Santelli On 'The Smoking Gun'

Tyler Durden's picture

In a follow-up to Liesman's earlier rebuttal, CNBC's Rick Santelli just reiterated his earlier sentiment that the comments that Mr. Bernanke made earlier were indeed the "Libor Smoking Gun". While Bernanke tried to eschew the matter by claiming the low-level Fed employee was clueless (which from the transcript she was seemingly clued in enough to understand the rate was not 'accurate'). As Rick notes in Bernanke's own words: "the manipulation of rates was a little bit low by certain banks but they just wanted to show they were healthy during the crisis" - unbelievable! "What are regulators for?", Santelli exclaims: "manipulation is manipulation!" Indeed, Rick, indeed.

Must watch 100 seconds of eye-opening reality TV.

Our simple perspective is - if they are so comfortable with this kind of manipulation, then what other conspiracy-theory-based manipulations do we think are actally possible?

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Precious's picture

If we can trust Bernanke, who can't we trust?

Doña K's picture

This is no your face; I rule the financial world and there is nothing the pleabs could do. Next question

Joe Sixpack's picture

Yes, nice Mr. IRS man/woman/Pat, my income estimates were just a little low, but I was trying to show I was doing badly in Bernanke's economy.

 

Try that one.

hedgeless_horseman's picture

 

 

The Fed is the biggest rate manipulator in the history of the world.

ToNYC's picture

It's all good when you work for Captain Renault. Ben bends for every Banker.

Spaceman Spiff's picture

Probably should be amended to they 'fuck you for a fee.'

Buck Johnson's picture

And keep doing it for free even when  you bleed.  This smoking gun shows that they are comfortable with stuff like this, what else are they comfortable with?

Dr. Richard Head's picture

How many licks does it take to get to the CDS center of the derivatives pop?

Let's find out, Ah one.....ah twooohoooo.....ah three.  Three! (interest rate that is)

Stoploss's picture

Let the lynchings begin...

 

Time for street justice, i don't think it will take too long.

vast-dom's picture

LET'S KEEP THIS SIMPLE: IF BERNANKZI ADMITTED AS HE DID THAT HE WAS AWARE OF MANIPULATION AND HE DID NOTHING ABOUT IT, THEN BY LAW HE IS COMPLICIT AND GUILTY. END OF STORY.

NotApplicable's picture

Also by law? By being on the board of the BIS, he is fully immune from prosectution from ANY governing body for any actions taken in service of it.

End of story.

JLee2027's picture

Jefferson comes to mind: "Tyranny is defined as that which is legal for the government but illegal for the citizenry."

 

 

vast-dom's picture

being immune and being not guilty are mutually exclusive. 

 

you have a problem with any of this? then email Bernanke and the fed directly at their fraud division:

 

Federal Reserve Consumer Help: ConsumerHelp@federalreserve.gov

 

 

agNau's picture

Corzine's crime seems quite petty now.

El Oregonian's picture

No, it just means that the rope can be just a tad thinner. Nothing has changed, they all need to hang...

Michael's picture

Everyone agrees every market is manipulated.

Let's have an immediate audit of the Fed with the understanding their hands will not be tied by legislation until after the complete and total worldwide economic collapse.

However, fairness in the current playing field will be restored by publishing in real time all manipulation occurring in all markets so everyone in the game can benefit, not just whales.

Sequitur's picture

"I never intended to break any rules."

- John Corzine

boogerbently's picture

Surely,

If Corzine had commited a crime, there would be some trial/hearing/investigation?!?!

Benjamin Glutton's picture

Isn't this just another attempt by BOTH Bernanke and Santelli to shift focus to the crisis period when in truth these crimes span MANY MANY years and various motivations?

 

never stop reminding these apologists that it is not just about 2008!!!

Silver Bug's picture

Santelli is one of the few on financial tv that is still willing to speak his mind and tell the truth.

 

http://ericsprott.blogspot.ca/

boogerbently's picture

In front of congress, on nationwide TV, Ben admits to knowing about the manipulation 3 years ago, and the ONLY one to HEAR it was Santelli.

WTF

boogerbently's picture

Congress didn't even recognize the "admission of guilt"!!!

Al Gorerhythm's picture

Could you please inform us, one day, on how you would like us to regulate you. Thank you for your patience in this matter.

Yours Obediently,

Congressional Banking Over-sight Committee.

Dingleberry's picture

ANYTHING that comes out of the CIty of London is a fraud.

RagnarDanneskjold's picture

What about the peanut guy wearing the top hat and the monocle? 

TheGameIsRigged's picture

GO 'HEAD Santelli - tell the TRUTH

azzhatter's picture

I don't need no steenking regulators, I'm Ben "the maggot" Bernanke

Xibalba's picture

What's the VIX anyways????

Mr Lennon Hendrix's picture

It's that shit that ravers use when they get high.

Debtonation's picture

Let's not forget who the biggest manipulators of them all are: The federal government, the Federal Reserve and the main stream media.

Mr Lennon Hendrix's picture

It was just a widdle bit of manipulation!  What's wrong with a widdle bit?!

Calculated_Risk's picture

I tried the same argument.. C'mon baby it's just the tip! Only the tip!

RiotActing's picture

Why the fuck does ZH contiune to bob on Santelli's nob? FUCK that guy. He's a fucking shill that should be hung with the rest of them.

NotApplicable's picture

While I'm no fan of the "Chicago School," Rick does a good job of making Liesman (and Krugman) look like the clueless toolbags they are.

I consider that to be a very valuable service, especially since it undermines the crux of CNBS.

RiotActing's picture

Are you high? It looks like others are as well. This is like trusting John Stewart is giving it to us straight. You all are a bunch of fucking idiots if you think Santelli has anything but his own self instrests in mind. FUCK RICK SANTELLI. Again, Does his fucking mother work here?

RiotActing's picture

BTW anyone that can tie their shoes know what's up with Liesman and Krugman, why the fuck do we need an asshole in a suit to tell us what we already know?

IndicaTive's picture

Get out much? As long as Santelli is talking to my brother, sister and everyone else with their heads planted firmly in the sand, he's doing an OK job. He's not talking to you.

RiotActing's picture

Pull your head from your ass much? You are hoping CNBC is going to tell it how it is? Rick is in for the good of the people? Give me a fucking break.

azzhatter's picture

Did Santelli run over your dog or something?

fuu's picture

It's the new guilt by association campaign. Santelli is a shill - Zero Hedge posts Santelli - ZH must be a shill.

insanelysane's picture

RiotActing must be Santelli's ex wife or something. ???  or maybe just Cramer or Liesman's username.

Benjamin Glutton's picture

actors who yell while they are pretending to be journalist patriots are often being honest about something.

boogerbently's picture

Ha, Ha, HA

How much did you lose in this market? Whining biotch.

Santelli is the ONLY bobbing head calling them out, and you're too STOOPID to appreciate it.

 

tmosley's picture

I know several people who can tie their shoes and yet read Krugman like he's some sort of genius.  These same people happen to be professors of hard sciences (and liberals, of course).  These people are good friends of mine.

GeneMarchbanks's picture

Giant issue. Let us talk about it some more to make it go away.

MsCreant's picture

Wow. 

I get that pissed too.

Al Huxley's picture

Hey, it worked for Europe's sovereign debt and bank insolvency problem, why not here?

lostintheflood's picture

but retroactively, there was no manipulation...