• Sprott Money
    05/05/2016 - 06:02
    Why is a Deutsche Bank mouthpiece suggesting “negative retail deposit rates or perhaps wealth taxes”? The answer is to (supposedly) stimulate our economies.

Santelli Goes Berserk, Slams Fed Which Was "Not Created To Be A Feel-Good Institution"

Tyler Durden's picture


It started as a discussion about the reality of inflation versus propagandized "noise" and devolved into what is possibly Rick Santelli's most epic rant.

First, Santelli says the Fed has done enough (and it hasn't worked "but to get the market higher") to which Liesman's "but higher interest rates won't help" argument is backed up by more counterfactuals of "just think how bad it would have been" without the Fed. Santelli's screamfest rightly attests that we do not know - we might have been well on our way to recovery by now... and adds that - despite Liesman's imploring, "the Fed was not created to be a feel-good institution."

Finally, slamming the herd of zombified analysts and talking-heads that follow sheep-like the Fed's every word off the inevitable cliff, Santelli blasts (unafraid to stand up for the jobless Americans not driving their new Rolls-Royce on the back of levered 'wealth creation' in stocks), "This is America! We don't follow consensus, we set it!"


This is what Santelli is upset about... Who is the Fed working for? Main Street or Wall Street?


The "people" never caused the crisis that the Fed bailed the banks out of... Liesman cannot let "low rates" go and Santelli explains how capital will come out if it can get a decent return and the status quo thinkers have it backwards... "The Fed was not created to be a feel good instituion"


And as the CNBC anchor says the Jury is still out on whether the Fed should pull back, Santelli explodes... who is "judging" the success... not America's jobless or hordes of part-time workers... Liesman jibes "it's impossible for you to have been more wrong" but as the chart above shows... Santelli was entirely correct - the Fed did nothing for the people...


The real issue with QE and Yellen's "Social contribution" to America...


Simply put - the market's unstoppable rise provides any and every talking head status-quo apologist with the ammunition to "prove" the fed was right... when all the data shows it has done little if anything but bail out banks, enrich the wealthy, increase inequality, and shows no signs of stopping...

*  *  *

Santelli is right no matter how loud his screamfests grow; frustration with the ever-more blinkered mainstream who know just how "high on supply" we have become but also know just how devastating another fall will be for it will expose the truth that nothing the Fed does is real... or creates lasting wealth...

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Mon, 07/14/2014 - 14:08 | 4956088 SmittyinLA
SmittyinLA's picture

I saw his rant on mute, somebody should insert the downfall dialog stream to his rant

Mon, 07/14/2014 - 14:09 | 4956103 Slave
Slave's picture

Are you all enjoying your show? Is it a good one?


Mon, 07/14/2014 - 14:11 | 4956117 lordylord
lordylord's picture

Yes, we know.  It was created to steal wealth.

Mon, 07/14/2014 - 14:15 | 4956123 hedgeless_horseman
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The Fed was created by the big banks to eliminate competition and guarantee profits for the big banks.

Mon, 07/14/2014 - 14:16 | 4956148 Hippocratic Oaf
Hippocratic Oaf's picture

LIESMAN IS A fed tool CNBS cheerleader with small penis envy and a strong desire to get fucked by helicopter Ben.

Miss anything?

Mon, 07/14/2014 - 14:19 | 4956172 max2205
max2205's picture

Call me when Rick spontaneously combusts

Mon, 07/14/2014 - 14:21 | 4956181 Death and Gravity
Death and Gravity's picture

Yay, drama.



Mon, 07/14/2014 - 14:24 | 4956193 gh0atrider
gh0atrider's picture

Satoshi has a plan for you.

Mon, 07/14/2014 - 14:32 | 4956220 Pinto Currency
Pinto Currency's picture



Higher interest rates are needed to stop speculative excess, remove unproductive enterprise, and to focus capital on high-return projects.

Read re. Time Preference and Capital-Based Macroeconomics.

The economy has been completely crippled and malstructured by easy money and more easy money is not the solution.

More easy money will lead to collapse.

Mon, 07/14/2014 - 15:00 | 4956331 DeadFred
DeadFred's picture

A collapse which is taking it's own #$@&! time arriving if you ask me.

Mon, 07/14/2014 - 15:20 | 4956436 Keyser
Keyser's picture

Let's hope that LIESman is in the first round of beheadings when the guillotines get warmed up...


Mon, 07/14/2014 - 15:23 | 4956459 Pinto Currency
Pinto Currency's picture


The US and Europe are large diversified economies.

Collapse takes time but the loose money is destroying the foundations of the economy.

Collapse will come if the central banks continue their loose money policy.

Mon, 07/14/2014 - 15:51 | 4956587 saveandsound
saveandsound's picture

"the fed [..] shows no signs of stopping..."

I tell ya... there might be another deflationary shock... however, that whole circus in asset prices might also be the beginning of a crack-up-boom. Just wait until they "untaper".

Mon, 07/14/2014 - 15:57 | 4956620 InjectTheVenom
InjectTheVenom's picture


Mon, 07/14/2014 - 19:31 | 4957372 chumbawamba
chumbawamba's picture

Why would he want to go anywhere else?  He gets paid well to play the ranting lunatic that no one listens to. The mad girl with the staring eyes and long white fingers hooked in the stones of the wall, the storm-wrack hair and screeching mouth.

Poor bitch be wise, Santelli.

I am Chumbawamba.

Mon, 07/14/2014 - 21:10 | 4957632 Debt-Is-Not-Money
Debt-Is-Not-Money's picture

Rick is doing a very good Howard Beale impression- better watch it Rick or you might end up like Howard!


Mon, 07/14/2014 - 21:37 | 4957681 Four chan
Tue, 07/15/2014 - 05:24 | 4958211 zhandax
zhandax's picture

Want to solve the problem?  Tall Paul showed us what corrects excesses.  Jack fed funds to 10% tomorrow.  Rinse and repeat until the system is humming again.  Tall Paul and his boss existed in an environment before the people most vested in the status quo had completely bought the politicians who could stop it; i.e. it won't happen this time (until that big black bird decides to take a shit).  Don't think this rally can hang on?  Did you imagine the biggest buyer of US debt would be Belgium?  Did you think the real estate market would be kept from cratering by luxo buying by the Chinese?  Amazing where these dickheads can muster new cash to patch short-term problems with a bit of sector averaging.  Two parties trading to scratch each other's back.  Technically it is capitalism, but in it's most vile and venal form.  When fomented by two oligarchies, it is the most repugnant blaspheme of the term.

No, I don't support this, and I realize where this ends, as well as the intermediate bounces along the way.  And I will concede the possibility of a 10% or 20% drawdown by October.  But I do recognize that traditional market forces have been usurped, as those of us with an extra hole in our ass from trying to anticipate the correction from 2009 have realized long ago.

Tue, 07/15/2014 - 06:07 | 4958331 ilion
ilion's picture

British pound jumped like crazy today against the US dollar as UK inflation figures came in much higher than expexted. 1.7250 looms. Intraday chart here.


Mon, 07/14/2014 - 19:31 | 4957377 SMG
SMG's picture

Hey ZH sorry to threadjack.  Seems like they are killing the JPM IT people now.   They the Morgue actually took out life insurance policies on their own people.  Sick.  



Mon, 07/14/2014 - 15:54 | 4956607 InjectTheVenom
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Mon, 07/14/2014 - 18:16 | 4957161 ImReady
ImReady's picture

And that network would be? 

Mon, 07/14/2014 - 18:46 | 4957255 Keyser
Keyser's picture

Bloomberg? From the frying pan into the fire...

Mon, 07/14/2014 - 23:54 | 4958008 Killer the Buzzard
Killer the Buzzard's picture


Tue, 07/15/2014 - 01:25 | 4958124 FEDbuster
FEDbuster's picture

Infowars.com, as head financial reporter.  Pay cut, but the truth could be told to a much bigger audience. Plus Rick could move from Chicago to Austin, TX (no state income tax and much better weather).

Tue, 07/15/2014 - 05:39 | 4958297 Squid-puppets a...
Squid-puppets a-go-go's picture

Santelli is playing 'fool on the hill'. He's in the best possible place for a role like that

Mon, 07/14/2014 - 19:32 | 4957381 nailgunnin4you
nailgunnin4you's picture

Am I the only one that thinks zerohedge needs to compile a 'to be guillotined' list? Members can vote to see who is first on the chopping block. 



My vote: any Rothschild will do I'm not picky.

Tue, 07/15/2014 - 01:41 | 4958139 Kobe Beef
Mon, 07/14/2014 - 15:24 | 4956454 Pinto Currency
Pinto Currency's picture



Mon, 07/14/2014 - 15:35 | 4956516 Leonardo Fibonacci2
Leonardo Fibonacci2's picture

Santelli is a fucking clown

Mon, 07/14/2014 - 16:20 | 4956719 kaa1016
kaa1016's picture

He's been saying the same shit for 5 years. 

Mon, 07/14/2014 - 17:11 | 4956897 Lore
Lore's picture

Funny how commentators with balls to state the obvious - albeit too briefly (whadaya expect from network television) - attract hollow castigation from the likes of you. Speaks volumes.

Mon, 07/14/2014 - 19:32 | 4957383 chumbawamba
chumbawamba's picture

Totally.  I'll bet they say the same thing about DiCaprio's performance in Wolf of Wall Street.  Everyone's a fucking critic.

I am Chumbawamba.

Mon, 07/14/2014 - 21:46 | 4957700 toxic8
toxic8's picture

Wolf of Wallstreet - what a fuckin joke. Here's a two bit slimy sheister, a failed hustler who just didn't have it in him to make it to the top of the scumstack (boo fuckin hoo) and so he made his fortune pumpin and dumpin blue collar workers ...  and let's take a - honestly - 10 minute plotline, throw in DiCaprio and an apparently senile and now sadly, wholly defunct once-upon-a-time director to stretch it into a 3 hour epic glorifying the felon's lifestyle - because hey, it's the American way!

Even better we'll serve it up just after the whole MBS / FED / wallstreet assraping debacle when John Q Public's ass is still nice and raw, and the stupid fucker will pay to sit through all 200 minutes of watching his own ass get reamed on the big screen, never even realizing the fucking jokes on him...

Movie was fuckin garbage! We got a saying here in Brooklyn... you gonna fuck me in the ass and not even spit on it?

Fuckin pricks! Laughing all the way to the bank AND chargin $14 bucks for the fuckin Hollywood re-run of it?


Get the fuck outta here!

Tue, 07/15/2014 - 02:34 | 4958169 chumbawamba
chumbawamba's picture

We got a saying here in Brooklyn... you gonna fuck me in the ass and not even spit on it?

I am staying the fuck out of Brooklyn.


Tue, 07/15/2014 - 13:14 | 4959617 toxic8
toxic8's picture

And miss the wonders of Boro Park? Oy.....

Mon, 07/14/2014 - 18:25 | 4957190 angel_of_joy
angel_of_joy's picture

That's because he has been right for 5 years by now (and counting).

Mon, 07/14/2014 - 18:52 | 4957278 Keyser
Keyser's picture

Thank you for pointing that out to the assclowns... 


Mon, 07/14/2014 - 17:53 | 4957079 tarsubil
tarsubil's picture

Honestly, look around you. We are the collapse you've been waiting for. I carpooled to a hike with four women in late 20s early 30s. One had a stable job, one was going to Bangladesh for an admin position, one was a nanny (every other woman between 27 and 32 is a nanny), and one was at 29 hours per week. None of them wanted kids. And these were above average women. Who cares about oil, the stock market, or currencies, our society is collapsing right now. The big banks have already destroyed the core of the US. In 20 years, the entire country will look like Detroit. Stop waiting for some instant collapse, this is a relatively slow descent. History will see it as rapid.

Mon, 07/14/2014 - 18:52 | 4957276 Oldwood
Oldwood's picture

Ok, so the plains buffalo were slaughtered and virtually eliminated in a period of relatively few years, and were subsequently replaced with relatively domesticated cattle. My question is:

was it a collapse from the buffalo's point of view

or was it "life on the prairie" for the cattle

or both?

It is strange but I feel like we are in a perpetual collapse, with no end in sight. I secretly hope I am the buffalo, yet think I am actually the distant offspring of a range cow, that now lives in a compact stall, being fed dissatisfying meals while waiting.......

Mon, 07/14/2014 - 18:56 | 4957287 Keyser
Keyser's picture

We are the buffalo being slaughtered to feed the horse soldiers (banks)... The cattle metaphor won't come to pass until English is no longer the 1st language in the US... At the current rate, I give it 5 - 10 years, tops... 


Mon, 07/14/2014 - 19:49 | 4957415 chumbawamba
chumbawamba's picture

Ecclesiates 1

1The words of the Preacher, the son of David, king in Jerusalem.

2Vanity of vanities, saith the Preacher, vanity of vanities; all is vanity.

3What profit hath a man of all his labour which he taketh under the sun?

4One generation passeth away, and another generation cometh: but the earth abideth for ever.

5The sun also ariseth, and the sun goeth down, and hasteth to his place where he arose.

wind goeth toward the south, and turneth about unto the north; it
whirleth about continually, and the wind returneth again according to
his circuits.

7All the rivers run into the sea; yet the sea is not full; unto the place from whence the rivers come, thither they return again.

8All things are full of labour; man cannot utter it: the eye is not satisfied with seeing, nor the ear filled with hearing.

9The thing that hath been, it is that which shall be; and that which is done is that which shall be done: and there is no new thing under the sun.

10Is there any thing whereof it may be said, See, this is new? it hath been already of old time, which was before us.

11There is no remembrance of former things; neither shall there be any remembrance of things that are to come with those that shall come after.

I am Chumbawamba.

Mon, 07/14/2014 - 21:33 | 4957676 Miggy
Miggy's picture

+1 Chu.


John 3:16

Mon, 07/14/2014 - 20:44 | 4957568 Two Theives and...
Two Theives and a Liar's picture

+1 Exactly. The system "died" in 2008. like a fish out of water it's "flopping around" on funny munny before it finally expires. Water is productive capital and the tide has gone out...

Mon, 07/14/2014 - 21:32 | 4957675 Miggy
Miggy's picture

It's true but can higher interest rates even be considered at this point with all the debt that has to be serviced? I don't think the system could handle it. Many see the collapse as imminent although nobody is quite sure what else can be implemented to put it off.


My grandparents made 15% on their money in the 50's.


The Fed to the banks is like your brother. I can say something about him but you better not.

Mon, 07/14/2014 - 16:31 | 4956755 Bingo Hammer
Bingo Hammer's picture

That's soo Fonestar, yay!

Tue, 07/15/2014 - 07:40 | 4958426 shouldvekilledthem
shouldvekilledthem's picture

Bitcoin is the ultimate exit from the system. :)

I find it ironic that the ZH community does not appreciate it.

Mon, 07/14/2014 - 14:26 | 4956201 Save_America1st
Save_America1st's picture

Santelli rocks.  Why doesn't he leave that punk-ass, propagandist, shit-for-brains, White House d!ck sucking, dying, so-called "network" and at least move over to Fox Business.  He can still do what he does and at least he won't be doing it on air to maybe 500 people/losers and where we only hear about it later on ZeroHedge because we certainly won't watch CNBS just for him to give them any ratings. 

Mon, 07/14/2014 - 14:43 | 4956273 MeBizarro
MeBizarro's picture

Fox Business?  Rick would need to get a blond wig and 34C implants.  They're the most worthless of the 3. 

Mon, 07/14/2014 - 15:14 | 4956395 t0mmyBerg
t0mmyBerg's picture

LOL.  That is hilariously true.  I cant stand the cupi doll look of the fake people on fox.  But I hate the intellectually vacuous lunacy on CNBC even more.  And I will not even spend a minute on the network of Mike "they cant live without me so I will change the law to have a third term" Bloomberg, fuck him and his elitist anti second amendment bullshit.  Which leads me back to Fox.  If Santelli moved to Fox, it would be the channel I had on all day.

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