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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 - 13:06 | 2646025 RiotActing
RiotActing's picture

No No No! The great Santelli thinks it was dead beat homeowners that brought down this great pile of shit of an economy we had... No way his fucking friends on Wall Street are responsible. No way, I know! its the FEDs fault!!! Yeah!

Oh wait... Same fucking people...

You people getting the picture now?

Tue, 07/24/2012 - 13:23 | 2646089 Canaduh
Canaduh's picture

Rick Santelli is to CNBC what Ron Paul is to the GOP-

 

A blow off valve so the pressure never gets too high, because gee golly, someone is listening and acting in our interest

Tue, 07/24/2012 - 14:07 | 2646275 RiotActing
RiotActing's picture

LOL! You think Ron Paul is legit. LOL!

Tue, 07/24/2012 - 16:57 | 2647077 Canaduh
Canaduh's picture

Yah umm, your gonna want to smash yourself in the face with a hammer, then re-read the comment.

Tue, 07/24/2012 - 13:19 | 2646087 Beam Me Up Scotty
Beam Me Up Scotty's picture

Im sick and tired of people like you blaming everyone else for your housing woes.  NO ONE FORCED YOU TO BUY A HOUSE AT INFLATED PRICES!!  NO ONE FORCED YOU TO TAKE OUT AN AJUSTABLE RATE MORTGAGE THAT WAS LIKELY GOING TO GO UP NOT DOWN!! 

I bought a house at the top of the bubble too.  Still in it, and you know what?  I am NOT underwater.  I paid extra principle, refied 3 times.  I have forgone some things that I would have liked to have bought but didn't because I didnt want to get into trouble on my house.  And yes, I have LOST money on my house.  But I am not doing a strategic default on it like some assholes have.  And who is saying I should receive a handout for it all?  NO ONE!!

Once again, the responsible people are the ones that are getting fucked.

Tue, 07/24/2012 - 13:51 | 2646212 Benjamin Glutton
Benjamin Glutton's picture

I wish your sickness well.

A Japan bank, Mizuho Securities, was hit with an enforcement action and fine from the SEC today for not telling the mortgage security raters the truth about the quality of the loans they were rating on a $1.6 billion CDO.

The Security & Exchange Commission says Mizuho rushed to sell a 2007 CDO called Delphinus at the same time S&P made a change in the formula they used to measure prime v. subprime loans. With the subprime valuation rating change the CDO filled with subprime rmbs likely wouldn’t have received the needed rating to convince investors to buy. The SEC claims the Japanese bank used an industry method know as packing the CDO with ‘dummy assets’ to get the security rated by S&P in a short amount of time. The problem is Mizuho didn’t actually package the CDO with mortgage bonds that had the high quality collateral they told the rating agency would be in the CDO. Delphinus 2007-1 closed on July 19th 2007 and six months later it started to default. As a result of this mortgage security fraud the SEC now gets $127.5 million in fines on a CDO the bank only earned $10 million on.

And guess what – Bear Stearns mortgage division run by Tom Marano and it’s mortgage packing team at EMC did the same thing on BILLIONS of mortgage securities but the SEC hasn’t sued or lobbed a settlement with the American bank now owned by JP Morgan. News of internal EMC whistleblowers falsifying mortgage info to get a 20 minute AAA rating from S&P was first reported by me at The Atlantic in May 2010.

http://www.teribuhl.com/2012/07/18/japan-bank-fined-by-sec-for-cdo-inves...

That was quite a touching story. Tell it to someone who cares about your dedication to thieves.

Tue, 07/24/2012 - 14:03 | 2646259 Beam Me Up Scotty
Beam Me Up Scotty's picture

Im not defending Wall Street you stupid fuck.  These things happend AFTER you bought your house, and had NOTHING TO DO with the fact you bought it at an inflated price AND with a shitty adjustable rate mortgage.  People like you got caught up in the "housing always goes up and never goes down" mania.  If you turned your house into an ATM thats your problem, not mine.

The average homeowner wasn't screwed by anyone who bundled mortgages.  Are you telling me the average Joe was the one buying these bundled mortgages?  They were turning their houses into ATM's to buy these investments?  Ya, give me a fucking break.  You are nothing more than another finger pointing whiner who is out to blame someone else for your problems.

Cry me a river.

Tue, 07/24/2012 - 14:27 | 2646348 Benjamin Glutton
Benjamin Glutton's picture

The devastation wrought on our country is as plain as the snot nose on your face.

 

My life is fine as is my home. You presume too much. Did it help your sick and tiredness?

 

 

Tue, 07/24/2012 - 14:38 | 2646397 Beam Me Up Scotty
Beam Me Up Scotty's picture

Once again, no one was forced to buy a home or take out a mortgage.  The people that did, are just as guilty of the devastation wrought on this country as the Wall Street scammers are.  The problem is there is no moral hazard in this country anymore.  Everyone thinks they should be bailed out for their own stupidity.  Im calling bullshit on both Wall Street and the dumbshit who bought a house that he shouldn't have.  You want to blame it all solely on Wall Street.

So yes, I am still sick and tired of morons like you who want to selectively point the finger.

Cry me a river.

Tue, 07/24/2012 - 15:01 | 2646488 Benjamin Glutton
Benjamin Glutton's picture

What are you babbling about? I selectively pointed out nothing shill. When did I excuse any wrongdoing by any parties?

 

Let all the guilty go to prison. Then maybe you will have access that 2nd job you so desperately need to remain righteous. Sorry to disappoint you but you will not find me among the guilty.

Tue, 07/24/2012 - 22:36 | 2647835 Beam Me Up Scotty
Beam Me Up Scotty's picture

The crickets I hear regarding the average Joe buying a home and excessive ranting about Wall Street is proof positive about where you are pointing blame.  You think its all the big rich guys who caused the problem.  Sorry bub, but there are lots of idiots out there who thought they were going to make a fortune off of their house.  It didn't happen.  Not because of fraud, but because they were idiots.

Tue, 07/24/2012 - 13:03 | 2646016 RiotActing
RiotActing's picture

It doesnt matter what the fuck he is saying. He's not on there out of the goodness of his heart or his desire to save this "great nation". He doesnt give a shit about this country, HE WOULDNT BE ON FUCKING CNBC if he gave a shit. How can you people be so blind?

Its like people praising fucking John Stewart all the time. Fuck that guy too. He knows EXACTLY whats going on and he wants to go on TV and make jokes about it. Like he's informing people. Give me a fucking break.

Tue, 07/24/2012 - 14:48 | 2646439 shovelhead
shovelhead's picture

Did your Mommy lie to to you and say you could have a pony?

Is that what's bothering you, Bunky?

Tue, 07/24/2012 - 12:49 | 2645946 Conman
Conman's picture

Looks more like a "men's warehouse 2 for 1 special" suit to me. Hey is better than the usualy perma bull hopium crap they spout. Maybe they should jsut run all the facebook ipo specials on a loop.

Tue, 07/24/2012 - 12:52 | 2645959 SheepDog-One
SheepDog-One's picture

Youre gonna love the way ya look.

Tue, 07/24/2012 - 13:07 | 2646029 haskelslocal
haskelslocal's picture

Who needs him to give a shit? It's known he's making money. Good for him. IT's known his "rants" are foder for the network that pays him. It's obvious they go to him at certain times specifically for "the rant". Yet in what he says is a level of common sense that I'm sure you can see. The issue is pervasive. It's not just debt and money. It's calling ATT with a phone problem. It's reading a letter from The CME. It's lwatching MFG rip pepople off. The problem is that too many people have crossed the line and bought in and no longer care. So when you see a guy at least say that he cares? Does it really matter if he personally does or does not care? Not really. It's just a pleasant shift from all the lies to here someone chanting for the truth.   

 

Tue, 07/24/2012 - 13:14 | 2646068 RiotActing
RiotActing's picture

I cant agree with any of that. Motives matter. Fuck Rick Santelli's motives. Everyone seems to forget that he blamed homeowners for the houseing crisis. Now he wants to blame the FED for the economy? You cant have it both fucking ways. Oh wait you can when you are on a bullshit network who's sole existance is to game and manipulate the market and manipulate the people... WAKE UP!

Tue, 07/24/2012 - 13:27 | 2646128 Everybodys All ...
Everybodys All American's picture

make sure you get some rest and take your meds.

Tue, 07/24/2012 - 14:08 | 2646276 RiotActing
RiotActing's picture

Fourth Turning dipshit, look it up. Get ready dummy....

Tue, 07/24/2012 - 13:08 | 2646036 Shizzmoney
Shizzmoney's picture

"He's so awesome, I'm sure he has no financial gain in what he saying on TV, none at all"

HA! I enjoy Rick's rants but you are very correct, here. What's funny is that Rick is always quick to throw the "mortgage owners" or the "student loans debtors" who were "quick to sign a dotted line" that "the taxpayer has to pay for" under the bus.

What's funny is that Rick never takes issue with the PEOPLE who wrote the dotted line, or the currency in which those debts are paid.  It's the "She was wearing a short skirt, she deserved rape" defense of bankers who really, for the most part, wouldn't give 2 shits about Rick (even if he defends their ideology). 

I mean, sure, he blasts the Federal Reserve....but never considers the fact that maybe, you know, the problem being the "Federal Reserve Note".  Maybe, just maybe, if we could have a little sovereignty in our currency...we can take care of this debt problem where we can cut the fat, spur growth, and continue govt programs that add value to society and aren't eaten up by the corporate troft before it hits our hands.

It's the same with how "morality" and "rules" often collide.  The whole Obama "what Wall St did was reckless and wrong...but not illegal" concept. If things that are immoral - like offering loans to people who didn't deserve them, or banks constructing fine print that screws over even the most credit worthy homeowner - are protected by "the rule of law"......then why have fucking laws?

The guy defending the Fed, Kashkari, is a Hank Paulson underling at the Bush White House.  He is a Goldman guy. 

Both sides don't really give two shits about us, and that's kind of the point that everyone misses.  It's like when I read the stupidity of the gun control debate, and all I end up with at in the need is the urge to shoot my computer because, like this debate, the reforms aren't needed in the laws.......the reforms aren't needed in the instruments....the reforms are needed in people.

I hope the aliens invade soon.  I'm sick of this shit.

 

Tue, 07/24/2012 - 13:23 | 2646101 Benjamin Glutton
Benjamin Glutton's picture

A Japan bank, Mizuho Securities, was hit with an enforcement action and fine from the SEC today for not telling the mortgage security raters the truth about the quality of the loans they were rating on a $1.6 billion CDO.

The Security & Exchange Commission says Mizuho rushed to sell a 2007 CDO called Delphinus at the same time S&P made a change in the formula they used to measure prime v. subprime loans. With the subprime valuation rating change the CDO filled with subprime rmbs likely wouldn’t have received the needed rating to convince investors to buy. The SEC claims the Japanese bank used an industry method know as packing the CDO with ‘dummy assets’ to get the security rated by S&P in a short amount of time. The problem is Mizuho didn’t actually package the CDO with mortgage bonds that had the high quality collateral they told the rating agency would be in the CDO. Delphinus 2007-1 closed on July 19th 2007 and six months later it started to default. As a result of this mortgage security fraud the SEC now gets $127.5 million in fines on a CDO the bank only earned $10 million on.

And guess what – Bear Stearns mortgage division run by Tom Marano and it’s mortgage packing team at EMC did the same thing on BILLIONS of mortgage securities but the SEC hasn’t sued or lobbed a settlement with the American bank now owned by JP Morgan. News of internal EMC whistleblowers falsifying mortgage info to get a 20 minute AAA rating from S&P was first reported by me at The Atlantic in May 2010. Since then most of the monoline insures and a ton of RMBS investors have sued JP Morgan/Bear Stearns for rmbs fraud. In fact JP Morgan admitted in recent financial fillings they are being sued for up to $120 billion of mortgage securities. In New York, lying to a rater and getting an insurance company to invest in and insure the mortgage security based on a false rating is criminal Insurance Fraud. Which is what investor lawsuits and over 30 whistleblowers have alleged Bear Stearns did.

The SEC has plenty of evidence available to sue JP Morgan/ Bear Stearns for sins it says Mizuho Securities executed. They can read emails from an EMC whistleblower cited in the Assured Guarantee amended complaint starting on paragraph 78 that describes how EMC rmbs analyst were directed to mislead raters by Bear Stearns management. Assured’s lawyers at PBWT have all kinds of internal documents and signed whistleblower testimony the SEC can get its hands on. There is even a documentary film about Bear Stearns now showing at film festivals across Europe and the U.S. called, Confidence Game, that actually has real live people on camera describing how they used ‘dummy assets’ and lied to raters. In fact, I’m pretty sure the filmmaker Nick Verbitsky of Blue Chip Films would even send them a copy of the DVD and his unedited tape for free. Last year I reported for The Distressed Debt Report the NY AG asked Verbitsky to see his whistleblower tapes and was actively interviewing some of the whistleblowers with hope of charging the Bear mortgage traders with the Martin Act. The SEC has even told JP Morgan earlier in the year they want to sue them for Bear Stearns mortgage sins via a Wells Notice but still NOTHING has been done.

Mizuho doesn’t have to admit guilt when they settle with the SEC and neither will JP Morgan if they settle for similar actions. Unfortunately it looks like the SEC even had to downplay the actions of the three individuals from Mizuho to get a settlement from the bank. The traders who no longer work for Mizuho received short-term bans (6mns-1yr) from the industry and were labeled negligent, instead of knowingly, in misleading clients. It will take a DOJ securities fraud charge or NY AG arrest to officially state these bank traders have committed criminal fraud against the investment community. An event I know many from Main Street to Wall Street are waiting to see – the question is when will our authorities have the political will to execute this kind action against an American Bank.

http://www.teribuhl.com/2012/07/18/japan-bank-fined-by-sec-for-cdo-inves...

Tue, 07/24/2012 - 13:22 | 2646107 mirac
mirac's picture

The aliens will be here shortly...not joking

Tue, 07/24/2012 - 13:54 | 2646218 Treeplanter
Treeplanter's picture

Rick has credibility, Riot Boy.  You don't.  I bet he got a deal on that suit and I hope he is rich as Crassus.  This is America, you putz, we like it when people do well using their smarts.  Go to Cuba if you can't stand  the succes of others.

Tue, 07/24/2012 - 16:03 | 2646737 Lednbrass
Lednbrass's picture

Nobody commented anything like what you wrote above, you just make the shit up because it makes you somehow feel like less of an idiot.

Most here are sharp enough to know what is what, and the fact that Santelli was generally correct in his statements has nothing to do with anything you said.

There is a fucking dummy in the general conversation alright, go to the nearest mirror for a good look. You didnt debate a single point he made, you just went off about all kinds of meaningless shit entirely unrelated to the points at hand and in the case above existing only in your apparently rather fevered imagination.

Seriously, what the fuck is this train of thought of yours- "I will make up some shit that nobody said, ascribe it to other people, then insult them for it. Go me! I m teh winnar!!11!11"

I suspect that you don't have the capacity to argue ideas and this is  all you have, personalities are as far as your brain goes.

 

Tue, 07/24/2012 - 12:45 | 2645926 Everybodys All ...
Everybodys All American's picture

Classic Rick. CNBC is such a waste of time otherwise. Rick tells it like it truly is and no one on CNBC other than Rick has the willingness to see it and they will be held in contempt when this is all said and done.

Tue, 07/24/2012 - 13:07 | 2646026 RiotActing
RiotActing's picture

I feel sorry for you...

Tue, 07/24/2012 - 13:28 | 2646134 Everybodys All ...
Everybodys All American's picture

I feel nothing for you.

Tue, 07/24/2012 - 12:45 | 2645927 Quinvarius
Quinvarius's picture

Steve Liesman believes in Duct Tape.  It is the reason he has not been able to pry his butt cheeks apart and take a normal crap since High School.

Tue, 07/24/2012 - 12:46 | 2645930 Cult_of_Reason
Cult_of_Reason's picture

Bravo Rick!

 

P.S. I worry about Rick having a heart attack or a stroke during one of these arguments.

Tue, 07/24/2012 - 13:10 | 2646042 RiotActing
RiotActing's picture

I hope that POS dies on camera...

Tue, 07/24/2012 - 12:46 | 2645933 SheepDog-One
SheepDog-One's picture

LOL Santelli going apeshit on Becky Quick....soooo funny!

Tue, 07/24/2012 - 12:47 | 2645934 fresno dan
fresno dan's picture

Keynesians, Krugnuts, and politicians love debt!  It seems good to them, because they ACTUALLY BELIEVE THAT EVERY DEBT IS SOMEBODY'S ASSET!!!  When the fact is revealed that not every debt is an asset, that not every "investment" generates a return, that a lot of debt is a LOSS....well, the whole debt house of cards collapses.

Tue, 07/24/2012 - 12:53 | 2645966 NotApplicable
NotApplicable's picture

It all depends on how well armed both sides of the equation are.

Tue, 07/24/2012 - 12:51 | 2645953 Meesohaawnee
Meesohaawnee's picture

dont worry. becky still has folksy warren to lick her sloppy snatch.

Tue, 07/24/2012 - 12:53 | 2645963 Meesohaawnee
Meesohaawnee's picture

oh and speaking of embarrassments on the MSM .. yahoo. embarrassment number 2. look at this gem for idiots..   http://gma.yahoo.com/housing-market-turning-corner-5-slump-122855397--ab...

miss missy Marrissa has her work cut out. first thing make your page market to IQs above 2!

Tue, 07/24/2012 - 12:59 | 2645968 RichardP
RichardP's picture

In the spirit of If a tree falls in the forest ...:  If someone borrows large sums of money, and then never pays it back, was it ever debt to begin with?

In a recent article, the author claimed/implied that wealth is being destroyed because it is being stolen.  If you steal all the wealth of Person A and I steal all the wealth of Person B, do you and I not possess the wealth of Persons A and B?  How, then, is the wealth destroyed?  It isn't.  It just changed hands.

All of that to set the stage for this:  Capitalism has long been touted as a good thing (don't quibble; that is a general statement, even if we've maybe never known true capitalism).  But we've never been here before, this situation we are in now.  All the TBTF banks are insolvent.  But is this maybe a big so-what?  If the Fed keeps shoving 'money' at them so they can stay in business, and if they never pay it back, maybe the world keeps going and maybe even starts to prosper.  And if the Fed started shoving some of that purchasing power to J6P, who never paid it back, even better.

Don't have the space or time to lay that thought out in full detail.  But the crux of the thought is this:  What the Fed is shoving out is purchasing power.  So long as the Fed keeps shoving it out, and the recipients keep spending it, why should the economy collapse?  And if it never gets paid back, it was always only purchasing power and never debt.

It seems to me that the real threat of collapse will come when all that purchasing power being doled out leads to the exhaustion of the major natural resources that our living depends on.  When there is nothing more to build, because there are no more raw materials / natural resources to build things with, there will be nothing new left to buy.  At that point, it won't matter how much purchasing power anyone has.  New economic activity will stop.  (Old economic activity can continue around buying used stuff - but that will fade away as the used stuff wears out.)

If the money printers keeping shoving purchasing power at the buyers, reasonably robust economic activity could go on for a long time.  Who cares if your debts exceed your assets - if you don't ever intend to pay back your debts??

Tue, 07/24/2012 - 17:02 | 2647105 clawsthatscratch
clawsthatscratch's picture

eventually the inflation eats all of us who are not to big to fail...unless i'm missing something

Tue, 07/24/2012 - 12:55 | 2645971 Winston Smith 2009
Winston Smith 2009's picture

CNBC - what a bunch of clowns.  Compare their shoutdowns and talking over each competitions with proper interviews on Bloomberg, RT, etc., where each side is given time to make their point.

CNBS, the Faux Newz of mainstream financial news channels.

Tue, 07/24/2012 - 12:56 | 2645975 caimen garou
caimen garou's picture

I think rick took a little more hair off of liesman's head, rant on rick!

Tue, 07/24/2012 - 12:56 | 2645977 terryfuckwit
terryfuckwit's picture

Wow a non lying-bastard on mainstream TV..

can some body clone him..

Tue, 07/24/2012 - 12:57 | 2645987 Mark123
Mark123's picture

What a world we live in!  So much corruption and complacency.  The govt supports the mob (student loans, car loans, food stamps, health care, the mortgage market etc etc)....the Fed supports the debt market for the government and the banks.....and nobody puts up a fight.  There is no free market or rule of law anymore - just power and greed.

 

Rick's rants are great, but so far is just theater for the masses.  I am sad for my children and their children - we are leaving them a nasty, cruel world without any real protection.

Tue, 07/24/2012 - 12:58 | 2645988 Oro
Oro's picture

He is the only I can watch.   Why do these people not recognize the power of the internet.  We are simply not that stupid. 

Tue, 07/24/2012 - 12:58 | 2645991 sschu
sschu's picture

Santelli is the only one speaking the truth.  Ranting and screamingly so, as it was, however.

The rest are arguing about their property line while their house is on fire.  Good luck with that approach.

I guess we know where this leaves us.

sschu

Tue, 07/24/2012 - 13:08 | 2646038 RiotActing
RiotActing's picture

Yeah he's so full of truth he wants to save this country....

do you guys just get up in the morning and eat crack for breakfast?

How did people get this stupid?

Turn off the fucking TV, there is nothing but manipulation there.

Tue, 07/24/2012 - 13:38 | 2646156 sschu
sschu's picture

What part of Santelli's rant do you disagree?

sschu

Tue, 07/24/2012 - 14:13 | 2646288 RiotActing
RiotActing's picture

Assholes can blow sunshine up your ass all day buddy. Doesnt mean they are your friend. This guy is a sack of sick elitist. Too bad most people here want to be like him apparently. This place has gone fucking down hill big time. Just a bunch of Rick Santelli nut swinging idiots...

Tue, 07/24/2012 - 14:23 | 2646330 sschu
sschu's picture

I think the Santelli type rant is counterproductive, although his passion is great.  Screaming and ranting does not win converts.

That said, I will ask again, what about his rants do you disagree?  To just claim that he is a "sack of sick elitist" is insufficient.

Unless you really have nothing of substance to offer.

sschu 

Tue, 07/24/2012 - 14:43 | 2646413 RiotActing
RiotActing's picture

The whole system needs to colapse.... Santelli is trying to save his asshole buddies $$$. He gives two shits about your mortgage (if you have one) or any other personal debt you may have. The system is rigged, thanks to a large part to CNBC and you want me to start saying they have a point? Fuck these guys.

Tue, 07/24/2012 - 15:42 | 2646650 sschu
sschu's picture

All right, so let's just take a run at your comment:

The whole system needs to colapse

Maybe it will, but to declare that it needs to collapse assumes that what emerges will be better than what we have at present.  This is the huge folly of the anarchist, he thinks that it will be better if we reset.  What makes you think so?  Do you really think those in power will create a new reality that will be so much better?  When has that happened before?

We can be assured that a reset will end up with all of us being poorer and less free.  Does that mean the status quo should remain, clearly not.  But to assume that a reset will make things better is absurd.

sschu

 

Tue, 07/24/2012 - 16:11 | 2646789 RiotActing
RiotActing's picture

The whole system of franctional reserve lending needs to colapse, yes... It doesnt matter what I think is going to be better, shit is over. The Fourth Turning says so. I suggest you look it up and prepare yourself. And im no dummy anarchist either...

Tue, 07/24/2012 - 16:43 | 2646998 sschu
sschu's picture

So we have moved from the entire system needing to collapse to the fractional reserve lending system needing to collapse.  These are entirely different in my opinion.

I am a student of the 4th Turning, so I get where we are in the cycles of history.

Our monetary system, where money is debt and where banks can create this money out of thin air is hopelessly broke.  The idea itself is nearly insane, but thanks to Woodrow Wilson, here we are.

Fixing our banking system, making these TBTF entities utilities while maintaining our basic freedoms as defined in the Constitution is a reasonable alternative.  Santelli's point, that it is because our governments cannot live within their means and this dysfunction is enabled by the Central Bank is right on.  Fix them both, dramatically reduce the size and scope of government, change these financial institutions structure and remove all possibility that they can ever re-emerge and a lot of our problems will be solved.  Not painlessly however.

Sounds great, and we can work toward these objectives, but don't hold your breath.

sschu 

 

Tue, 07/24/2012 - 13:13 | 2646062 haskelslocal
haskelslocal's picture

If I saw you standing in the street and a UPS truck barelling down on you, would I be "ranting" if I screamed, "GET OUT OF THE WAY!" You, oblivious to your future face plant, would you be wondering, "what's that guy "ranting" about? Would those on the curb just turn away and giggle thinking, "oh that guy... Always "ranting" about everything. Haha..."

I think not. I think you'd be pretty fucking happy I screamed out at the top of my lungs trying to save your ass. 

Fuck the engineering mentality of this world where everything must be discussed at room temperature until nothing gets done. Fuck calm and rational for I sometimes mistake it for ignorant and bliss.

 

Tue, 07/24/2012 - 13:10 | 2646045 flyme
flyme's picture

Bandaids are for fools, cuts always heal much quicker if left open to the air to heal naturally.

Tue, 07/24/2012 - 13:13 | 2646056 Dr. Engali
Dr. Engali's picture

The 10 year is at an all time low because the Bernank is buying,not beause the rest of the world has confidence in the U.S.. There is no other reason Liarman.

Tue, 07/24/2012 - 13:14 | 2646064 AnAnonymous
AnAnonymous's picture

More offuscation, US citizen style.

US citizens designed their plan to deal with insolvency decades ago.

It is consume as much as you can before you hit depletion of resources. Then fuck it, time for mass elimination.

And as usual, US citizens, as it is good for their consumption scheme, line up paid shills who bark up at a cam to conceal the fact that US citizens'solution to insolvency is well known and currently applied.

US citizen Santelli, because you cant con a honest man.

US citizen old saying.

Tue, 07/24/2012 - 15:33 | 2646613 TheFourthStooge-ing
TheFourthStooge-ing's picture

More offuscation, Chinese citizenism style.

Chinese citizenism designed their plan to deal with insanitation centuries ago, during the Han Dynasty.

It is consume as many dogs as you can before you hit depletion of neighborhood. Then fuck it, everybody squats on the roadside, time for mass elimination.

And as usual, Chinese citizenism citizens, as it is good for their dog wok consumption scheme, line up paid shills via the Peoples Liberation Ministry of Truth who bark at the moon about US of A citizenism to conceal the fact that Chinese citizenism citizens' solution to incontinence is well known and revoltingly applied to roadsides.

Tue, 07/24/2012 - 13:17 | 2646082 madcows
madcows's picture

I have a neighbor with an annoying, useless little dog.  All he does is bark.  I drive by, he barks.  I take a walk, he barks. 

Santelli could be the economic messiah and all I'd still hear is "Yip, yip, yip, yip."  Don't pee on the carpet, Rick.  It's just the economy collapsing.

Tue, 07/24/2012 - 13:19 | 2646090 shutupnsing
shutupnsing's picture

Can you imagine Santelli at the CNBC Christmas, I mean er, uh Holiday Party?

Tue, 07/24/2012 - 13:21 | 2646097 bugs_
bugs_'s picture

and "Financial Duct Tape" gets added to the ZeroHedge lexicon......

bravo Santelli as always

Tue, 07/24/2012 - 13:25 | 2646117 mirac
mirac's picture

For the record...Ostrichs DO NOT stick their head in the sand.  If ever there was a need to protect their head from a sand storm or whatever, they would place it under their wings.  Also, lemmings don't go  jumping of cliffs.  Noo wonder we're all messed up.

Tue, 07/24/2012 - 13:28 | 2646130 Benjamin Glutton
Benjamin Glutton's picture

The only PR escape the Banksters still have going for them is to blame the Fed Res and politicians when in fact they are ALL complicit.

 

Santelli still playing same notes no matter what new information is uncovered. ultimate suck up.

Tue, 07/24/2012 - 13:30 | 2646140 Bokkenrijder
Bokkenrijder's picture

"Sure, I'm done!"

Hahaha, classic!

Tue, 07/24/2012 - 13:30 | 2646142 rosiescenario
rosiescenario's picture

....moving right along to the 'contrition' stage of the WB chart...

 

"If you cannot fix it with duct tape, it is not broken."

Tue, 07/24/2012 - 13:45 | 2646187 Mad Mad Woman
Mad Mad Woman's picture

So when did Santelli finally wake up?  

Tue, 07/24/2012 - 16:25 | 2646864 Amagnonx
Amagnonx's picture

He didnt wake up - probably 99% of people watching this stuff already know - so to have nay integrity at all, they need someone there to rant - while policy goes the other way and we can feel superior, while still gettting crushed by debt we have no say in.

 

The political class simply loot, and run up the deficit - throwing out some money here and there to try and hide the blatant theft.  A nations debt should fall entirely on the political class that voted it into existence, and whatever is left over should be defaulted on - that would somewhat serve justice.

 

 

Tue, 07/24/2012 - 13:54 | 2646219 Snakeeyes
Snakeeyes's picture

Santelli is right. Look at the Euro budget deficits, debt and unwillingness to deal with the spending crisis.

http://confoundedinterest.wordpress.com/2012/07/24/sea-of-red-ink-europe...

Tue, 07/24/2012 - 13:56 | 2646224 c-rev with a twist
c-rev with a twist's picture

i'm getting chest pain just watching this.   they might want to wire up santelli to a BP monitor.

Tue, 07/24/2012 - 13:57 | 2646231 Jo
Jo's picture

I'm always impressed at ZH's correct spelling of the tape which is 'duct', not 'duck'.

Kudos.

Tue, 07/24/2012 - 15:09 | 2646510 shovelhead
shovelhead's picture

It's true.

I have never seen a duck with tape or a taped duck.

This must be the MSM lies and distortion that Riot Acting keeps blubbering about.

 

Tue, 07/24/2012 - 14:01 | 2646251 miguel991
miguel991's picture

Go Rick! Love that guy.

 

 

Tue, 07/24/2012 - 14:12 | 2646287 Seasmoke
Seasmoke's picture

Cash and Carry ...........and Lies Man

Tue, 07/24/2012 - 14:22 | 2646322 Downtoolong
Downtoolong's picture

Like I said in a prior comment, this proves that consensus theory is still slightly ahead of economic theory on the social value scale. 

 

I give Santelli credit for going against the grain, more than any of the rest of them. But, let’s not forget where he works and what he’s all about in the end too. What this really demonstrates is how all of these folks are ego maniacs who somehow believe that they have a God given gift to make impossible monetary policy decisions for everyone. And who knows whether any of them really care whether it’s for the maximum benefit of everyone. I’m pretty sure the people they all work for don’t; the ones who are laughing all the way to the bank over this circus

Tue, 07/24/2012 - 14:39 | 2646402 RiotActing
RiotActing's picture

Holy shit a voice of reason!!

Tue, 07/24/2012 - 14:40 | 2646403 Peter K
Peter K's picture

His point about Reagan was that the Demoshits promised $3 of spending cuts for every $1 of tax hikes and the tax hikes came, but the spending cuts never materialized. The Democunts also pulled that with Bush I and the same thing happened. Therefore, the Demofucks can't be trusted.

That's kind of the gist of what Rick was saying to the Kool Aid drinkers.

BTW 6 years is about right.

Tue, 07/24/2012 - 14:44 | 2646421 RiotActing
RiotActing's picture

Demoshits, Democunts? Demofucks? Are you REALLY that stupid? We have George W. Obama for our president and you want to point fingers. Both sides need to burn buddy, wake the fuck up dummy.

Tue, 07/24/2012 - 16:10 | 2646777 Lednbrass
Lednbrass's picture

Ah yes, the Republican riff on the theme they hate so much when Team Blue does it- "It's the other guy's fault".

Fucking pathetic. If Reagan and Bush were both so incompetently naive to have actually believed something like that it should tell you something. Personally I don't think either was truly that stupid or expected anything of the sort.

Tue, 07/24/2012 - 15:04 | 2646505 michigan independant
michigan independant's picture

yes rick they are insane

Tue, 07/24/2012 - 15:06 | 2646515 kumquatsunite
kumquatsunite's picture

There is nothing wrong with this country, that as Moma used to say, a little elbow grease wouldn't fix.  Somewhere along the way, one thought was lost in this country. You work. Real work, not that twenty hours a week to retain your welfare payments or your unemployement (work twenty, get twenty unemployment hours paid). The only way outsourcing could be justified without a hue and cry was welfare; otherwise this mess would have shown up years ago. But now, the welfarians see the way the "rich" live splashed across their televisions on every tv show, and they have decided that welfare means "what's yours is mine". It's an odd thing that the most elemental aspects that created a great country have been decimated: you work you eat; you have babies you support them; you gain an education in order to have not just a job but to be an educated person, and most of all, those Christian values? you don't have to believe but they create a real good bedrock for a culture and society as general rules to live by. All Rick is saying is that Europe got "there" first. The only way to correct things is to end the welfare state. Otherwise it is all irrelevant.

Tue, 07/24/2012 - 15:50 | 2646683 ddtuttle
ddtuttle's picture

It boils down to which version of economics you believe.  Santelli is an Austrian, whereas Liesman and Kashkari are neo-Keynesians.  Santelli believes wea re past the point where goverment spending can  simulate the economy, he believes it will choke it off.  He further thinks the insolvent banks should be broken up, even though that puts the US out of the "economic imperialism" business.

The other two guys just want the Fed to flood the economy wil easy money until economy recovers. They cannot conceive that the Fed's actions are the problem, and prevent the possibility of any true recovery.  They assume American imperialism will simply go on unimpeded. 

Tue, 07/24/2012 - 16:53 | 2647056 Chain Gun Smoke
Chain Gun Smoke's picture

I thought that was fucking hilarious. If i got to hear shit like that everytime I flipped to their station on satellite radio they might not be my backup channel.

Tue, 07/24/2012 - 16:56 | 2647070 Chain Gun Smoke
Chain Gun Smoke's picture

lol, I just found Santelli's twitter. https://twitter.com/ricksantelli

This guy doesn't give a fuck.

Tue, 07/24/2012 - 16:56 | 2647073 bankruptcylawyer
bankruptcylawyer's picture

santelli just lost his job. maybe not tomorrow, but in the next half year, he's getting a pink slip because of today. 

Tue, 07/24/2012 - 16:57 | 2647079 react1200
react1200's picture

Brink back glass steagal reforms, implement a credit system, go into high speed rail, canals to increase water capture and agriculture, nuke energy and call it a day.  Let all these fools on CNBC go bankrupt.

Tue, 07/24/2012 - 17:15 | 2647152 blueridgeviews
blueridgeviews's picture

Do these talking heads have an idea about our financial predicament? NBC needs to disappear as does this entire Obuuma administration.

Tue, 07/24/2012 - 17:42 | 2647245 oklaboy
oklaboy's picture

Lioesman is a complete, unadulterated, confirmed horse"s ass

Tue, 07/24/2012 - 21:39 | 2647746 BlackholeDivestment
BlackholeDivestment's picture

...wow, the media whores are evil. What a prime example of evil people, it just took one Santelli to expose the crowd of scumbags. https://www.youtube.com/watch?v=0vqqzGdl-_k

Wed, 07/25/2012 - 08:43 | 2648544 toncuz
toncuz's picture

Know why Santelli does not run for office?

He has NO REAL SOLUTIONS FOR ALL HIS PHONEY RANTS.

I think Jon Stewart already proved Santelli the fraud he is.

Wed, 07/25/2012 - 13:23 | 2649937 warrior610
warrior610's picture

The crash is near...there's no way in hell this won't come crashing down...I don't care how many QE's are done. You better get your minds prepared for an uprising.

Start stocking can goods and water...you'll need it.

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