Epic Santelli Rant On 'Un-American' Federal Reserve/Treasury Incompetence

Tyler Durden's picture




 

Stunned at the sheer ineptness and lack of due diligence in the Libor-rigging details that are being uncovered specific to Geithner's Treasury and Bernanke's Fed, CNBC's Rick Santelli reflects on just how unbelievable TARP was in this context. "Hurry up, let's spend three quarters of a trillion dollars; how much due diligence did they do for our role as taxpayers in basically bailing out the banking system? Obviously zero!" and this as they knew these very-same banks were manipulating rates. Opining on the un-Americanism of jet-skis and outsourcing, Rick states unequivocally "what's un-American is we now have the Federal Reserve Bank of New York and Treasury taking heightened importance in regulating us in the future through Dodd/Frank. Shame on their legislation!" Meanwhile, those very same un-American Treasury staff (who we are supposed to trust with the future of our banking system and implicitly the economy we pre-suppose) have just been caught soliciting prostitutes and breaking conflict-of-interest rules.

Under 3 minutes to open your eyes...

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Mon, 07/16/2012 - 12:48 | 2620639 fightthepower
fightthepower's picture

Fuck You Bernanke!

Mon, 07/16/2012 - 12:50 | 2620654 NotApplicable
NotApplicable's picture

In other news, Barton Biggs is no longer.

http://apnews.myway.com//article/20120716/DA021EJ82.html

Mon, 07/16/2012 - 13:02 | 2620715 Precious
Precious's picture

This is only a suprise to those who hold some antiquated notion that there is still a rule of law.  Get over it.  The criminals are running the prison.

Mon, 07/16/2012 - 13:21 | 2620815 Dr. Richard Head
Dr. Richard Head's picture

Sorry to beat a dead horse, but the law only applies to us plebes.  I was threatened for arrest for suggesting that I not give me phone number during a window tinting violation just this past Friday - http://www.youtube.com/user/ShakedownR3volution?feature=mhee

Meanwhile, our Dear Leaders fuck hookers, launder drug money, traffic in drugs and gun, fix the price of money, steals by the hundreds of billions, commit fraud daily and then cover up their lawlessness with more laws that protect them.  Welcome to the gulag bitchez.

Mon, 07/16/2012 - 13:24 | 2620825 Nothing To See Here
Nothing To See Here's picture

That must have felt good for a minute or two!

Mon, 07/16/2012 - 13:43 | 2620891 MachoMan
MachoMan's picture

kind of expensive to tell a cop off considering you can do it for free... 

Some of us have a different approach...  if we ever get a citation for anything (other than a citation that won't go on our driving record, in which case the cop won't likely have a record of it, depending on how long it's been since the citation), then we go to court and contest it.  The process is free...  but for our time.  Typically, our citations are reduced so that they don't go on our record.

Why is this important?  Well, because after you get your first citation, YOU WILL LIKELY CONTINUE TO GET THEM.  On the other hand, when you have a clean record, you're much more likely to get a warning.

Also, a contributing factor in whether or not you get a ticket is how polite you are to mr piggy.  In this case, if you're a douchenozel, you get a ticket.  The issue was conceded at the start.  Fuck you oinker, give me my ticket...  No, you have to work a little harder...  use a little more ingenuity...  appeal to that human heart and mind that's been suppressed through years of blue endoctrination (and probably some high school bullying or being bullied).  If he already thinks you suck (based upon your record), then you're just going to get your ass prodded by the night stick when you bitch at him.  He's just another asshole that doesn't give a shit about contributing to the system's delinquency...  like the rest of us with jobs and who pay taxes.  With monetary prolifigacy, we are all forced to be the state.

In short, my suggestion is to catch more flies with honey.

Mon, 07/16/2012 - 13:46 | 2620903 Dr. Richard Head
Dr. Richard Head's picture

I agree, but some sort of saying about dieing on my knees.....Besides, I stopped bringing the battle to them, yet they always bring it right back into my court.  Douchenozel I was indeed ,but fuck em. 

The point is that laws are for the commoners and the elite use the law for their benefit.

Mon, 07/16/2012 - 20:44 | 2622424 Simon Endean
Simon Endean's picture

@Dr. Head: "The point is that laws are for the commoners and the elite use the law for their benefit."

Laws are like spider webs - they ensnare the weak, but they merely inconvenience the powerful.

Mon, 07/16/2012 - 16:09 | 2621482 Michael
Michael's picture

Six and one half dozen of the other.

I recently got a speeding ticket going home from work in my hometown, I reacted with outrage and gave the wolf pack an earful, especially since I was driving near perfection. Out of town I recommend just keeping your mouth shut as per your lawyer Alan Shapiro, and do not consent to a search of your vehicle.

Let your local cops know you as a homeowner, help pay their salary with your property taxes and expect not to be harassed by them, and will fight this ticket in court.

I won. My driving record is still squeaky clean and would have taken the ticket to higher court if I lost in lower court.

I beat 95% of dozens of traffic ticket in my 35 years of driving. It's worth taking everything to court. Everyone getting a ticket should fight it and clog the courts.

Mon, 07/16/2012 - 16:17 | 2621525 Dr. Richard Head
Dr. Richard Head's picture

Any particular defense utilized?  I can never get passed the hearing stage.

Mon, 07/16/2012 - 17:18 | 2621798 MachoMan
MachoMan's picture

Here, if the cop doesn't show up, they'll just reschedule it lol... (which is the #1 way to win in traffic court).

My suggestion is to simply have a hearing, just to clog shit up, but then be ready and prepared to appeal.  Generally speaking (your particular locale may be different), district/traffic/municipal courts have very limited jurisdiction and, as a matter of law, you have a right to a de novo appeal to a higher court (typically one of general jurisdiction).  Also, the politics associated with the higher court are many times different, e.g. the prosecutor is not likely in his own back yard any more...  and the judge is much more likely to grant a fair trial.

Often, it's going to be your word against the cop's and those motherfuckers will lie until blue in the face.  They'll also keep their foot in the gas pedal and regardless of how stupid it makes them look, they'll keep saying the same shit.  If you get a good attorney or have a decent skill yourself, you can probably have a lot more leeway in upper court to ask them questions...  trip them up...

At the end of the day though, you've got an uphill battle on a tint ticket...  strict liability is strict liability...  make it abundantly clear to the prosecutor that you're willing to waste everyone's time and maybe he'll cut you a deal... 

Mon, 07/16/2012 - 18:25 | 2622032 Grinder74
Grinder74's picture

My father has gotten pretty adept at beating or reducing speeding tickets since it greatly affects his CDL.  His most successful ploy has been to question the cop about the margin of error on the accuracy of the radar gun (which tends to be 2-3 mph).  When this is introduced, it's enough reasonable doubt to get the ticket reduced from 65-over (CDL suspension) to under-65 (regular ticket) if not dismissed.

Mon, 07/16/2012 - 23:31 | 2623041 Dr. Richard Head
Dr. Richard Head's picture

The defense moves to dismiss charge number 1 based on the fact that no radar tint reading was taken to establish jurisdictions of the primary offense. Secondary offense is the also to be dismissed upon primary offense being dismissed.

Mon, 07/16/2012 - 16:25 | 2621584 DavidC
DavidC's picture

Michael,
Hmm, if you've had 'dozens of traffic tickets' in your 35 years of driving, I'd suggest that although your driving record is squeaky clean, your driving isn't.

DavidC

Mon, 07/16/2012 - 16:12 | 2621497 HedgeOn
HedgeOn's picture

wow- is it possible that the macho man has such eloquent advice?  over 27 years of driving, I have received no less than 15 speeding tickets and with the advent of speed/red light cameras, I have received another 7 to 10 tickets.  i have always gone to court and have never received a signle point.  my auto insurance is cheap-cheap.  i know it sounds like i'm burning up the road but I have never caused an accident and have only been rear-ended by an inexperienced kid, a drunk, and a guy ogling some girl on a nearby sidewalk. i think honey is the way to placate a guy who is probably not too different from you and looking for a modicum of respect.  

Mon, 07/16/2012 - 16:47 | 2621671 Dr. Richard Head
Dr. Richard Head's picture

I cannot bring myself to loving my captors any longer.  Maybe they will be nice and not tazer me.  While we are no where nea the Nazi state, the fact is the Jews probably thought "if they just got along.",,,,,

Mon, 07/16/2012 - 17:24 | 2621809 MachoMan
MachoMan's picture

I'd also suggest getting a concealed carry permit if available in your state.  Even if you don't plan on carrying a gun, whenever you get pulled over, tell the officer that you are a licensed holder, show him your card, and that you don't have any concealed weapons in the vehicle (only if you don't...  but if you do have a gun, let him know immediately)...  this lets the cop know a few things about you: (a) you passed a background check; and (b) you're not a whiney victim that sits on his hands...  and that you're willing to duke it out with the same folks he has to every day.  This goes a long way to not getting a ticket...  and it's probably something you should have anyway.  Pack and pack often.

Mon, 07/16/2012 - 23:36 | 2623056 Dr. Richard Head
Dr. Richard Head's picture

I get that line of reasoning, but CC's are a list first related to the peace officers during any identifiable interaction. The less identifiable I am the better off I am.

Mon, 07/16/2012 - 14:09 | 2621000 Mugatu
Mugatu's picture

Just ask yourself:

If you are the Fed why would interest rate rigging seem illegal?  After all, the Fed has been manipulating rates for years.  

 

We obviously are getting close to another washout moment in America like 2008.  It always happens when the common man realizes that corruption and graft have become institutional.

Mon, 07/16/2012 - 16:06 | 2621423 Zero Govt
Zero Govt's picture

there's no "Rule of Law" ???

yes there is, you're ruled by Laws, never more in history in fact

so the elite (who generate and press its buttons) get off ...how thick do you have to be think the Rule of Law was designed to be anything else but the elites weapon???

Wake up, stop dreaming and believing all the liberal window dressing of what Govt is 'supposedly' about. It is nothing but a playground for gangster parasites as it was designed to be from the get-go, and has proved throughout history

say 'Hi' to reality, not empty propaganda for sheeple to swallow

Mon, 07/16/2012 - 16:01 | 2621422 vast-dom
vast-dom's picture

Thank you Rick. I just wish you took it a few steps further and really checkmated Bernankzi for all that he's done of late. We don't have markets or interest rates any longer. We have a special interest post-ponzi anti-free market. This great purge can't come soon enough, yet all perpetrators will still make out with billions.

Mon, 07/16/2012 - 13:09 | 2620750 Taterboy
Taterboy's picture

Today Maria Bartiromo will say:"Barton Biggs will NOT be coming off the lows of the day."

Mon, 07/16/2012 - 13:36 | 2620830 Max Fischer
Max Fischer's picture

I truly don't understand why the comments section of ZH worships Santelli which such enthusiasm, while also claiming that the CME is a rigged market which prevents their precious silver from finding true price discovery. Remember those margin hikes, and how your head instantaneously caught fire? And now look at you fools.... worshipping its most famous spokesperson. LOL

Santelli has spent his life at the CME, and you guys willingly ignore this because he feeds you the libertarian catnip that makes your eyes swirl. @_@

Anyone remember his infamous rant about oil speculation in June 2008? Of course, he defended his speculator buddies and claimed that if oil was being jacked higher by speculators rather than by true fundamentals, it would face a "mammoth dive." Sure enough, it began its "mammoth dive" a few days later, collapsing 80% over the next several months. That's Santelli unwittingly admitting that the "super spike" in oil was speculator driven. The $300B increase in speculative money flowing through the commodity complex from 2003 - 2008 proved it.

CME - Where life's necessities and American labor are turned into casino chips.

Mon, 07/16/2012 - 14:03 | 2620982 sickofthepunx
sickofthepunx's picture

those who can, do.

those who can't, report and bitch about people who do

 

Mon, 07/16/2012 - 14:22 | 2621059 Carl Spackler
Carl Spackler's picture

I'm sorry you don't understand the comments, President Obama. I realize you grew up on Socialist and Anarchist doctrine. First, from your father and then from that crazy Ayers clan, but I'd like you to consider the differences in the American form of barter, which is far more natural manner of human behavior than you have been lead to believe.

By the way, that Rick Santelli fellow never worked for the CME, he went to that gathering place to transact business with others looking to transact business.  The CME, really, is just a meeting place to facilitate deals, but unlike in Washington, lots of deals are done there every day.  And, these deals are based on free will. That's right, a gun doesn't have to be held to someone's head to get people to do something.  People actually want to get things done there... every day!  I know you wish it were that way in Washington.

Moreover, the CME is just a fixed location where producers of goods meet to barter with those who use the produced goods within their business models, all the while generating valuable tax dollars for the federal government and paying for your Obamacare [fiasco].  Sometimes, however, third parties get involved there, provideinga separate sales channel to producers by adding their liquidity to the interchange process.  But those third parties also take enormous risk and can lose everything they bring to the fixed location.

By the way, American labor is NOT involved in this process, but the paychecks of American labor keep coming because there is a liquid market and someone to buy what is being produced.  You might want to remind the farm workers and steel workers unions of that, because it ensures THEY get paid too.  Pretty cool, huh?  Otherwise, they would never collect any workers' dues, as the produced goods would rot or depreciate, and the producers would not realize anything for their goods.

Maybe Professor Summers can give you a quick tutorial.  Oh wait, he may have gone back to his cozy, Ivory Tower.

Mon, 07/16/2012 - 14:23 | 2621069 El Oregonian
El Oregonian's picture

MaxFister, sounds like your good when someone else's ox is getting gored but, you really don't like it when it's yours having to take it.

We're in rigged markets, you play in them at your own risk. Santelli knows there rigged and says it. Those other bobble-heads on CNBC are paid shills.

Mon, 07/16/2012 - 14:54 | 2621076 roadhazard
roadhazard's picture

So you all believe that Santelli has not known about Libor tinkering since 08'. When is he going to get "in front" and give us the low down ahead of time. When will it get so disgusting for him in that business that he quits. I will believe his sincerity then.

Mon, 07/16/2012 - 14:30 | 2621093 Bob Sacamano
Bob Sacamano's picture

Waiting for the Congressional investigation for those speculators now shorting oil driving prices lower over the past few weeks.    They will never investigate falling commodity prices. 

Speculators play both sides of the market  -- politicians apparently think speculators are long only. 

Mon, 07/16/2012 - 14:36 | 2621113 roadhazard
roadhazard's picture

Oil is not down. Yes, down to pick pocket from rape maybe.

Mon, 07/16/2012 - 16:02 | 2621433 vast-dom
vast-dom's picture

inane character moniker from facile movie go to the Wes Anderson boards and enjoy the sub-par flick talk. 

Mon, 07/16/2012 - 14:41 | 2621123 banksterhater
banksterhater's picture

I WON'T SHED A  TEAR for Biggs.

Mon, 07/16/2012 - 13:00 | 2620682 Widowmaker
Widowmaker's picture

GEITHNER, SUMMERS, BERNANKE, HA!

FUCK OBAMA!

He's the sad excuse in the oval office that recruited the entire fucking Bush-cabal to oversee the extinction of justice and depravity of the 99%.

"I didn't run for office for a bunch of fat cat bankers."

BULLSHIT! That is exactly what the fuck happened.

FUCK OBAMA - DOWN IN '12!

Mon, 07/16/2012 - 13:03 | 2620722 Precious
Precious's picture

These people operate in circles that not only exclude the 99%, they actually despise the 99%.

Mon, 07/16/2012 - 13:15 | 2620784 poor fella
poor fella's picture

This election shouldn't even be legitimized with a vote. Maybe vote for everything but POTUS.

How would that look if the winner gets the majority of a 20% turnout?  10%?

Is anything going to change either way? Citizens United took care of that...

Mon, 07/16/2012 - 16:35 | 2621623 Umh
Umh's picture

It will look like they won. They will have won. To not vote may seem like a bold move to some, but it's just apathy.

Mon, 07/16/2012 - 20:26 | 2622354 poor fella
poor fella's picture

It may be worth trying. Protest through apathy - perfect! Show your displeasure by sitting on the couch and doing nothing. The MSM and government look at election participation in Egypt. So why not experience the complete embarrassment of a poor election in America Inc.?

THE best time to say the Emperor has no clothes is with an Obamney election.

disclosure - Will probably see who's running on the P&F or Green ticket.

Mon, 07/16/2012 - 13:18 | 2620792 brewing
brewing's picture

Vote Gary Johnson!!!

Mon, 07/16/2012 - 13:19 | 2620803 eclectic syncretist
eclectic syncretist's picture

Vote Ron Paul!

Mon, 07/16/2012 - 13:37 | 2620871 poor fella
poor fella's picture

Vote to bring down debt!

 Vote Charles 'two-buck' Shaw!  

Mon, 07/16/2012 - 14:22 | 2621061 Freewheelin Franklin
Freewheelin Franklin's picture

Vote for "THE RENT IS TOO DAMN HIGH!".

 

(and so am I)

Mon, 07/16/2012 - 20:51 | 2622444 mt paul
mt paul's picture

vote for my dog

he doesn't poop

on the sidewalk...

 

the nearest sidewalk 

is 18 miles away..

Mon, 07/16/2012 - 14:27 | 2621081 andia
andia's picture

Obama or Romney - they are two hats on the same face. Nothing will change until strong third party emerges and kill the status quo. I really do not undersand people get involved in discussions: Obama or Romney. They both represent the same evil, how long will it take for average American to understand that? Ron Paul was a hope but existing voting system will always purge innovation or any attempt to destroy the old bad.

Mon, 07/16/2012 - 14:51 | 2621172 brewing
brewing's picture

voting for the lesser of two evils, is still evil...

Mon, 07/16/2012 - 17:02 | 2621731 Oldwood
Oldwood's picture

You may also think all women are whores but does that mean you would continue to live with one who has blatantly cheated on you rather than kick the cheating bitch out and give another a chance? Or would you rather sit at home playing with yourself? We, as a country, don't have that option. Obama can not win the whitehouse again. He makes an absolute mockery of America and re-election effectively blesses everything he has done. If they are going to lie and cheat we still have the power to exercise some principles and kick them out, even if we think the next one may be no better. It is comical that it is those who voted for him that have been lied to yet they seem willing to stand in line for it again. The conservatives have never had any doubt about who and what he is and what he would do. I suppose if you believe we need to burn down the house to fix things, Obama may well be your man, but i can find very few cases where bringing the economy to its knees ever resulted in anything good. We all know this is deliberate and usefull to transforming us into THE NEW WORLD ORDER.

Mon, 07/16/2012 - 14:27 | 2621084 roadhazard
roadhazard's picture

And fuck BushCO for giving him the opportunity with a bow on it.

Mon, 07/16/2012 - 14:37 | 2621100 myshadow
myshadow's picture

God you are an idiot.  All this fuck obama...you do realize this rigging was before he announced he was running for president.

 

I have my problems with the President and I voted for him... the alternative is a person who would be comfortable with rate rigging and someone who hides money anywhere in the world he can....

Fuck him, bernanke, summers and geithner.....and every bankster that is looting this country.

Yes, romney legally can avoid tax but he is taxed 12% on millions, the rest of us pay 25%+ on thousands.

If he is elected the grousing on these pages about obama will look like love letters after romney and the plutocrats stick their spikey syphlitic dicks into the treasury.

Get a grip.

Mon, 07/16/2012 - 14:55 | 2621184 brewing
brewing's picture

i will never, in my lifetime, vote for a democrat or republican ever again.  i trash each party with equal enthusiasm.  the founding fathers feared that "parties" would tear the "republic" apart. how prophetic they were...

Mon, 07/16/2012 - 17:29 | 2621825 Chris88
Chris88's picture

First of all, congratulations on voting for a moron.  Second, the problem isn't what Romney is taxed, the problem is people being taxed at all.  The government truly is a parastic organization.  People for some reason like to believe taking water from the deep end of the pool and dumping it in the shallow end of the pool will increase the amount of water in the pool; stimulus applied practically.  

Mon, 07/16/2012 - 12:49 | 2620647 RacerX
RacerX's picture

Meh. In 2008 TARP was: "Give us the money or the bunny gets it". Politicians too stupid and/or complicit to know they were getting tooled.

SSDD.

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