Santelli Rants: "Ditch The Duct Tape; The Problem Is Insolvency"

Tyler Durden's picture


"What's the difference between the US and Europe?" 'About Six Years' is the punchline that CNBC's Rick Santelli ascribes the apparently magnanimous view that Europe is so much different from us. Between PIMCO's Kashkari pontificating on unsustainable debt (and the Fed's need to 'do something', and Liesman still defending the Fed with all his might, Santelli loses it - noting Kashkari's intelligence, he rhetorically asks "Do you really think [the Fed] is the solution?" - and rightly so. "It's all band-aids," he exclaims, adding that "the problem is insolvency." Speaking out loud what many are thinking, Rick blasts the hypocrisy of the Kashkaris of the world who opine on solutions (and band-aids) while missing the critical underlying problem - that no one is accountable. Between Reagan, 'unreal' spending cuts, compromised 'bad' resolutions, and the continuing ostrich economics in the US mainstream, Santelli tells it like it is - as hard as it is for the CNBC anchors to hear.


The action heats up around 3:30 but the whole thing is worthwhile for a summary of the unreality of spending cuts and borrowing largesse.

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Tue, 07/24/2012 - 12:19 | 2645786 Pladizow
Pladizow's picture

If duct tape doesnt work, you havnt used enough!

Tue, 07/24/2012 - 12:37 | 2645847 engineertheeconomy
engineertheeconomy's picture

printing paper money is the same as stealing money

making inorganic loans with interest is the same as stealing property

who the hell is in charge of arresting the criminals?

don't tell me they're at the coffee shop eating donuts again...

if they wont put the bad guys in jail, then we should put those people that refuse to put them in jail under citizen arrest and put them in jail

starting with the president and everyone on his cabinet

Tue, 07/24/2012 - 12:44 | 2645914 Precious
Precious's picture

The fed is out of bullets.  Chart has QE written all over it.  Nuff said.

Tue, 07/24/2012 - 12:56 | 2645980 Thomas
Thomas's picture

Santelli is dead right but he MUST hold it together better if he wants to make his point cogently. Siegel, on the other hand, is simply a boob. That is not an ad hominem attack; he is a boob.

Tue, 07/24/2012 - 13:13 | 2646043 Azannoth
Azannoth's picture

Rick is Fighting the Right Fight but also the Un-winnable Fight you just have to know when you lost, time to look past the Collapse not how to avert the inevitable

You have to KNOW your ENEMY, and that (primary) enemy are not big business(special interests) and politicians that enemy is US as in 200+ million people who think Big Government is Good

Tue, 07/24/2012 - 13:25 | 2646119 Comay Mierda
Comay Mierda's picture

Listen to these assclowns

Santelli is the only one with common sense

and CNBC wonders why their ratings are plummeting

Tue, 07/24/2012 - 13:44 | 2646183 Silver Bully
Silver Bully's picture

'You have to KNOW your ENEMY, and that (primary) enemy are not big business(special interests) and politicians that enemy is US as in 200+ million people who think Big Government is Good'

You, sir, are correct. The Republicrats and Demonicuns are only doing the will of the people . . . which is spend more money on and on behalf of their constiuents. If the real majority of this country wanted to cut spending, save money, use real money (gold), do this, do that, we would have done so many moons ago. There is no collective will to stop the insanity. This will continue until it cannot. meanwhile, hunker down, network with likeminded individuals, and prepare the best you can.

Tue, 07/24/2012 - 14:06 | 2646272 SemperFord
SemperFord's picture

I think the ENEMIES start from cops, their bosses, mayors, governors and so on as they will not enforce any laws on their group or higher ups. Until(if it ever happens) Americans start a civil war they will be bled to death financially and physically from the very people at the top and those who are there to "Serve and protect" them. 

Tue, 07/24/2012 - 14:34 | 2646383 Michael
Tue, 07/24/2012 - 16:38 | 2646953 Bananamerican
Bananamerican's picture

i see Cashcarry's head and i think "Spaulding"

Tue, 07/24/2012 - 23:23 | 2647939 Anusocracy
Anusocracy's picture

I agree. In an alpha-male social hierarchy, virtually all of the lower males are alpha-male wannabes.

Too many people wish they were in charge so they could 'fix everything'. They want to make people do things their way. Of course, that won't work either.


Tue, 07/24/2012 - 15:41 | 2646645 smlbizman
smlbizman's picture

thomas, i think they (cnbc) probably keep tight riens on him (opinions) and eventually he will today...if he is an honest man in his beliefs he will either eventually walk away or get canned...

Tue, 07/24/2012 - 13:13 | 2646057 Liquid Courage
Liquid Courage's picture

From Wikipedia:

"Each state, with the exception of North Carolina, permits citizen arrests if the commission of a felony is witnessed by the arresting citizen ..."

So, is it a felony to sit on your flabby ass and not do your job according to (presumably) an oath of office? well, we've all witnessed that nothing has been done, so if it's a felony, Citizens' Arrest might just fly, except: would the Judge do his/her job?

Tue, 07/24/2012 - 13:26 | 2646121 AnAnonymous
AnAnonymous's picture

In the US, guns are owned to fight off tyranny in the government.

Unjust application of law is tyranny.

US citizens have many guns.

US citizenism, on the edge of the abyss. Make or break time.

No worries though, US citizens will keep being what they are, US citizens. Therefore, their line of action is known. As is their propaganda, and fantasy.

Tue, 07/24/2012 - 13:45 | 2646184 Liquid Courage
Liquid Courage's picture

What's that noise I hear? It's like a buzzing ... there it is again ... now it's gone. Oh well, prolly nothing.

Tue, 07/24/2012 - 13:51 | 2646210 MillionDollarBoner_
MillionDollarBoner_'s picture

I think it was a low-flying Ass-Hat...

Tue, 07/24/2012 - 15:20 | 2646561 ATM
ATM's picture

A malarial mosquito.

Wed, 07/25/2012 - 11:44 | 2649520 akak
akak's picture

A stinking roadside turd containing the digested remains of dog meat and tiger penis. Make me laugh!

Wed, 08/15/2012 - 08:59 | 2706352 Offthebeach
Offthebeach's picture

It sounded more like a cheep counterfeit wheel bearing on a Yugo giving out on the Cross Bronx during a August afternoon rush hour.

Anyway, two words for the future, Feudal China.

Tue, 07/24/2012 - 17:41 | 2647243 Winston Churchill
Winston Churchill's picture

Add to that mix.

Private criminal prosecution.A right given in Magna Carta and enshrined in US law.

By coincidence ,fell out use in the US around the time of the creation of the Fed.

Still on the books.Upon conviction.The cost in prosecution and prison or whatever

punishment, must be borne by the state.

Still used commonly in the UK and throughout the Commonwealth when the authorities

refuse to prosecute.

Tue, 09/11/2012 - 15:22 | 2782789 boogerbently
boogerbently's picture

Printing money is the same as raising taxes.

Tue, 07/24/2012 - 12:32 | 2645854 SheepRevolution
SheepRevolution's picture

Oooohh I remember this bankster all to well:

"I don't think anyone questions, Mr. Kashkari, that you're working hard. Our question, is who are you working for?"


And here it is!

Tue, 07/24/2012 - 12:47 | 2645936 Stackers
Stackers's picture

Sick 'em Rick !!!

Tue, 07/24/2012 - 13:14 | 2646066 boogerbently
boogerbently's picture

Becky Quicks job seemed to be to talk over Rick so we couldn't hear the voice of reason.

It hasn't worked here, it hasn't worked in Europe, let's try some more.

Creating more debt to solve a debt problem.

Tue, 07/24/2012 - 13:25 | 2646118 JLee2027
JLee2027's picture

Becky Quick was talking?  

Tue, 07/24/2012 - 21:15 | 2647695 jerry_theking_lawler
jerry_theking_lawler's picture

yes, it was in a foreign language....known as progressive liberalism.....most TRUE americans could not understand the ramblings....


i'm ready for this whole thing to implode so i can see becky (suck a *ick) quick on mofos dot com....

Tue, 07/24/2012 - 12:45 | 2645906 ToNYC
ToNYC's picture

Rick for Umpire!

Gary Gensler the old Goldman struck out. When do they demand that he gets out of the box so we can play ball in the free market?

Rick for Umpire! stop the Vampires for Empire.
If Rick were nominated; the market would melt-up.

Wed, 07/25/2012 - 16:27 | 2650667 toncuz
toncuz's picture

Did Santelli ever call for bankers to be prosecuted and put injail? Does he ever blame the parasites standing behind him on that trading floor filled with leeches?

Santelli rants when its the average Joe getting bailed out...never his buddies in the business. Santelli is the worst of frauds.

Tue, 07/24/2012 - 12:20 | 2645790 orangedrinkandchips
orangedrinkandchips's picture

Chicken Wire, duct tape......a bobby pin.....



Tue, 07/24/2012 - 12:27 | 2645830 PiratePawpaw
PiratePawpaw's picture

So I should be long bailing wire and bubble gum?

Tue, 07/24/2012 - 13:42 | 2646176 potlatch
potlatch's picture

and a wet pack of old matches

Tue, 07/24/2012 - 12:21 | 2645798 john_connor
john_connor's picture

Liesman is a toolshed

Tue, 07/24/2012 - 12:32 | 2645850 Clueless Economist
Clueless Economist's picture

Actually he is kind of cute in a tubby, bald headed, sweaty way.

Tue, 07/24/2012 - 12:45 | 2645923 HoofHearted
HoofHearted's picture

Only to someone who has "tastes" like Krugman apparently has...not that there is anything wrong with that...

Tue, 07/24/2012 - 12:50 | 2645950 nevadan
nevadan's picture

A complete non sequiter when he said "if the Fed withdrew from the market rates would likely go down because the market is expecting help from the Fed".  A tool indeed, and not particularly sharp at that.

Tue, 07/24/2012 - 13:55 | 2646220 MachoMan
MachoMan's picture

actually, his comment was completely on point...  it wasn't a non sequitor...  however, it was completely false...  if the market makers remove themselves from the market, then I seriously doubt bond prices will continue to increase.  So if Liesman is correct, then it's the FED who is selling bonds and the market has an insatiable demand greater than supply...  Lulz.

You can also see that Liesman knows EXACTLY what he is doing because he made Rick's counterargument for him...  he knew what he was saying was bullshit...

Tue, 07/24/2012 - 16:00 | 2646728 nevadan
nevadan's picture

Liesman said in the absence of the Fed an argument could be made that interest rates would fall.  Then he turned around and said that in part this would happen because the market anticipates help from the Fed.  His premise that rates would fall without the Fed is opposed by the conclusion that rates would fall because the market anticipates Fed intervention.  The definition of a non sequiter is that the conclusion does not follow the premise.  Whatever you might call his statement it is clearly bullshit.

Wed, 07/25/2012 - 10:58 | 2649329 MachoMan
MachoMan's picture

I think we both need to spank ourselves for our spelling errors and leave it at that.

Wed, 07/25/2012 - 19:17 | 2651284 nevadan
nevadan's picture

lol.  Actually I used spell check and it accepted the "e" after I first used an "o" instead of a "u".  I realized the mistake later and thought I'd gotten away with it.   Consider me spanked.  :)

Tue, 07/24/2012 - 14:18 | 2646310 azzhatter
azzhatter's picture

Liesman is a journalism major who masquerades as a financial expert/economist. In fact, he's a ball licker and useful idiot for the propaganda machine at the FED and the treasury

Wed, 08/15/2012 - 09:34 | 2706455 Offthebeach
Offthebeach's picture

Journalism major. For those that can't handle the mental rigors of a English degree, nor the physical demands of a Parks and Recreation degree.

Tue, 07/24/2012 - 12:21 | 2645800 Meesohaawnee
Meesohaawnee's picture

why he doesnt distance himself from Clown-o-vision its beyond me. Only once of respect i have for financial comedy channel

Tue, 07/24/2012 - 15:32 | 2646604 DosZap
DosZap's picture

why he doesnt distance himself from Clown-o-vision its beyond me. Only once of respect i have for financial comedy channel

NO WAY.....................he is the only one telling the TRUTH.

You will not get it from anyone else on THAT MSM POS.

Tue, 07/24/2012 - 12:22 | 2645801 Missiondweller
Missiondweller's picture

Santelli: The only good thing on CNBC

Tue, 07/24/2012 - 12:42 | 2645910 eclectic syncretist
eclectic syncretist's picture

Yeah, but he either disregarded or doesn't know that since the money's all imaginary in the first place (and nobody knows that better than the Fed), if all other options fail and the whole system collapses entirely, the Fed would be perfectly happy to just forgive all debts and start the whole thing over again from the beginning.  New credit cards for everyone, more play money to finance wars, whatever you want.

Tue, 07/24/2012 - 13:22 | 2646109 pods
pods's picture

Absolutely true, but you left out the most important part of that scenario:

"The bankers own the earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough deposits to buy it back again."

Josiah Stamp

Tue, 07/24/2012 - 12:56 | 2645976 Zeilschip
Zeilschip's picture

Buyer of Becky Quick myself...

Tue, 07/24/2012 - 14:34 | 2646385 otto skorzeny
otto skorzeny's picture

she's a pig smeared in makeup

Tue, 07/24/2012 - 13:28 | 2646135 AnAnonymous
AnAnonymous's picture

Santelli: The only good thing on CNBC

He just there for the ratings. For US citizens, the group is all and they want to see their opinion reflected in the media, US citizens hunt for that and are ready to pay big time for that.

Other grous of US citizens will find that another talking mouth is the only good thing on CNBC.

What matters is they are all US citizens. Rivalry among various US citizen clans can be very boring.

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