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Santelli Slams "It's Not My Job" Bernanke And Screams "Enough Is Enough"
CNBC's Rick Santelli is goaded into responding to the easing-based hope that is driving stock prices and levitating every risk asset class. "Enough is enough", he notes, quoting Volcker's recent comments, "as we have to let the economy sink or swim on its own at this point." Liesman's responds by stepping away a little from his comments as he leaves Bernanke alone believing that QE will do some good at the margin (while the economic reporter remains less sure). Implicit in his downgrade of the economy is an increase in the probability of additional QE and retail sales sank the ship. A little later in this brief clip, Rick goes full-Santelli - feeling the need to add a third pillar to the Fed's mandate "if we see something wrong in the market, it's our job to do something about it" with Bernanke's response being "it's not my job". Critically, Rick notes, "if anybody listening or watching right now ever thinks that more regulators will ever stop anything, you have to watch Ben Bernanke - appears to be an honest guy and straightforward though I don't always agree with him - saying 'it's not my job. I don't regulate that.' unbelievable!" The CYA, not-my-problem, someone-else-did-it, keep-my-job mentality when it's front-and-center in the most powerful financial entity in the world is deplorable.
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"its not my job" like school children, oh wait this is the federal govt, what was i thinking.
Ok, but can ZH tell us all when to start leveraging into index shorts?
The two most common answers you can get from a government guy when there are problems related to what he has done :
1- "I'm too fucking busy"
2- "It's not my job"
Responses shirk responsibility like these faggots.
Don't forget the timeless classic, "no one saw it coming."
There are no adults in finance. None. It's an all girl daycare.
Chuck E. cheese: Where's dem QE at ?
Bernank: Dang dog ate der QEs massa
Steve Liesman wipes Bernank's splooge from his chin and tells Hilsenrath to slip a note to Bernank thanking him and asking for another.
Speaking of Bernank's splooge, whatever happened to Dennis 'Digital Dickweeds' Kneale (aka Beaker)?
D(ic)K is now on Fox Business. I used to think Fox had a bit of class but I was wrong.
Fox is just another cog in the wheel of the Kabuki Theater, aka the false left-right illusion.
Gotta keep the plebes enraged about, focused on and fighting over whether the pledge of allegiance should be recited in public schools or manger scenes should be allowed in city squares while the CronyKleptocracy plunders and rapes.
I had totally forgotten about Dennis the Menace. That was a dreadful chapter in CNBC history.
BTW-Santelli has this one right: Bernanke was claiming lack of responsibility where clearly he had the power to step in and clamp down on the madness.
3- "We are understaffed"
4- "We are underfunded"
5- "We need Congress to act"
6 - too many midget porn sites, so little time.
Did I wish for that.!?
I find the same in private companies.
In the larger ones, now mostly government parasites functionning like governments because their officers are government people like James Taggart, yes you're right.
In the smaller ones, you may ear "I'm real busy", but usually that's true and they'll take the extra work anyway.
When the missles fly, that's the time to short. (Not ERY though)
We can keep criticizing the Fed, or we can simply dismantle it, and return control of the nation's money to the Congress, which is where the Constitution says it should be in the first place.
Why don't we dismantle it.
We need to return the control of the money supply to the markets, not Congress. Get government out of the economy. Political control of the means of production is socialism, money is the ultimate "means of production". We need a commodity money that is outside the ability of any group to control or manipulate.
Becky Quick...She makes me sick...I think she has a little dick...she like to interview even smaller pricks.
that bitch is insufferable. such a mealy mouth cunt. her stupid interviews with Warren "the fraud" Buffett got me off that show forever. Haven't watched CNBC in at least 6 months. They are all cunts
I don't mind Becky. They can't all be Santelli or as good as Santelli.
I don't watch CNBC either but the reasons are the fact-free nonsense from the right-wing extremist bubble that is all Joe Kernan and MCC can bloviate about and, of course, the worthlessness, and noise level, of anything Kramer screams into his microphone.
If CNBC cared about their ratings, these three would be gone tomorrow.
agreed, they are all insufferable.
sorry a mistake on the last line. It should read "she likes to smoke even smaller pricks." (eh Warren B?)
on a brighter note i'm listening to CSPAN callers calling in and RIPPING apart the fed.
Ron Paul has enlightened many many people to their fraud
and sites like ZH are adding to that momentum
feels great listening to these calls. the newswoman doesnt even know how to respond to them lol
Can't wait to see the YouTube.
Bernanke is doing exactly what Santelli suggests. He's gonna leave things alone and let stocks and the economy recover on their own.
That is why gold is getting smoked, and the "acclaimed experts" at King World News are sitting at their monitors slack-jawed in amazement scratching their bums.
short gold. put your money where your mouth is
The only things short in RobotLemming's life are his attention span, his winkie, and the special bus in which he rides to school.
Facebook longs are getting blow torched. Many invested in the "new social media" site with their life savings and are being screwed. Morgan Stanley is incompetent in its valuation. Many banker-pimps are sittiing in their cubicles watching FB scratching their eye lids. LOL.
Widowmaker is short gold. Has been since October of 2011.
See ya in the 700's (easy money).
Hint: Coins can't light your homes or drive you to work like other assets with practical utility. But, you can hold them and cry when others take the other side -- PM's are emotional investments only, much more of a vulnerability than strength.
It does seem everyone got on one side of the boat.
A sure tell was when central banks began buying up gold, remember they were big sellers into the bottom, early 2000s.
That would explain my recent boating accident.
As usual RoboTrader, with all of the fuckle which drivels from your posts, again I had an extremely hard time masteurbating to your avatar. But alas, I pulled it through once again.
One word: MANIPULATED!
OK, OK, the raw-raw guys on King World News are at a minimum ahead of themselves for the moment, but having read the articles there, they're for the most part saying gold IS GOING TO break out of this consolidation, and honestly, it's still within the consolidation triangle and hasn't broken either way yet, so you might want to hold off on the 'gold is getting smoked' call until it actually moves one way or the other. Or at least, if you want to be on par with the KWN guys in terms of credibility, phrase it as a forecast - ie 'gold is GOING TO get smoked'. Because really, .5% down in a consolidating triangle in a long-term bull market doesn't qualify ias 'getting smoked'.
Well said, concise, and accurate. Why waste it on Robo? He's like Max Fischer / MDB..... just a gov't troll.
Left hand meet right hand...just dont tell anyone what it's doing...under that blanket...with your pants down..
Yea it was one call after another. Straight up people saying his assessment of the economy is BS. Average joe waking up.
We'll be eating each other soon.
Pending cannabalism is not a happy forecast, care to revise it?
"...The CYA, not-my-problem, someone-else-did-it, keep-my-job mentality when it's front-and-center in the most powerful financial entity in the world is deplorable...."
for once i agree with the chairsatan....it is not his job to fix markets.....god knows the nincompoop has been trying to do so for years without success - or more accurately rigging them for his bankster friends.....of course he is disingenuous because he has claimed all along that his pixie dust was magical but there is a point where his voodoo is overwhelmed with market realities....
i'd still fire his ass anyway - he is a perjurer and criminal all the same...
Need....more...brainzzzz...(no wait)...need...more...QEEEEE
Liesman is bald, fat and smug. Thats tough to pull off
You left off ugly
And stupid.
The wait for QE has reached it's limit IMO. Everyone is waiting which was the plan. Talk will no longer suffice.The next shoe falls soon.
Watch as the knife slices Bernanke's fingers off!
If he doesn't print before October he is going to have to print twice as much to catch that knife. When this market rolls over it is going to happen fast since there are no shorts to buy at lower prices.
There are shorts, just they are getting slaughtered.
http://www.zerohedge.com/news/nyse-short-interest-plunges-most-january-equity-outflows-hit-one-month-high
I remember thinking when the Chinese wouldn't allow shorts, how third world. Truth is they were at least intellectually honest about it, where we allow shorts and then game the system. It's broken, I just don't know how else to describe it.
My point is that there are fewer and fewer shorts that jump on every down tick. They are getting timid and tired of getting slaughtered. The thing about markets and politics is the politicians are too stupid to understand just how important shorts are to a "free" market.
"Don't fight the Fed" seems apropos to insert here.
I agree, thus my "It's broken" comment. Maybe they are becoming overconfident that the market isn't free enough to think the shorts are irrelevent, which should be about the time it breaks down, which is when it gets back to your point.
Also, the regulators at the SEC don't seem to understand (or care), since their solution to the HFT flash crash is to require/suggest/hope for reprogramming of the software to stop trading when stocks drop 10% in 5 min, or is that 5 ms? We're a long way from a free market.
Hence the falling knife.
And at this point it doesn't matter how much he prints.
Santa is correct in QE to infinity.
Who buys our treasuries, and where does the money come from?
QE never ended.....what the market waits for is a wheelbarrow full of it!
If you believe that the same amounts of printing will have the same effect, then you do not understand the whole point of attempting to inflate away debt.
Note* I have never seen this mentioned.
When you devalue the currency it takes MORE of that currency to buy anything..........that would include stimulus. Stimulus effects decline due to devaluation.
Without ever expanding debt Keynes fails. Absent takers of new debt, Govt. MUST step up and be the buyer of last resort.
Years ago our Govt. Debt moved from millions to billions, and to use a famous gaff "That was a big *#%~* Deal!" today we accelerate into $Trillions.
It is the same basic simple idea. The problem is that the accompanying medicine of choice is now virtually gone.......lower interest rates. We arrive at the Zero rate box. In this environment there is no viable paper alternative to the reserve paper save real items. The last hyp-inflation of note(Zimbabwe)saw other currencies as stores of value.
There are no straight lines till the fat lady sings.
Much weaving and bobbing comes IMO.
The Fed tolerates fraud so easily - perhaps, they have engaged in it for so long.
We need more QE Sleazing by the FED Airplane by no later than August so its not Political for SELECTIONS BY THE SHEEPLE 50% on foodstamps, welfare, crony bribes, and Govt made entrepreneurs, business owners, traders,
and job creators... small business owners 2. 6 Million; known as AKA SUCKERS...
the plane, the plane....heres QE 3 with Berflunky at the controls, Barney Frank steweardess. (not ariline attendant,
sucking Stewardess ......http://youtu.be/8V7z1l8t7hA
is liesman jewish???
He's Rusky, saw him in Moscow CNBS shoot speaking Russian.
He's both!
LIESman is the illegimate spawn of a Bernanke/Geithner buttsex session
What's astounding is that QE was introduced as an "extraordinary" measure to reverse strong deflation in 2009. Now it is an apparently standard measure to reduce unemployment and spur growth. Totally insane. How are they going to exit these measures without provoking a strong sell off in the markets?
I'm also astounded by how readily the Fed dismisses criticism that the absurd expansion of the monetary base will produce no harmful unintended consequences merely because it hasn't yet - i.e. Chuckie Evans. Shouldn't caution be the watchword when using unprecedented amount of an easing tool whose long-term consequences are not understood?
They can't exit the program. They know that. Not matter how many time they say they can. they never will exit.
We already past the point of no return.
According to Ben's testimony today, the Fed can exit anytime they want with ease. Sopping up the excess liquidity will be 'no problem'. Actually it was quite enthralling to watch someone sit there and spew such bullshit with effortless bravado while the lawmakers simply accepted it as fact. Surreal...
Unfortunately, Ron Paul's questioning was a simple dead end. I appreciate his efforts to get the 'terms' (inflation/deflation) defined in the lexicon but the reality is that we live in a C- world and only the A students can recognize the importance. If you aren't outraged, you aren't paying attention....sadly most folks aren't paying attention and C- populous is easily distracted by panem et circenses...
"If you aren't outraged, you aren't paying attention....sadly most folks aren't paying attention and C- populous is easily distracted by panem et circenses..."
All too true ...
Which is why the founders stressed the importance of an educated populace.
And a limited pool of voters. And which voters weren't permitted to vote for both reps AND senators. They should make the whole charade unicameral. Pah!
Every time I look at that ass, I forget what I was talking about....and I'm not referring to Liesman.
Rick shut steve up, amazing because man can he spin
Liesman is good for busting Buffets at Shoney's..nothing more
Ever since the Nixon era, from the factory building to the office tower, the American workplace and its Stock Market (DJIA/SP/NASQ) has been morphing for many into a tightly-managed torture chamber of exploitation and domination controlled by a Corporate Central Banking Cartel that pulls the strings.
CEOs make wild, unsustainable, and egregious sales forecasts. Accountants fudge numbers. Bosses strut about making stupid commands. Employees, trapped in debt and/or binded by the obligation to feed their families, are trapped by ridiculous bureaucratic procedures and must censor themselves for fear of getting a pink slip (or go on ZH to complain, like me).
Inefficiencies are everywhere. Government, corporations, unions, balance sheets.
Legislation is written by those who have never been voted into office, but bills are signed off by those who are (despite them not actually reading them). Bad management and draconian policies prop up the system of command and control where the CEOs and their underling bosses are Gods.....and the workers are so many expendable units in the Cog of the Machine, sacrificed to their anonymous shareholder arbiters, in the name of the centrally manipulated construct that is the "Stock Market".
The iron handmaidens of high unemployment and economic inequality keep the show going, planned by Alan Greenspan, who testified to Congress that he thought that "worker instability" would be good for profits and society.
How did this happen? Neo-Liberal Economists, and Neo-Conservative Tycoons, proclaim themselves as “free-market fundamentalists” and claim Adam Smith as their forefather.
They like to paint a picture of the economy as a voluntary system magically guided by an “invisible hand” toward outcomes that are good for most people. Professors at (overpriced) Universities who teach our youth, and pundits on CNBC, Buinsess Insider, and other MSM outlets, preach to the muppet populace and tell us that our economy is a system of equal exchanges between workers and employers, in which everybody who does her part is respected, valued, and comes out ahead.
Something has obviously gone horribly wrong with the social contract that used to provide a healthy life for Americans who chose to work hard.
Thieving CEOs get mega-yachts while hard-working Americans get stagnant wages, crappy healthcare, climate change, and unrelenting insecurity. Propaganda puts workers at each others throat via the left/right paradigm. Human potential is wasted, initiative punished, capital withheld, and creativity starved.
Instead of a invisible hand, our society gets invisible handouts (corporate welfare via bailouts, food stamps printed by JPM) as substitutes to keep our minds closed from the reality that everything is failing.
And we are expected the shut up, keep our head down, and serve our fascist corporate masters all in the name of the almighty dollar.
How anyone think this is sustainable, at CNBC, at the Federal Reserve, or in the White House......truly lives in a glass house full of ignorance, deceit, and opulence that will, one day, be blown away....if history is any indicator.
We all are complicit; but we are all not to blame. We all, however must fix it....or it, will fix us.
its all "sustainable" until its not - they will keep giving lip service until that doesnt work then they will give fake solutions and then partial real solutions that have expiration short term - it all a big joke
romney tax returns are a micro symbol of the general problem - once they open the kimono and everyone sees how bad the system is gamed - he knows there is no end to disclosure, analysis and the explainations - same with bernake and geithner and the banks - so the "just say no defense" is the only option in ALL cases
the criminal activity is soooo in your face that it defies any solution because it all goes straight to dimon or romney or whatever big face of the moment
CIO reports straight to dimon - libor traders in barclays capital straight to diamond - bain outsourcing and the tax returns straight to ceo/managing director - romney
Best post I have read on ZH in a long time!
and sadly, all they trumpet is "if we could just return to the good old days of 2003-2004-2005, everything would be fine".
Liesman is no match for Full Santelli.
I thought that was a re-run of DS9 there for a minute. Quark looking bitches.
Nobody in their right mind can believe that Bernanke will QE with the stock market at these levels. All he's done for 9 months or so is to say 'We stand ready'. At some point he will have to show it or shut up, and he WON'T do it when stocks are still over twice the levels they were in 2009.
DavidC
Dude, I keep telling you it's not about QE, it's about free money and no fear.
The Fed is owned by several bankers and Ben therefore has only one duty---to keep bankers in Fat Bonuses. So unless and until bank stocks drop (or banker bonuses are threatened), there will be zero QE...that's my take.
What Arnold said.
How did it come to pass that the people in our society that should be held to a higher standard, are in fact judged so leniantly? "It wasn't my job" would get you fired from most places in the private sector at least.
I point at you
You point at me
Incorporated fraud and racketeering
Always walk free.
I just don't understand why the congress critters are so cordial to Ben, do they not know the value of the dollar?, the current problems everywhere?, lies, manipulations and wars (No more WAR Please) and yet they continue to kiss ass.
Ben should be raked over the coals of his lies and criminal participation in this farce of the dollar (along with JPM etc)
and where is the Constitution in all this? Only Ron Paul seems to get it and no one else?
Thankyou ZH,
I have learned so much about what is going on thanks to ZH and the commentors who help to pick the bone.
Blessing to all.
Catherine Austin Fitts said we are witnessing a Leveraged Buyout of the world that will permanently end democracy. The elite has bought all the politicians and the media. They have stolen enough money to earn 2 trillion dollars a year from their investments. She said 2 trillion dollars a year is sufficient to fund a world government.
Catherine Austin Fitts: The Black Budget And The Leveraged Buyout Of The World Using Stolen MoneyWall Street and the City of London have been given more money in Bailouts than the total amount of money the United States spent on all of its wars. Wall Street was also allowed to steal 4 trillion dollars from federal spending that we are not allowed to audit. When she was Housing Commissioner in the first Bush administration, she once saw on one city block ten government guaranteed loans on buildings that never existed.
Separately from that Jim Willie has said when the Federal Reserve sells Treasury bonds, they sell more than the deficit. This fraud has added trillions more to the LBO Buyout fund.
As I have said previously, the banks are allowed to launder a trillion dollars a year in drugs, 400 billion dollars a year in illegal weapons and 500 billion dollars in political bribes.
Catherine has written and spoken often of mortgage fraud. The bankers were allowed to sell each mortgage ten times. The Federal Reserve has been busy buying fraudulent mortgage backed securities to keep the bankers out of jail.
She said we were all heartened when the House voted against the Bailout in 2008. The bankers reversed that decision through three methods. They were able to donate money and give bribes which most voters are aware of. They are not aware of Control Files which have all the blackmail information on politicians. But with government databases run by private military contractors and smart meters reporting on activities inside our homes to IBM the bankers now have Control Files on everyone. They also have the right to kill anyone with impunity.
http://vidrebel.wordpress.com/2011/11/10/catherine-austin-fitts-the-black-budget-and-the-leveraged-buyout-of-the-world-using-stolen-money/
I think Bernanke would be right to leave things alone. But I don't think he will do it, really, even if he says he will.
Leave things alone??? He will print money for the banks and to buy Treasuries. He will do it forever. Austerity is for the plebs. But he will need to print more and more, not just for the ZIRP weakened (but still very real) compounding interest effect but to make up for an expanding deficit as economic activity collapses and UST receipts with it.
He's not only printing it for the banks he's printing it for obama and his donor's and schummer savers be dammed!
WSJ: Fed Buying 61 Percent of US Debt
Sen. Schumer begs Bernanke to stimulate economy before November
For all the shit Santelli spews, he finally says something I can get behind, then the other dumbasses sit there dumbfounded and speechless. Because god forbid anyone on CNBC criticize the high priests of the fucking USD.
I'm a bit older than you youngsters. My average price on gold holdings is in the high 100's or low 200's.
I don't know or care. I have been very satisfied with both returns and saftey.
FUCK RICK SANTELLI, you are all being fooled if you think he gives a flying shit. Wake up! Manipulated much you fucking sheeple?
Benny prints the bucks but they don't stop with him.
Frikin Love Santelli