the hunted one. I've missed my chance. You think too highly of me, my friend...I am not so clever...all I want is a truce...
Wed, 06/19/2013 - 12:46 | 3671869 CaptainSpaulding
CaptainSpaulding's picture

May i go to the bathroom?

Wed, 06/19/2013 - 12:11 | 3671699 Jason T
Jason T's picture

Hilenrath is next.. shit!

Wed, 06/19/2013 - 12:12 | 3671703 dariomilano
dariomilano's picture


Wed, 06/19/2013 - 12:13 | 3671709 Meremortal
Meremortal's picture


Few do righteous anger better than an Italian.

The Great Santelli is still great!

Wed, 06/19/2013 - 12:21 | 3671743 Taffy Lewis
Taffy Lewis's picture

Howard Beale would be very proud of Mr. Santelli!

Wed, 06/19/2013 - 12:14 | 3671710 douglas
douglas's picture

The ONLY sane voice on CNBC...

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