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Rick Santelli Asks The Only Question That Matters

Tyler Durden's picture


Commenting on the divergence between the bond market's Taper-On reaction and the equity markets Taper-off reaction amid the total lack of clarity from the FOMC, CNBC's Rick Santelli asks the (rhetorical) question that everyone should ask: "[What the Fed minutes said] is, listen, we have to wait for bigger confirmation that the economy is doing better; and for that, we're going to look at the employment side. [At the same time] we have the fewest people working that can work in 30 years, and all-time-record-high profits for corporations. Now, does that strategy sound rational to you?" It seems, now that Bernanke has seemingly promised that it will really never end, that Santelli's question will become increasingly critical in this country.



The mini-rant that should be reflected upon by everyone (investor or not) starts at around 0:45 in the following clip...



How does this end?


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Wed, 07/10/2013 - 17:57 | 3739178 Stuart
Stuart's picture

Rick Santelli is probably the only good reason to tune into CNBC and then only when he's on.  The rest of the time it's just a shill, a storefront for the corrupt.  Little wonder the ratings are taking.  People are finally waking up to this. 

Wed, 07/10/2013 - 18:02 | 3739200 negative rates
negative rates's picture

This does not end well.

Wed, 07/10/2013 - 18:10 | 3739217 nope-1004
nope-1004's picture

What percentage of "corporate" is the financial sector?  I bet a very large percentage.  They've skimmed and sucked off of the common man for decades.


Wed, 07/10/2013 - 18:15 | 3739231 DaveyJones
DaveyJones's picture


luckily politics and campaigns are not a big money game, so the money doesn't influence them

Wed, 07/10/2013 - 18:19 | 3739246 Herd Redirectio...
Herd Redirection Committee's picture

DJ, there's kids that surf this site.  Remember your /s tags!

Wed, 07/10/2013 - 18:33 | 3739290 DaveyJones
DaveyJones's picture

i'm allergic

Wed, 07/10/2013 - 18:50 | 3739358 prains
prains's picture

gazoon tite

Wed, 07/10/2013 - 19:24 | 3739512 kaiserhoff
kaiserhoff's picture

You're German spelling is worse than my English spelling, if such a thing is possible..., which it isn't.

Never mind;)

Wed, 07/10/2013 - 20:03 | 3739660 llbutterfat
llbutterfat's picture


Wed, 07/10/2013 - 18:45 | 3739334 Divided States ...
Divided States of America's picture

Why the sudden turnabout in face from the ass reaming q a he took a week or two ago? That's because he saw the market reaction to his tapering comments. Well too fuckin late asshole, the Credit space has already been broken beyond repair. Look at the ten year yields after bernanke said the most dovish thing he could say and its still at  2.6+%. His speeches are having less and less effect. Me thiNks that he is hoping to spark a huge final rally in equities to inform his buds to offload their holdings because he has lost control of the experiment.





Wed, 07/10/2013 - 18:17 | 3739239 kaiserhoff
kaiserhoff's picture

With all due respect to Santelli, who is a rare voice of reason, the question is,

can the big banks come off of life support, and quit stealing everyone's interest income?

The answer is no.  They are still broke. QE ends when Ben has no other choice, which might be soon.

Wed, 07/10/2013 - 18:22 | 3739259 NotApplicable
NotApplicable's picture

QE ends the day the banking system collapses, and not an instant before.

Wed, 07/10/2013 - 18:27 | 3739274 James_Cole
James_Cole's picture

As long as currencies exist some form of QE will go along with it. As long as governments exist currencies will exist, so probably going to be a while before QE ends.

Wed, 07/10/2013 - 18:40 | 3739302 ACP
ACP's picture

Pretty much as long as there's enough money to push up stocks, and push down oil and gold, QE will go on.

When a correction is warranted, allow the SPX to correct 5%, and slam down oil/gold 10%, rinse and repeat. The illusion of no inflation.

It will only stop when the wealthy have stopped working completely due to all their stock gains and the middle class/poor have stopped working because there aren't enough high-paying jobs to be worth staying off welfare. Pretty much the way we're heading. When is 100% tax revenue going to come from capital gains on stocks? Sooner than later.

There's absolutely no way to turn back from more and more QE, and more QE there is, the bigger the final collapse will be. It's all a BS ruse...the printing can only increase.

Wed, 07/10/2013 - 19:01 | 3739396 eclectic syncretist
eclectic syncretist's picture

Those corporate books are so frickin' cooked the stench can probably be smelled in outer space.  The truth about corporate profits always comes out after the smash.

Wed, 07/10/2013 - 21:11 | 3739876 Shizzmoney
Shizzmoney's picture


It will only stop when the wealthy have stopped working completely due to all their stock gains and the middle class/poor have stopped working because there aren't enough high-paying jobs to be worth staying off welfare

When we get to this point....there won't be any welfare left.

Every man for themselves.  I kinda of look forward to it........the opportunity of fighting that skinny brown noser Andrew Ross Sorkin over a deer so I can have Vennison that night is going to be pretty sweet.

"The elites" are only "elite" because we refer to them as such.  They're not.  They are, as Chris Hedges put it, "the most inept class of all".

Wed, 07/10/2013 - 18:36 | 3739301 DaveyJones
DaveyJones's picture

I vote for this one. These are criminals we are talking about. They will get bolder, more desperate, and more destructive until it blows. History bears this out too. They have taken this path and will ride it. Inflation also benefits the wealthy, until the bitter end that is. I just hope some good old fashioned legal justice is dished out. There is going to be a lot of hungry, angry people.

Wed, 07/10/2013 - 22:21 | 3740084 kchrisc
kchrisc's picture

The other day I came across a quote in a book that quoted someone else to the effect that at the end all they, the criminal elites, have is deceit and force. (paraphrased)

The book was "Empire of Illusion" by Chris Hedges. He is an avowed socialist, but his insight and writing on what ails the American people is spot on. Sort of funny reading that he recommends more government to sove the problems that big government in collusion with big business have created. But overall, great stuff.

Thu, 07/11/2013 - 06:30 | 3740699 The Navigator
The Navigator's picture

QE ends the day the banking system collapses, and not an instant before.

Bravo N/A, you nailed it. 'the DAY cometh'

As a Post Script (PS) - What a great opportunity to stack (stock) up on Au Ag at 1260 and 19.50

Semper Paratus

Wed, 07/10/2013 - 18:18 | 3739244 fourchan
fourchan's picture

they cant stop printing, and who cares they have already destroyed the markets and the dollar.

Wed, 07/10/2013 - 21:07 | 3739863 Shizzmoney
Shizzmoney's picture


What percentage of "corporate" is the financial sector?

This is largely a blurred line.

Now, yes....financials have always took in a large percentage of the corporate profits (especially after the end of Bretton Woods)......their percentage as a part of GDP is undeniable......and I'd almost say on this chart, 50-60% of the profits are from that sector.

However, in this new world of ZIRP, QE4EVA, tax breaks, elimination of Glass-Steagall, as well as the legalization of outright fraud (if Worthington's Law smiles upon you)......they are various avenues for financials to make money.  And in a non-transparent way.  That's where corporations come in.

Corporations need capital to do the shit they do: pay bills, research and development, labor, and most importantly.......executive compensation.  They mostly do this through debt......ZH has posted great charts about the large growth of corporate debt (minus the banks, like JPMorgan's derivitives being 70x's that of GDP) especially since 2007. 

The thing is, jobs aren't really being created, those that do.....their wages suck.  But CEOs are doing better than ever.  Shareholders are making a killing.  Executives and Management are living the high life. 

All this, in spite of an age of declining sales, stagnant to declining wages, the elimination of benefits and pensions (although 401ks still exist.....again adding to the profits of the financials) the fuck is this happening?

Stock Buybacks.

Thanks to ZIRP, corporations and their CFOs and those on the board can virtually speculate and manipulate the health of their companies while at the same time taking skim off the top.  Think the Q2 earning report will be bad and lead to sell offs?  Buyback some stock.  Need a quick 50k to finance that 2nd home?  Buyback some stock.  Want to calm impatient shareholders? Buyback some stock (and then sell it when your central bank of choice artifically inflates the market for you, despite fundamentals!  Mo money, mo money, mo money!).

Hell, you can even use those stock buybacks to buy up smaller companies, as it doesn't really matter how much shit you sell as it does how much cash you stash in this ZIRP era in order to main (the appearance) of balance sheet liquidity.....then you can use that to get some MORE corporate bond refinancing debt (from your TBTF bank of choice, who takes their cut as well as buybacks as well). Then take that newly minted debt to buy up your competitors.  Hell, then you can even LAY OFF the employees at the company you just bought, and eat that cash yourself!  What a steal!  Mo money, Mo money, Mo money!

The idea of ZIRP was to get corporations to spend again.....and they have....just not on the economy.

Thu, 07/11/2013 - 06:18 | 3740689 The Navigator
The Navigator's picture

For a visual of the TOTAL market (and ups/downs each day [red/green]) see

Financials are a significant part but not overly.

BUT, when it comes to derivatives, that's a horse of a different colour.

Wed, 07/10/2013 - 18:17 | 3739238 PiratePawpaw
PiratePawpaw's picture

+1 for words out of my mouth..... "not well"

Wed, 07/10/2013 - 19:02 | 3739402 asteroids
asteroids's picture

That does it. The Chairsatan is  insane. He refuses to acknowledge basic demographics. Under the current way of measuring things unemployment may never get to his target. His money printing will make things worse and the employment rate will continue to fall. After 4 years of failure, he'll keep on course. Someone has to stop the lunatic. I hope the bond market will.

Thu, 07/11/2013 - 05:44 | 3740670 zipit
zipit's picture

I think we are all on the same page, there.  The question is exactly WHEN?  :)

Wed, 07/10/2013 - 18:08 | 3739211 BandGap
BandGap's picture

I don't listen to anybody else and when I think about it I touch myuself.

Where's Biderman?

Wed, 07/10/2013 - 18:40 | 3739312 Everybodys All ...
Everybodys All American's picture

They can print all day and everyday for years and years but they can't change the fact that the US gdp is getting worse every year and the debt is getting larger. This will end with Bernanke running from a mob.

Wed, 07/10/2013 - 20:38 | 3739778 Buck Johnson
Buck Johnson's picture

I know, Santelli's the only one to turn to.

Wed, 07/10/2013 - 23:35 | 3740342 LongBallsShortBrains
LongBallsShortBrains's picture

The commercials are the other reason.

If you watch long enough, a new advertiser will appear, never before on the network. Then the CEO is on Cramer. Sell it

I remember Enron..... Oh the commercials.

Wed, 07/10/2013 - 17:56 | 3739179 Ban KKiller
Ban KKiller's picture

The new "normal"...totally displaced equity disguised as profit. There are no reliable business records. Confidence in what, exactly? 21 member banks will not lend to the "public" when they can buy stocks and buy stocks and buy stocks and...until?

Wed, 07/10/2013 - 18:02 | 3739193 TruthInSunshine
TruthInSunshine's picture

The big news that everyone (as far I know) is NOT talking about is that in a world where flow is far more important than stock, and the may even render stock irrelevant - when viewed from that perspective - Bernanke's comments and the FOMC minutes were actually highly hawkish, since increasing the flow is not only not on the table, but there's actually (based on the actual FOMC minutes, rather than Bernanke's post-mortem "remain highly accomodative" blah blah session) a consensus view forming whereby reducing their balance sheet (through holding to maturation) is the predominate view.

I can't wait to see Hilsenramp explain how everything I just stated is actually polar wrong, however.

Wed, 07/10/2013 - 18:40 | 3739315 OneTinSoldier66
OneTinSoldier66's picture

"a consensus view forming whereby reducing their balance sheet (through holding to maturation)..."


In other words, there is no exit strategy. We are currently viewing/witnessing/living... the exit strategy.

Wed, 07/10/2013 - 19:35 | 3739544 TruthInSunshine
TruthInSunshine's picture

Many don't want to accept it or have a visceral rejection of it out of some innate desire to see the world behave more "normally," but at this point, the static monthly amount of treassuries and MBS the Fed is buying would have to rise significantly to have the same impetus that QE had in prior periods.

Bernanke has created a bad situation, amongst other reasons, because he can't do what Kuroda has (which hasn't/isn't achieving the BoJ's stated/claimed policy goal, by the way), and announce a proposed doubling of the monetary base in 12 to 24 months.

Bernanke, if viewing the situation he finds himself in rationally, knows the best outcome of what he has sown is for there to be literal stagnation of equity markets, a very tight range on interest rates on sovereign and other bonds & a slow unwind of excessive leverage in other markets he has reflated (e.g. real estate).

He knows he has helped to reflate massive bubbles, yet is hoping they neither rise further nor implode - at least on his watch.

The blah blah blah from Federal Reserve officials and their media plants in the weeks and months that follow will be massive in volume and contradictory in tone.

On top of all of this, despite periodic, brief respites, interest rates will continue to claw their way higher and higher, since the real market has already called Bernanke's bluff.

Wed, 07/10/2013 - 18:01 | 3739186 JustObserving
JustObserving's picture

Santelli's question will become increasingly critical in this country

Since when did our leaders give a damn about what their citizens think?  If they did, there would be no war in Iraq, no bailout of the banks, no Patriot act, no NDAA, no comprehensive surveillance, and certainly not 30,000 drones to monitor us.  We are a fascist state masquerading as a democracy.  Keep on singing "land of the free" - that's the closest you will get to freedom.

Wed, 07/10/2013 - 18:13 | 3739227 SheepDog-One
SheepDog-One's picture

Land of the Fee, home of the Slave....that's all.

Wed, 07/10/2013 - 18:54 | 3739375 prains
prains's picture

we also make room for the naive

Wed, 07/10/2013 - 19:02 | 3739403 eclectic syncretist
eclectic syncretist's picture

Swipe your card, get your money swiped.  "Convenience fees" bitchez!

Wed, 07/10/2013 - 18:19 | 3739249 PiratePawpaw
PiratePawpaw's picture

.......until you are ready to stand up and risk all.

most arent.


Wed, 07/10/2013 - 18:21 | 3739257 Al Gorerhythm
Al Gorerhythm's picture

Checks and balances?!!!! Are you fucken mad, you goddamned idiot? You have to be a complete dolt to believe that the government should take note of the people. You must be a fringe dweller. Laughable (according to FOX)

Wed, 07/10/2013 - 18:26 | 3739272 NotApplicable
NotApplicable's picture

Since when have these tools of the elite been "our leaders?"

BTW, "we" aren't anything, as "we" don't exist except as an abstraction in your mind.

This should be painfully obvious to anyone who read this morning's headline about "The US shipping F-16s to Egypt." Who is that, exactly?

Maybe I should change my name to Egypt, and get to the front of the line?

Thu, 07/11/2013 - 01:21 | 3740517 Element
Element's picture

Cover all your bases, try Joseph Abraham-Mustafa Gyposternberg. ;)

Fri, 07/12/2013 - 09:20 | 3744652 LongBallsShortBrains
LongBallsShortBrains's picture

"land of the free"????

I thought the tune to sing is

"beasts of England".

Wed, 07/10/2013 - 17:58 | 3739188 ISEEIT
ISEEIT's picture

This country.


Got it.

Wed, 07/10/2013 - 18:00 | 3739192 buzzsaw99
buzzsaw99's picture

and here i thought i was the only one who noticed

Wed, 07/10/2013 - 18:02 | 3739198 BullyBearish
BullyBearish's picture

This $hit is really getting old...

Wed, 07/10/2013 - 18:02 | 3739202 Cdad
Cdad's picture

And, of course, the entirely imagination free Maria Bartiromo chimes in with "[unemployment] has persisted for years now" and then just moves on to her softball question to some sell side douche bag to chant "rally rally rally."

I think I'll be looking for short entries on COMCAST between now and I don't believe for one minute that these share prices can remain this network absolutely collapses in terms of content, ratings, and credibility.  Whether we are talking about The BlowHorn [CNBC], MSNBC and its fascism/Obama loving brand, or the king daddy NBC...if that part of the network even broadcasts anymore.

Wed, 07/10/2013 - 18:06 | 3739205 buzzsaw99
buzzsaw99's picture

butt aroma

piss on me

lies man


many have names that suit their characters

Wed, 07/10/2013 - 18:13 | 3739225 Bay of Pigs
Bay of Pigs's picture

Good thing CNN has Wolf Blitzer in the Situation Room digging deep into the big stories of the day like the Zimmerman trial.

Look how far we've gone down the rat hole on TV. Dogshit on hundreds of channels, without one solid news network.

Wed, 07/10/2013 - 18:22 | 3739260 Herd Redirectio...
Herd Redirection Committee's picture

Well, all the channels are owned by 6 corporations...  I dare not even check the extent to which Board members and shareholders overlap.

Wed, 07/10/2013 - 19:33 | 3739545 knukles
knukles's picture


But on every fucking station.. take a look at "responsible" shit.  History, National Geographic... they're all reality tripe or cops arresting people, obey your gobamint overlord, bring freedom to the woild, border patrol, killing machines, military actions...

Couldn't be more blatant now, could it?

Talk about Perceptions Management.

Thank the Lord for Honey Boo Boo poops good

Wed, 07/10/2013 - 23:22 | 3740309 Go Tribe
Go Tribe's picture

Well the trial is starting to become interesting now that the judge has gone insane.

Wed, 07/10/2013 - 18:06 | 3739206 fonzannoon
fonzannoon's picture

This will never end. They will monetize Doc Engali's  beer cap collection before it does.


Wed, 07/10/2013 - 18:09 | 3739216 buzzsaw99
buzzsaw99's picture

only if it is on jpm's books

Wed, 07/10/2013 - 18:24 | 3739266 PiratePawpaw
PiratePawpaw's picture

"this will never end because I want more. Give me more give me more give me more"

'vikings' theme song by 'Fever Ray'

I just thought it was good music for an interesting tv show.

It may be prophetic.

Wed, 07/10/2013 - 19:28 | 3739531 knukles
knukles's picture

And all the time I thought Doc wore them beer bottle cap stretched ear piercings thingamajiggies...  but it's really a collection.

Damn, I'm more confused than the Bernak

Wed, 07/10/2013 - 18:13 | 3739208 Dr. Engali
Dr. Engali's picture

Rick many times is the voice of logic, however he has shown that when necessary he will step in line with the status quo.

Wed, 07/10/2013 - 18:08 | 3739212 noless
noless's picture

Nice, this is why i have to deal with constant hostility around the first of the month, every month, awesome, thanks guys.

But totally, its my fault and stuff..

Wed, 07/10/2013 - 18:08 | 3739213 maskone909
maskone909's picture

this is absolutely insane.  QE or TARP has nothing to do with employment.  this is a deliberate attempt to fleece this country and its citizens.  5 years of printing money and it hasnt gone anywhere except to help create more derivitives for primary dealers.

how long are people going to keep accepting this BS that QE will some how magically fix employment and reverse the plummeting Velocity of money. 


Wed, 07/10/2013 - 18:12 | 3739222 SheepDog-One
SheepDog-One's picture

Absolutely, ever since Paulson threatened 'tanks in the streets' unless Clowngress handed him over the free checkbook, it's all just been about systematically raping every cent from the people.

Wed, 07/10/2013 - 19:01 | 3739391 Cdad
Cdad's picture

The last act of a dying regime is...the looting of the treasury. 


Wed, 07/10/2013 - 19:05 | 3739422 eclectic syncretist
eclectic syncretist's picture

I told my father-in-law he was supposed to salute the Obama Chia Pet I got him whenever he walks by it, and he said he was going to piss on it.

Wed, 07/10/2013 - 19:11 | 3739428 OneTinSoldier66
OneTinSoldier66's picture

Yep. "We" got our martial law economically with financial repression, via Big Government and their Federal Reserve. All while "they" bought 3 billion hollow points, for starters. The NSA is just getting warmed up with their "Data Center" in Utah.

Wed, 07/10/2013 - 18:30 | 3739279 Al Gorerhythm
Al Gorerhythm's picture

Yeah, but the real vinegar in my dessert is the fact that they collusively are using our savings and investment vehicles to bet against us, then margin calling on planned outcomes. The major players in the gold and silver pits can't be so collectively stupid that they lose against the banks, each and every rally or crash. What's the odds on that?

Wed, 07/10/2013 - 18:39 | 3739309 noless
noless's picture

Its like scratch-its, the vast majority of losing tickets have the higher end of payouts(the number of max payout/second "place" losers is like, 3-7 times higher than min payout winners), the winners usually only barely pay their cost..

But the stated payout is still "in your favor" (higher than 50 percent)

Yes, i understand that state lotteries are an idiots tax, but i wanted to see what the real odds were on a significant set (I'm even on that bullshit by the way).

Wed, 07/10/2013 - 18:39 | 3739293 McMolotov
McMolotov's picture

This is a deliberate attempt to fleece this country and its citizens.

"The last official act of any government is to loot the Treasury."
—George Washington

What George never accounted for was banks and corporations commandeering the government and looting the entire nation for themselves.

Wed, 07/10/2013 - 18:48 | 3739348 Al Gorerhythm
Al Gorerhythm's picture

They predicted it, alright. You know the quote; banks are more dangerous than standing armies if you allow them the right to issue a nation's currency, for they will strip the citizens of their commonwealth, first by inflation and then by deflation until the children of the pioneers are left homeless and destitute, in the land their fathers won, or words to that effect. They warned, we ignored.

Wed, 07/10/2013 - 18:57 | 3739384 prains
prains's picture

cultural hubris >>in a long enough timeline, you get the rest

Wed, 07/10/2013 - 18:08 | 3739214 devo
devo's picture

Santelli's role is to make the network look unbiased. Notice how they always make a spectacle of him and laugh at his rants. The message being: don't take this guy seriously he's a bit of a nut. All the while they can look objective.

Wed, 07/10/2013 - 18:19 | 3739230 thismarketisrigged
thismarketisrigged's picture

i dont think santeli has  a role.


this is who he is. i have been watching him for years and years, and i see the same thing in him throughout the years. he is consistent on his opinions.


now, hes not going to be like us on zerohedge and go insane every single time they show him on tv, but for people who think he is doing it for an act, i dont know what to tell you, other than i think you are crazy. ( not you specifically)


again as i , and many have stated before, if rick santelli is this good an actor for so many years on a consistent basis, this man would be the highest paid actor out there, hes that good at it. then again, i dont believe he is acting, this is how he truly feels.

Wed, 07/10/2013 - 18:31 | 3739250 devo
devo's picture

I never said he doesn't believe what he says (no idea if he does or not). I am talking about the network's perspective...why they put him on.

Wed, 07/10/2013 - 19:33 | 3739546 Seer
Seer's picture

Who the fuck cares to analyze a fucking MSM?  For what fucking purpose?

I can't believe all the people who spend their time, money and energy on/with the MSM!

Bottom line: Pay attention to the message! (if you can't figure it out then stop listening to the messenger and look for one whom you can comprehend)  Is what Santelli is saying TRUE/CORRECT/LOGICAL?  I'd claim, though I only pick up snippets from here on ZH, that it essentially is (though I doubt that he's at the upper echelon of knowledge that can comprehend the exponential function as pertains to growth).

Thu, 07/11/2013 - 02:26 | 3740587 Meremortal
Meremortal's picture

"I can't believe all the people who spend their time, money and energy on/with the MSM!"

Well, that and scream about who is to blame for everything like a broken record. OK, I know who is to blame and I have for years.






Wed, 07/10/2013 - 18:23 | 3739261 fonzannoon
fonzannoon's picture

and I think you and anyone else who think he is anything other than a talking head with a slightly longer leash is deluded. He yells and screams his ass off right up until something possibly starts going haywire. Then he is the first one to come out and tell us that it's all good. I've seen him compliment bernanke one too many times. He wants you to think these fed guys are conflicted...painted into a corner....possibly even ignorant. 

Has he ever once uttered the fact that this is deliberate? This is being done with purpose?


Wed, 07/10/2013 - 18:37 | 3739294 thismarketisrigged
thismarketisrigged's picture

you say that you have seen him compliment bernanke way too many times?

i dont know when you have heard him do that, because he has not done so at least for the past 2-3 years.


as a matter of fact, all i hear him doing with bernanke is bashing these ridiculious policies. santelli has been anti everything we have been, he was livid at the tarp bailout, if u have not seen it, which i am sure u have, here it is


he always seems furious at all this qe crap,etc. i honestly can not recall him complimenting bernanke, but maybe i missed it, because from listening to him daily, it does not seem like he would have done that.


hes obviously not going to go on rants every single time he is on tv, as he is on at least 5-10 times a day, so there are going to be times where he is calm and smiling, but overall, i feel he is the only one who truly feels disgusted by what is going on in this economy and the whole that the fed is digging us deeper and deeper into.

i feel that if you fonz, or any of us on here were to be in the same room as rick having a conversation, our opinions would all be pretty similar.


Wed, 07/10/2013 - 18:37 | 3739297 devo
devo's picture

Did he really compliment bernanke? I don't watch TV much and never saw that.

Either way, if a network is too one-sided people ask questions and/or tune it out. A token antagonist (i.e. an opposite viewpoint) here and there keeps the viewer feeling there isn't bias and makes for good tv. Always have to be sure to call him a nut, though. Another recent and famous example of this is Pier's Morgan having Alex Jones on his show.

Wed, 07/10/2013 - 18:40 | 3739313 fonzannoon
fonzannoon's picture

If saying things like "Ben Bernanke is a great man doing an excellent job" then yes that is a compliment, and it's been said plenty of times in the last few years.

In his defense, when he does this, he is usually doing it while saying he is providing cover for politicians who are not doing their job. he however neglects to point out that they are all working together to fleece us.

Wed, 07/10/2013 - 18:43 | 3739327 thismarketisrigged
thismarketisrigged's picture

alright, well i personally never heard him say that, but ill take your word. 


just from when i hear him time and time again, all i hear is all his anti bernanke rants, anti qe crap, his anti bailing out banks, like in 08, etc.


i think no matter what your opinion is, we can all agree that he is by far the best guy on cnbc, and its not even close. 

Wed, 07/10/2013 - 22:33 | 3740127 Serenity Now
Serenity Now's picture

I haven't had TV for a couple of years, but I've been watching it the past few months in my hotel (temporary living situation).  CNBC has not changed one bit!  Rick Santelli did compliment Bernanke, and he always has.  I certainly don't count him as a hero.

Wed, 07/10/2013 - 18:40 | 3739314 thismarketisrigged
thismarketisrigged's picture

thats what i was thinking. there is no way santelli has complimented bernanke, at least not in the past couple of years.


maybe santelli thought qe1 was ok ( not saying he did or didnt just giving an example)  but there is no way he has had anything good to say about bernanke during qe3 and qe 4 and prob not qe2, and he prob did not say anything positive about bernanke during qe1.


santelli is in favor of free markets, how many times have u heard him say, just as recently as 2 weeks ago i believe, that there is nothing in the constitution that states stocks must go higher?


he wants what we want, free markets on fundementals, not this garbage that is going on.



Wed, 07/10/2013 - 19:09 | 3739441 fonzannoon
fonzannoon's picture

Rick i don't think is a bad guy and the best of that bunch, that is for certain.

I'm sick of the whole charade.

Wed, 07/10/2013 - 18:20 | 3739245 ebworthen
ebworthen's picture

You mean Santelli is their token "black".

They already got rid of Dylan Ratigan and Jeff Macke.

Wed, 07/10/2013 - 19:13 | 3739455 B2u
B2u's picture

They got rid of their ratings too.  Nobody watches them anymore.

Wed, 07/10/2013 - 18:09 | 3739218 tmosley
tmosley's picture

How does it end?

This is Mr. Bernanke's Wild Ride.  The ride never ends.

Wed, 07/10/2013 - 18:10 | 3739219 SheepDog-One
SheepDog-One's picture


Wed, 07/10/2013 - 18:13 | 3739224 flacorps
flacorps's picture

Quantitative Wheezing...

Wed, 07/10/2013 - 18:16 | 3739226 ebworthen
ebworthen's picture

Maria responding with flaccid nipples: "Uh...mmm...well, that employment situation has been persisting for years now..." 

Bartiromo completely avoiding Santelli's point that the FED is benefitting corporations while punishing citizens, and that the Corporations aren't going to hire anyone while their profits are at all time highs and the FED supplies their Heroin.

Tapeworm FED forward!

Wed, 07/10/2013 - 18:17 | 3739240 maskone909
maskone909's picture

thats right.  because you dont need to produce goods and services when the central bank gives money away for free.

the new fun game in town is selling corporate information to the government.  this includes medical, financial, and communication info

Wed, 07/10/2013 - 19:04 | 3739414 lotsoffun
lotsoffun's picture

well they do haveto hire some, and if its h1b

Wed, 07/10/2013 - 18:20 | 3739253 JJ McApe
JJ McApe's picture

the fed cannot stop, and they know it. all other talking is nothing more than smoke and mirrors.

Wed, 07/10/2013 - 18:20 | 3739254 Hal n back
Hal n back's picture

I am still waiting for somone in the msm to challenge the 240k ft jobs lost vs 360k part time gained. That was glossed over well by holiday friday news. Fox news characterized the pt jobs gains as a "glitch"  but missed saying something about FT losses. And if any of the regular media would have said something it would have been fox which tells me fox is not as far right as many assert.


Not too many want to hear the real news anyway.

Wed, 07/10/2013 - 18:59 | 3739389 ITrustMyGut
ITrustMyGut's picture

d00d.. fox carries the same water that any lib station does. it serves a useful purpose.. controlled opposition. they will NEVER tell you the truth.. EVER

they are just as much a part of the problem, the global monoplization system, as any communist rag! turn that shit off before it destroys what's left of your grey matter...


blaming obummer is a true sign of controlled opposition! if anythig fo the snowden revelations means anything at all.. it tells us.. EVERYTHING, EVERYONE.. is controlled, blackmailed, OWNED. 100% information capture garuntees that!

Wed, 07/10/2013 - 18:26 | 3739273 Wanton1
Wanton1's picture




Wed, 07/10/2013 - 18:31 | 3739276 OneTinSoldier66
OneTinSoldier66's picture

OT: I just caught something Jim Rogers said several days ago that stuck me as really weird.


"I don't think many of the true believers have sold their gold yet."


Think carefully about that statement for a moment.




Here's more to elaborate/elucidate.


"Many people think this can't be happening or it's being manipulated and there's all sorts of excuses for what's going on. You know when you have people that are faithful, or true believers, you usually don't hit a true bottom until most of those people get washed out. I suspect that is still to come. I don't think many of the true believers have sold their gold yet."


So, if Gold drops lower and I get washed out by deciding to sell, then... I was a true believer?


Personally from that, I don't think Jim Rogers has a very good grasp of what a "true believer" is.

Wed, 07/10/2013 - 18:32 | 3739286 fonzannoon
fonzannoon's picture

he probably is smart enough to know what a true believer is. He is also probably smart enough to know that this system is designed to bankrupt everyone, true believers or not, and many true believers will end up coughing up their gold trying to put food on the table before it's all over.

Wed, 07/10/2013 - 18:51 | 3739362 OneTinSoldier66
OneTinSoldier66's picture

Roger fonz. Good explanation.

Wed, 07/10/2013 - 19:04 | 3739412 Mr. Hudson
Mr. Hudson's picture

True. Only the most insane of the gold bugs would hold onto their gold while their family starves to death.

Wed, 07/10/2013 - 19:18 | 3739490 OneTinSoldier66
OneTinSoldier66's picture

I agree.

Wed, 07/10/2013 - 20:15 | 3739696 owensdrillin
owensdrillin's picture

I agree also. However, I'm pretty sure that my neighbour about 1 km away who is a butcher will take silver/gold for his meat products or be willing to butcher the elk or deer I bring him. I doubt he will take FRN if they are only good for lighting his smoker.

You guys are probably right though, they plan to take it all regardless of how you have tried to preserve any wealth.

Thu, 07/11/2013 - 00:36 | 3740456 A Nanny Moose
A Nanny Moose's picture

Some butchers might take a portion of the animal as payment, allowing you to retain your gold, and feed their own families.

Wed, 07/10/2013 - 18:38 | 3739305 JR
JR's picture

When Bernanke is through, most of America’s wealth will be in the hands of the globalists –  the international banking families who own the Fed -- the financiers of global socialism from the Red Revolution in Russia to today’s European Union, to the oncoming “new world order.”

And Americans be damned. Says Michael Snyder of The Economic Collapse, “Today, Americans live in a neo-fuedalist system in which the super rich pull all the strings.”

When and how did this happen in the land of the free?

It happened in 1913 when representatives of the world’s leading banking consortia -- Morgan, Rockefeller, Rothschild, Warburg, and Kuhn Loeb – created a shared monopoly, a privately owned central bank that would assume centralized control over all financial resources, including control of the money supply.  In short, Jewish banker Paul Warburg, father of the system, created the Fed, a cartel of private banking families joined together to eliminate competition for its members, forcing the public to pay the price of its economic monopoly and its concentrated political power.


Says G. Edward Griffin: In 1910, the number of banks in the United States was growing at a phenomenal rate. In fact, it had more than doubled to over 20,000 in just the previous 10 years. Furthermore, most of them were springing up in the South and West, causing the New York banks to suffer a steady decline of market share. Almost all banks in the 1980s were national banks, which means they were chartered by the federal government…as early as 1896, however, the number of non-national banks had grown to 61%, and they already held 57% of the deposits. In the eyes of those duck hunters from New York, this was a trend that simply had to be reversed…”

It was a successful duck hunt. Today, post-Fed and according to data from the Dallas Federal Reserve, the largest 0.2 percent of all banks, a mere 12 institutions, now control nearly 70 percent of all banking assets.*

The seven men who founded Bernanke's employer, the Federal Reserve – the Morgan members, the Rockefeller group and the European financiers -- represented then an estimated one-fourth of the total wealth of the entire world, says Griffin, and that is probably conservative.

But now, according to Snyder, “The ultra-wealthy own virtually every major bank and every major corporation on the planet.” – Who Runs the World? Solid Proof That a Core Group of Wealthy Elitists Is Pulling the Strings (January 29, 2013)

Says Snyder: “These international bankers created the central banks of the world (including the Federal Reserve), and they use those central banks to get the governments of the world ensnared in endless cycles of debt from which there is no escape.  Government debt is a way to ‘legitimately’ take money from all of us, transfer it to the government, and then transfer it into the pockets of the ultra-wealthy.”

How concentrated is this control?

"We now have an economy in which five banks control over 50 percent of the entire banking industry, four or five corporations own most of the mainstream media, and the top one percent of families hold a greater share of the nation’s wealth than any time since 1930.   This sort of concentration of wealth and power is a classic setup for the failure of a democratic republic and the stifling of organic economic growth." ~ Jesse – (2011)

Wed, 07/10/2013 - 18:41 | 3739318 Motorhead
Motorhead's picture

My only exposure to CNBC are the few video clips here and elsewhere on the Web.  Nonethess, is it just me, or is Maria slurring her words?

Wed, 07/10/2013 - 18:47 | 3739323 razorthin
razorthin's picture

I still call BULLSHIT on the alleged "profits".  There are no consumers, so there are no profits.  Why do fools believe some numbers but not others?

Wed, 07/10/2013 - 19:07 | 3739431 SKY85hawk
SKY85hawk's picture

Read  about all the accounting games.  I assume you know that Mark-2-Market and Glass-Stegall were eviscerated years ago?


For the the latest "unintended casualty" of Bernanke and his ZIRP policy, we look at corporate pension funds, which as WaPo reports, are finally starting to crack under the weight of pervasive central planning, brought to the brink by none other than the Chairman's "good intentions."

Mark-to-Market accounting for banks still has to come back four years after it was killed at the altar of central planning, corporations are the next to realize that out of sight means out of mind, and what better way to ignore the pension issue than to just move it "off the books."

[F]irms are moving pension liabilities off their books. Last year, Verizon Communications transferred $7.5 billion in pension obligations — about a quarter of its total — to Prudential Insurance, to limit its liabilities and bolster its financial profile. The move came after General Motors paid Prudential to assume $25 billion of its pension risks.

Congress is in on it too now: legislating 'magic' accounting into law, allowing companies to reap the benefit of low interest rates and soaring asset values, while pricing in the future benefits of inflation that will magically come (but not impair the asset values of course) and sweep all their underfunded liability concerns away.


There is plenty more, just ask!


Wed, 07/10/2013 - 18:50 | 3739357 mutty
mutty's picture

Corpoate america sucks because institutional america allows them to. the stupid ass game of quarterly numbers "beat" "miss". No long term thinking, huge paychecks, just don't "miss".  Our country is hostage to this ridiculous game.  To make matters worse, it's our money. Our 401Ks, IRAs, college savings, pensions. 

It's our money that we give to the vanguard,fidelity,etc to invest. These jacks repay us by perpetuating this ridiculous game that hurts our country and enrichs themselves. - Can't piss off the company or we loose their 401K.

Wall street and TBTF banks aren't really the fundemental braindamage in this country.  It's the MFing agencies. They are all living it up while wiping their ass with our money and our future.

A valid objection to's all uber rich people money protecting themselves. I don't think this is true. From studies i've seen, most rich people don't screw around much with the stock market, why should they? They are in bonds, gold, real estate.

It's the 250 million in nickles & dimes in 401Ks, IRAs, college funds that adds up to 8 trillion dollars (a controlling interest) in every publicly traded stock.

We own corporate america and we don't even realize it.

I like Santelli. I pretty much always agree with him, but I don't know. CNBC is such a shithole it makes me wonder about him too.



Wed, 07/10/2013 - 19:16 | 3739478 Seer
Seer's picture

"To make matters worse, it's our money. Our 401Ks, IRAs, college savings, pensions."

It all traces to FRNs, which, unless I'm mistaken, belong to the Federal Reserve.  I really do NOT want this shit!  If you have to, risk dangerous water travel in order to avoid them!

"College savings."  Kind of an oxymoron, though I'm not sure how to make that point...

"401Ks" - just a "tax code?"

"IRAs" is THEIR retirement accounts, not yours.

"pensions" see IRAs.

"I like Santelli. I pretty much always agree with him, but I don't know. CNBC is such a shithole it makes me wonder about him too."

I like the message.  Whether he's in collusion with the "shithole" or not is irrelevant to getting at the truth: if you're voting in a popularity contest then ignore this.

Wed, 07/10/2013 - 18:53 | 3739368 toadold
toadold's picture

"Nothing is forever" The people and the government can loot the treasury but eventuallly they starve the police and the military. Then an outside force comes in and takes what ever good stuff is left. 

There are some evil bastards that want the good stuff to stay in their family forever. Obama better have food tasters. 

Wed, 07/10/2013 - 19:17 | 3739487 Seer
Seer's picture

I almost forgot about the Obama dynasty! (unlike prior POTUSes)

Wed, 07/10/2013 - 18:54 | 3739373 starman
starman's picture

who da fuck needs jobs when you have food stamps and free money!! welcome to the fututre of AMERICA!

Wed, 07/10/2013 - 18:59 | 3739386 Seer
Seer's picture

I wish that I'd figured it out first, that being in the business of managing the routing of food stamps would be the most profitable "business!"  Praise business!  It always knows what we want, and it delivers! </sarc>

Wed, 07/10/2013 - 19:31 | 3739537 JR
JR's picture

If you want to oppose the explosion in welfare, you will need to face opponents like JPMorgan. And it may be a little tough in that JP already has the politicians eating out of its hand.

Says Money Morning:
“Every time an American signs up for food stamps in one of 23 states, JPMorgan Chase & Co.  adds to its revenue stream.

“That’s because JPMorgan Chase contracts to operate as the processor of the Electronic Benefits Transfer (EBT) cards in those states. JPMorgan earns a fee for each recipient, ranging from 31 cents to $2.30, depending on the state, every month for the term of the contract…

“And the bank has taken steps to make sure the SNAP program remains a growing source of revenue. JPMorgan's political donations to the members of House and Senate agricultural committees, the ones with legislative responsibility for the program, soared from just over $82,000 in 2002 to nearly $333,000 as of 2010.”

That’s quite a bargain buying politicians’ support for thousands of dollars and reaping a return every month in the multimillions. And the reason JP doesn’t give more is it doesn’t have to.

 “Purchases made by EBT cards can only be made with special Point of Sale (POS) machines, for which the states also pay JPMorgan a monthly fee. Arizona pays $14.95 per POS machine per month.

“In addition, any time a SNAP recipient uses an EBT card at an ATM machine outside of JPMorgan's network, the bank charges a fee, just as it would any other customer.

“JPMorgan also charges EBT users to replace lost cards, and for customer service calls (New York cardholders, for example, pay 25 cents per call.)

“All those charges and fees come directly out of the pocket of SNAP recipients (ultimately taxpayers’ pockets) - people so poor they need food stamps to make ends meet.”

Says Money Morning: “You'd think a bank that needed a $94.7 billion bailout from U.S. taxpayers as a result of the 2008 financial crisis would have a better sense of civic responsibility."

And adds: It brings a whole new meaning to "corporate welfare."

Wed, 07/10/2013 - 21:49 | 3739978 Otrader
Otrader's picture

That's good info JR.  I see the machines at the local grocery stores, but now I'll look at them in a whole different light.  Sheeesh!!  These banksters are the smartest guys in the room.

Wed, 07/10/2013 - 18:55 | 3739379 Goldilocks
Goldilocks's picture

Dweezil Zappa Habanera (1:55)

Unchained Dweezil Zappa (Van Halen cover) (3:25)

Wed, 07/10/2013 - 18:56 | 3739380 Seer
Seer's picture

But, damn it Jim!, those companies are flying American flags!  We all owe our souls to the company store... how did we forget this?

Wed, 07/10/2013 - 18:58 | 3739383 markofsky
markofsky's picture

I am no longer surprised at the lack of indignation from the parrots and pundits in media. The choice is between deflation which cuts corporate profits, or inflation which cuts individual personal wealth. Inflation targets without jobs or wage growth is criminal. You can screw a lot of people all of the time, but you can't screw corporations some of the time.

Wed, 07/10/2013 - 19:01 | 3739399 Seer
Seer's picture

Up arrow!

"I am no longer surprised at the lack of indignation from the parrots and pundits in media."

But... haven't they always been paid liars?

I think that they're just having to "work" harder these days: it's fucking tough convincing people whose lives are crashing in around them that things are going swimingly! (go ahead, see if you can do what these folks do and be able to sleep well at night, I dare you!) </sarc>

Wed, 07/10/2013 - 18:59 | 3739392 GrinandBearit
GrinandBearit's picture

I'm starting to think Santelli's act is scripted... he's paid to be CNBC's controlled opposition.

Wed, 07/10/2013 - 19:06 | 3739425 Seer
Seer's picture

He's got to start feeling like a haggard old stripper, chewing gum and flinging pasties around...  I think that this would be the outcome no matter what his true position is.  If it's in earnest then he might think that he's using "their" money to speak out against them, while also making a living: kind of hard to argue against this one (though I generally don't care for the notion of people being paid to be a talking head).

Wed, 07/10/2013 - 19:18 | 3739486 knukles
knukles's picture

Santelli's just a regular Chicago bond guy.

It's not scripted, but sure as hell, the CBNS is a payin' him top dollar to keep on his Bond Wagon.

PS.... most bond guys think like him... he just channels Louis Black very well

Wed, 07/10/2013 - 21:17 | 3739890 Shizzmoney
Shizzmoney's picture


Anyone who watches ESPN knows "The Contrarian" role a mile away. 

Wed, 07/10/2013 - 21:23 | 3739911 orangegeek
orangegeek's picture

that's infotainment.

Wed, 07/10/2013 - 19:15 | 3739469 knukles
knukles's picture

For all the bull, for all the talk, for all the interpretations and reading of the tea leaves, enough already.

They can't stop until the economy is showing nascent signs of strength, displaying an ability to get up and be mobile without life support (on both the fiscal and monetary sides, let alone the Great American Malaise, the Liquidity trap, a product of the Credibility Trap....)

And it ain't a-happenin'

Wake up

It's print for a while longer folks.
Nothing's changed.

Wed, 07/10/2013 - 19:21 | 3739496 kito
kito's picture

knucks......does he really want to see an improving economy??? does that benefit him?????? wouldnt he just prefer the trolling along the bottom malaise where there is no fear of either deflationary or inflationary collapse?????

Wed, 07/10/2013 - 19:27 | 3739526 Seer
Seer's picture

There IS NO place where inflationary and or deflationary fears can be hid from.

It was Daniel Quinn who said that the "secret plan" is that we're going to keep on doing what we've always done for as long as we can.  We all pretend like there's something else cooking, the "secret plan," but in reality there is no "plan" because there IS NO "solution," not in context with this System.

It's always been a circus.  And the circus is all anyone knows.  The clown acts are seen as normal everyday events.  If you switch off dancing with the clowns the spectators will club the fuck out of you!

Wed, 07/10/2013 - 19:21 | 3739498 Seer
Seer's picture

No better way to wake people up than with a stiff set of "knukles" to the head! :-)

"It's print for a while longer folks."

BOTH printing presses- currency AND media!  How in the fuck can anyone combat this, especially when doing so requires getting the necessary information out to people who are under the influence of "illegal"/prescription drugs and massive stress (because they don't have a clue about why things aren't happening to them as they're told it should be happening)?

Wed, 07/10/2013 - 19:23 | 3739507 OneTinSoldier66
OneTinSoldier66's picture

Yep. Establishment Status Quo until the wheels fall off.


I pledge allegiance to the Flag, and the Government and Bankster debt for which it stands.

Wed, 07/10/2013 - 19:36 | 3739558 blindman
blindman's picture

Glass ball juggler in New Orleans

Wed, 07/10/2013 - 20:36 | 3739767 Shizzmoney
Shizzmoney's picture

But Corporate!

Santelli: "[At the same time] we have the fewest people working that can work in 30 years, and all-time-record-high profits for corporations. Now, does that strategy sound rational to you?"

But Rick, you are making money, shut the fuck up.

Wed, 07/10/2013 - 20:51 | 3739815 world_debt_slave
world_debt_slave's picture

trickle down wealth has surely worked, time after time, yeah, for those at the top

Thu, 07/11/2013 - 00:40 | 3740466 ToNYC
ToNYC's picture

Rick is a pit survivor with a spine and bells and whistles on both ends of that thing. Outrage, blowback, stuff even children know better, can't keep lightning it in the bottle. Lots of pain of his brothers pour through his microphone.

Thu, 07/11/2013 - 02:24 | 3740584 Notarocketscientist
Notarocketscientist's picture

Even though the 195k jobs number has been EXPLODED as a huge LIE cnBS insists on referencing that.   For you fans of Rick - if he is so awesome why doesn't HE point out this lie?

Santelli is a fool.  He is a stooge.  He is a minion who does what he is fucking well told - and if he stepped out of line and called out a lie or insulted the bankers - he's be on the street in a minute

Thu, 07/11/2013 - 04:25 | 3740648 dunce
dunce's picture

Some democrat is floating the idea of redefining how many hours a week is full time employment. At first i thought this is another ploy to get Obamacare established, but now it looks like a twofer where the employment picture statistically improves giving an excuse to start the tapering. Lies, fakes, frauds, and deceits seem to be the main policy tools.

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