Rick Santelli Summarizes The Problem: "It's The Government"

Tyler Durden's picture

While the guests on Friday's CNBC closing bell were giddy with excitement about earnings, US stocks, and 'the recovery' being "a lot stronger than people give it credit for", Rick Santelli asked a simple question, if it's all so great why is the Fed still printing billions of dollars each month? A disquieted crowd of asset-gatherers attempted a response but made the mistake of uttering the most inflammable 7 words Santelli could hear... "Where would we be without the government?" What ensued is worth the price of admission...

 

Who is the government (or the Fed) working for?

 

The guests exchange pleasantries as the "asset managers" explain how 'anecdotally' it's so awesome out there..and Rick explains his perspective on the Fed...

Guest: The underlying economy is a lot stronger than people give it credit for...

 

Santelli: Then why don't we end all the Fed programs? If that's true, why do we have this ongoing debate [over taper or no taper] forever? Even at the current pace of $10 bilion a meeting, we're still going to be left with $5 billion of purchases at the end of the year... End it now!!

 

But then we fast forward a little to the real deal...

Guest: Where would we be without the government?

 

Santelli: (begins)... We would be way better off! The problem is the government. They're not here to help... They're here to make healthcare more expensive, college more expensive... everything they touch is more expensive...

and then it gets good...