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Santelli Goes Berserk, Slams Fed Which Was "Not Created To Be A Feel-Good Institution"
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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Not until October when QE......ends. Or....September......jump before........but.... They have a saying ...............'Pigs get fat, hogs get slaughtered'
Not until October when QE......ends. Or....September......jump before........but.... They have a saying ...............'Pigs get fat, hogs get slaughtered'
Les....I kind of agree, with this ...rejoinder...
1. Santelli does not make predictions....at least from what I hear from him. He comments the state of things..and is correct. In this case...spot on.
2. The FED from my rookie years in this business, to now, has GREATLY CHANGED....FOR THE WORSE...SO SANTELLI IS RIGHT...even though trillions of fiat have had him "wrong".....but he's right.
3. I'd like some unbiased annotation as to his bond failures...never heard of that before...do you have?
4. cnbc is a bunch of moronic asshats, some with tits, some with tiny pee pees (see Griffiths and Liesman)....and with the exception of Hugh Hendry, Santelli is the only voice of truth on the fucked up "network"....and he get's laughed at by the morons.....
The Fed has taken a crisis and self expanded their role...
Bound by their mandate on one view..PROMOTING maximum employment...
they disregard their other mandate of STABLE prices....
They root for inflation.....which is NOT stable prices....
They set interest rates at zero...which is NOT moderate (per the mandate)
Would love to meet Liesman in an alley with a big stick.
And Rahm Emanuel as well
I saw this on mute too! Couldn't find the damn remote. It is even more entertaining with sound. I hope Rick takes blood preasure medicine.
That graph would be better if S&P was shown with gold units rather than dollar units in their axis.
LOL was Rick long GLD today? Man I love that guy. Only person at CNBS who has the balls to try and give the masses a water downed version of the truth. This particular video reminded me of those old "Peter Schiff was Right" videos.
So is Santelli breaking ZH?
NOTE: Here in Canada the videos have been blocked. I had to go to YouTube to watch.
The microphones of the talking heads are set louder than Santelli's is so they can talk over him easier.
But from what I heard, Santelli is absolutely correct, and he, like so many others, are getting frustrated with the lies, deceit and BS.
The sooner the small investors start refusing to be manipulated and start thinking for themselves, the better.
I just noticed that thing with the microphones today. Liesman gets to talk in a calm and normal voice and he is still able to keep Santelli from being heard.
Here's how I would say it.
SantellI: "Steve, do you really think that the Dow at 17,000 means the economy is healed - or even better than it was 6 years ago?"
Liesman: "Yes, Rick, I think it does mean things are better and the economy is healing because employment is going up because of the Fed ZIRP policy."
Santelli: "Healing does not come from covering up your mistakes, depreciating your currency and allowing banks to maintain the illusion of solvency. The fact is that the economy is not better for the great majority of Americans who have not seen a real wage increase in decades and instead have seen the purchaseing power of their paychecks eroded by stealth inflation while a small percentage of people become wealthy by virtue only of a family name or who they know."
End of argument.
For a blog that so regularly lampoons CNBC and comments on its declining viewership, ZH certainly is on top of the minute by minute happenings on said "irrelevent" network.
While I share Santelli's views, more or less, he does great disservice to the cause with these bafoonish rants. Granted the first one launced the tea party, but it now seems like he's playing to the audience rather than being authentic. Does he get paid extra based on his decible level?
CNBC is like the tone in Wells' "The Time Machine" that elicits the dronelike procession of the Eloi to the Morlocks' slaughter and processing caves. Yes, we are the Eloi. ZH is simply doing its job, it's monitoring the regime economic propaganda media to marshal, translate and make informative their bullshit. If you can stay on top of all the bullshit then feel free. Personally, I appreciate their efforts cuz I have other stuff to do and appreciate trustworthy economic news channels, plus the commentary is also frequently informative.
I don't consider Santelli's rants to be buffoonish, but merely passionate owing to the nonsense he regularly confronts. He is not a Johnny-come-lately to criticism of the Fed, nor is he the father of the Tea Party movement, Ron Paul is. Rick dotted the "I".
Santelli is right...
But the Fed is owned by New York and Washington DC....the two places that line the pockets...and
cause the crises in this country....
Let the market set the rates.....
The theories are created to match the greed of NY and DC.
Santelli is right...
But the Fed is owned by New York and Washington DC....the two places that line the pockets...and
cause the crises in this country....
Let the market set the rates.....
The theories are created to match the greed of NY and DC.
What's Santa's problem........is he trying to make sense of where things should be at and keeps blowing his monthly subscriber subscription fees on shorts??
Let's see........another good break over 17k and only 52 million on SPY.
Without a major roadbump go ahead and print DOW 18k hats.
Is it really so hard for these d-bags to understand that you can't produce (real) wealth by simply printing money?
These "d-bags" are converting their printed money schemes to real assets after selling stocks and other "papers" to "Investors" with their "Story". They own and game the sysytem at will, try to sell it to all of us 24-7.
That is why they rule and that is why it will never change without revolution.
Of course they are. They are not creating wealth, they are transferring it.
Santtinee has a portion of the systemic-rot problem spot on--it has done little if anything but bail out banks, enrich the wealthy, increase inequality, and shows no signs of stopping---.
However, his Tinee-Cure; de-supervision/de-regulation (akin to decriminalize) on the dry-erase, easy-fix-easel are the primary drivers which have taken us to this post-constitutional, kleptocratic aristocracy era.
The beneficiaries of the wholesale privatization of American war since 9/11, impunity has become the new reality. Pull back the lens further and the same might be said more generally about America’s corporate sector and its financial outfits. There was, after all, no accountability for the economic meltdown of 2007-2008.
Santinee knows the charade game full well... If you have the facts on your side, pound the facts. If you have the law on your side, pound the law. If you have neither on your side, pound the table.
Santinee's choice is distortion via the mingling mixture of two-out-three.
If we are authentically digging for truth, she deserves a wider hearing.
Should one get a deep understanding of social, economic and political issues, man oh man, you can see how truly horrifyingly corrupt and unjust the system is, by design.
Pretending to know something one does not know, does not make them smart, it makes them a proselytizing parrot.
Interest rates mean dick because We Tu Lo from China is paying in cash.
oh please, Santelli's just figuring this out now!
So, just because the Fed is nearing the end of its life cycle, it ok to come out and publicly flog it? Right on cue Ricky.
Where was Rick when Ron Paul was out there challenging the fed???????
Rick will get my attention when he gets the balls to challenge the new boss.... IMF or whatever creature takes the feds place.
I can't believe the Obamapologist Channel is still on!
Mr. Santelli, you are wrong in every sense of the term.
The Fed was created as a feel-good to keep the truth from the public, who would then feel very BAD about things...
Violently bad.
Riotously bad.
i was of the opinion that the fed would actually raise interset rates in 2008 to mark them to market, or to price risk accordingly. the crash was ostensibly over the housing bubble which resulted from too much easy credit, so the solution is to what? lower rates further? it sure looked crazy then and crazier now. now that the economy is heading into recession, its time to raise rates? well maybe the stock market will put on another 100% the next six years, but thats another story i think.
How come those raunchy ads are showing up on my screen now? I would expect ads from Goldman, Chase etc.
After 308 comes 309
http://www.youtube.com/watch?v=W1aNHE1rSCs&sns=em
These sluts and suit monkeys on CNBC have lost so many viewers that epic rants are all that is left.
He rants because he must.
Santelli: "Healing does not come from covering up your mistakes, depreciating your currency and allowing banks to maintain the illusion of solvency. The fact is that the economy is not better for the great majority of Americans who have not seen a real wage increase in decades and instead have seen the purchaseing power of their paychecks eroded by stealth inflation while a small percentage of people become wealthy by virtue only of a family name or who they know."
It's a shame. He could be great if he'd stick to the people and fuck the borrowed ideology. Most of it works great for the Oligs. After all of the creditors had been bailed out, his scream scene against the mortgagees made the Oligs smack their lips and smile from ear to ear.
They gave him a big check and new $2K suits. Since then he has been doing their bidding and not even realizing it.
Today was the old Santelli. Glad to hear he's still alive in there somewhere. But the Big Heads like Lieshit will never respect him and he'll always get talked down to, because he is not really one of "them". He's just kept around to to do their bidding on certain topics.
Santelli goes ape shit? Another theater venue. Hey, what ever happened to that Biderman cat who was the darling here for so long? Did Chuck up-chuck on ZH or the other way 'round? Rick will fuck up some day and go down the ZH rabbit hole....
I just peeked at Trim Tabs' youtube channel and there have been no new uploads for five months.
No new Trim Tabs uploads in four or five months, no real markets in four of five years.... free markets will return eventually? Won't they?
The FED -might- raise interest rates when the economy heats up in order to slow it back down. Rising interest rates should dampen innapropriate investing and growth. Cutting off booms and busts is a sound economic policy but not much of that is even contemplated today.
Rick Santelli does not seem to get what the funciton of the FED is in this little story. He has the cart before the horse when he thinks that the Fed should raise interest rates to stimulate the economy.
Is this the guy you folks here at ZH listen to? Really?
I could not watch any of the three videos. The advertisements were too long, too choppy, and drove me to drinking.
Too bad, I usually like Santelli rants.
when small earth tremors are not allowed then the large earthquake is inevitable to happen sooner or later
the fed was preventing small financial tremors for too long, now a gigantic financial earthquake is inevitable
If you allow yourself to be pigeon holed into being Wall st or Main st, that is why you're poor. Not because of the Fed. Be adaptable to the policy.
and we all help em make more $ by watching that chase commercial. well done.
Lol ... Good0ol Santelli ! That guy is great it's Historic Tea Speach with the folks in the background applauding is very well known !
He is the single voice of reason on CNBC for a long time ...
WTF, the "Machine" will never cave in to reason. That is why they are richer than you, and oh by the way, they don't care what happens to Grandmothers savings account. ZIRP to infinity.
Rich people like loose money.
It makes them richer.
Working people, not so much.
It made them debtier.
Now they can't spend enough to keep you employed.
Just stay away from the rich.
Santelli should just change his name to Beale and complete the farce. The reference would go right over everyone's head anyway.
So somebody refresh my memory - Jared Bernstein and Steve Liesman care about the little guy - How?
Santelli doesn't rant: he speaks truth to fools with passion and conviction.
You want to hear a rant-listen to an 0bamao speech!
Interesting 'interpretation' of this dialogue on the Huffington Post (http://olduvai.ca/?p=24309). Apparently Santelli was 'schooled' and put in his place by Liesman...
http://olduvai.ca
Santelli(for all his honesty) is just a Court-Jester, he's there just to amuse and entertain, it's not like he's ever going to get what he advocates, not until the whole System burns down to the ground
Leisman should get the Yellen pubic hair out of his teeth before going on the air.