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Santelli On "Why Money Is Important" And A Trillion Is A Big Number
Fresh from his vacation with Mickey and Minnie, CNBC's Rick Santelli is back and mind-blown at the total cognitive dissonance of the fact that we just broke through $16tn debt. The relaxed Chicagoan summarizes, in words and tables that any Disney-princess-loving 6 year old girl could comprehend, why "a trillion is a big number" and while not dissing the first lady's speech, he notes that unlike her "money's not important to Barack" comment, when the number gets this big, it better matter to someone.
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Trillion Pocket Change
We needed to bail out the banks, and that was unfortunate. But now is the time to make up for the past by letting a small group of smart, trustworthy regulators to override the decisions of management. Consumers are not capable of, or responsible for, assessing which financial institutions to trust, so they need the government to do it for them. The government represents the will of the people by forcing them to comply with regulations. Under this system, risk is elminated and we cannot make bad choices because every decision is validated by the infallible moral judgement of the government regulators.
"trustworthy regulators"
Sorta like "military intelligence".....right?
I love MDB's performance art.
LOL ...
""" Under this system, risk is elminated and we cannot make bad choices because every decision is validated by the infallible moral judgement of the government regulators. ""
LOL ... HAHAHAHAHAHAHAHA ...
A billion minutes ago Jesus walked the earth.
A billion dollars ago at our present clip was 8 hours ago.
MONEY IS WORTHLESS, and Mrs. Odummer is correct - It doesn't matter, it's not worth anything.
MDB did good today.
Enter the SOUTH AFRICAN SPRING.
SA protesters have decreed the gold mines MUST BE CLOSED by tomorrow. Failure to shutdown the mines will result in death to mine managers:
http://mg.co.za/article/2012-09-05-miners-threaten-to-kill-lonmin-manage...
GOT PHYZZ?
The only people who seem to protest loudly are the fools who still have some skin in this racket.
Nigel and Rick should have a baby...
Rick, you forgot one thing.
To show how many trillion in Nov 2008, and how many trillion it'll be in Nov 2012.
That might be an important number too ... maybe next week
The gold mine owned by Nelson Mandela's grandson and President Zuma's nephew is also in the news for the shootings of 4 miners.
http://www.independent.co.uk/news/world/africa/now-four-miners-are-shot-...
Looks like the new boss is the same as the old boss.
I am from South Africa
We just doing our bit to correct the price of PM's.
Probably find the mines are nationalised soon. All depends on who is voted in next.
I was stacking until aliens came and took it away for there atmosphere.
MDB has his knickers in a twist. The banks "did bad" so we need to trust the perfect judgement of Regulators. Where was the perfect judgement of Regulators while the banks were piling on leverage, risk and debt?
Earlier MDB approved of bankers getting their foot in the door of political decisions. That's the exact same bankers that "did bad"
I'd question MDB's judgement but he clearly hasn't any
Hook, line and sinker.......MDB outs another newbie. Or is it a lack of sense of humor...
This is like the early scene in Shawshank redemption when the cons bet on which of the newbies is going to star crying first
I get 1 day to cut up. So I JUST DONT GIVE A FUCKING SHIT ABOUT FORMALITIES, bitches.
http://www.youtube.com/watch?v=eX9UurI-nR8&feature=BFa&list=PL1766AE15B0...
^ Sup now? Brass Tax taking names and faces, with pocket aces.
He keeps forgetting the /sarc.
"I love MDB's performance art."
Like a crucifix in a jar of urine, MDB leaves a steaming pile on a stack of crisp C-Notes.
YAWN.
Trillion USD Fiat Is Pocket Change, when the ACTUAL Debt
and Liabilities could be up to $200 Trillion according to many...
GOLD $50K...
Looks like at this rate ($3,401,360,544/day in new debt) our Federal Government will hit the debt ceiling around December 19, 2012. Repulibcan "conservatives" and Democrat "liberals" will, yet again (as Obama and Ryan and Biden has shown through their voting history) extend the debt ceiling with no cuts. USA! USA! USA!
I must admit, you are getting to be a pretty good troll.
did the USG get the Vatican to lend it some of its infallability?
what the hell are you talking about?!?!
Fuck You douchebag MDB....period.
Who on Earth would dare to junk MDB for such poetic wisdom...?
"infallible moral judgement" and "government regulators" in the same sentence...?
c'mon, who else but MDB could have pulled that off?
It's like aligning the postive poles on two magnets and somehow still managing to get them to stick together.
It's almost God-like.
You are wrong on every part:
a) we needed to bail out the banks (wrong) - let the losers die, criminals go to jail
b) trustworthy regulators (wrong) - ineptocrats taking bribes (election contributions)and picking winners over losers
c)Consumers not capable for assesing which financial institutions to trust (dead wrong .... are you just stupid?)
d)"they need government to do it for them" - wrong - Consumers are far wiser then regulators, they make decisions based upon their own interests
e) "The Government represents the will of the people" - are you kidding me or just stupid? (Look at popularity of congress) Why do you suppose some idiot would spend $10 million dollars or allot more for a position that pays a $160 grand per year .... unless it gave them an opportunity to rob the public, all under the guise of being "legal". You're dealing with psychopaths here.
f) risk is eliminated - wrong again (you raise the risk in the system anytime one uses "central planning" as the "few" cannot possibly understand all the unintended consequences - hence just how do you suppose we got here with credit default swaps, home ownership bubble, dollar devaluation ecetera (these are all policies designed by central planners to run the market in a direction opposite of natural forces).
g) "infallible moral judgement of government regulators" - now I know you are either a communist, socialist, or just a brainwashed government shill.
you are a government shill. Are you paid by the government to make these comments? Are you one of these "intellectual" idiots at a university, who is supported by my tax dollars for something I would not hire a person to do?
That was some funny shit there!
Come on now MDB is expressing "Eloquent Sarcasm"
Vote 1 MDB ....he cuts to the bone
He is my daily laugh and not the same planet as that other Wanker - Robo Troll (where is that smug fuck any way...... banned by his Mum from posting I guess)
"We needed to bail out the people, and that was unfortunate."
What is "Things you will never hear from a Statist Liberal"?
I'll take: "Hypocritical Liberals", for $800, Alex Trebek.
Press Cntl P enough times and it will be.
No. They need a script to run that. Pressing CntlP a trillion times would break the finger, keyboard, and countless printers...Trillon is just too big for a mechanical device to handle.
Pocket Change You Can Believe In.
Santelli cannot be right and he is annoying because he doesn't worship Barack and Michelle the most wonderful parents and the two best Chicago lawyers ever therefore a $16T debt is good.
I see that a majority of readers worship the Obamas too. I like Santelli better.
Good parents don't lose their law licenses. Father doesn't have hiested SS Card and forge Draft Card.
So...if I follow...a trillion is a large number....and following that discovery....16 trillion is...bigger?
Yeah, it's like...a HUNDRED times bigger!
lol, +16
It'll be like 911 times 100.
Omg, that's... yes... 91,100.
AMERICA!!!! FUCK YEAH!!!!
<--< YES
<--< NO
slewie opinion poll: should US Mint-produced gold and silver coinage be restored as LEGAL TENDER in the US as per the US Constitution and not subject to the fuking "collectibles" and OTHER TAXES?
yes or no? VOTE!
...please... L0L!!!
Speaking of digital currency:
Bitcoin theft causes Bitfloor exchange to go offline"One of the biggest Bitcoin currency exchanges has been taken offline after 24,000 units ($250,000; £157,800) of the virtual currency were stolen from its computer servers."
http://www.bbc.com/news/technology-19486695#sa-ns_mchannel=rss&ns_source...
Stick with GOLD & SILVER!!!!!!!!!!!!!!!!!!!!!!!!
Bitfloor just left their Bitcoin laying around on the floor basically, if you did that with gold or silver someone would take it from you as well.
Gold and Silver are great, but I can't pay my programmers in Jakarta with it, with Bitcoin in a few minutes my programmers know that I've paid them and they are happy, no stupid paypal, no wires, no banks.
Sure Bitcoin has it's issues, everything does, one thing that will fix a lot of these thefts is the new feature that requires multiple signatures for transfers of Bitcoins, of course you have to implement it, so who knows if people like this will.
Hah. Hope they had a dye-pack on all that dough.
All they have to do is ..... steal it back? It's all ones and zeroes ...... "rehypothecated ones and zeroes".
Money is never important.....When it's not yours.
Well, at about $140,000 per taxpayer, it is your money, I mean debt.
Thank you congress for your largesse.
Then I guess it is important.
at 286 days to go from 15 to 16 how many days to 17 and then 20?
$3,401,360,544 a day since the $15 trillion mark was passed on Movebmer 16, 2011 (294 days ago). About $3,401,360,544 a day?
fewer than 286 ..... and if interest rates rise ..... far, far fewer. You will get to know exactly what "juice" is from.
It is logarithmic.
It's not mine...mark my words.
Well I stopped being a taxpayer about 3 years ago when I quit my job, handed the underwater house back to the bank, and took my 401k out of the markets. Going Galt bitchez! Fuck'em one and all!
I guarantee I'm not the only unintended consequence of bad monetary policy. Who's willing to pick up my share of that debt now?
And the Feral Reserve wonders why things aren't recovering. Hahahahah
I didn't inherit that! somone else did (said as he reaches for the Jonny Walker)
system is filled with a trillion lies and deceptions....bullish .buy evrything
"Fresh from his vacation with Mickey and Minnie, CNBC's Rick Santelli is back and mind-blown at the total cognitive dissonance of the fact that we just broke through $16tn debt."
Wait until they double the debt in one fell swoop to pay for SS and Medicare. THEN you will see cognitive dissonance.
Nah, the true CD is when they double the debt, but don't bother to add it to the books, yet still claim they are squared.
All with a straight face.
1 trillion goats would do better than congress
Potted Plant, 2012
Mr. Plant, what is yer position on abortion?
Are you gonna get to the root of the Gay Marriage issue?
Graph the debt by year on an x & y axis.
Unless the U.S. truly slashes its budget by a genuine 25% (and that's just not going to happen so long as the government is as deeply captured as is now the case), in a decade 16 trillion will look as relatively small as our 3.5 trillion USD debt did in 2002.
What politicians now call "budget cuts" amount, at best, to a deceleration in the growth of spending, and at worst, a total lie that attempts to deny the fact that spending is still increasing in absolute terms.
The U.S. is spending 40% more than it takes in. There's absolutely zero indication that anything will change this pattern.
The debt will never be tackled until it has to be. And that's going to be a truly painful moment.
you dream
the debt will never be dealt with....the plan is hyperinflation....it has worked 56 times recently and it will work again...nominally you will be fine...
That's a fair point. I've not been able to model any scenario whereby the U.S. can service its interest payments on its debt, let alone retire any significant portion of the underlying debt, absent high inflation (aka currency debasement).
I may be overlooking something critically important in the new race-to-the-bottom/least-ugly-fiat-in-the-show global economy, however, and am keeping my mind open on the implications of the currency wars.
I think that is FUUUUUUUUUUUUUUUUCK! That's with 16 U's
Step 1) Balance the budget for one whole year
Step 2) Take it from there
Step 1) Pass a budget
MDB is back - more hilarity ensues!
Where was Santelli at $5 trillion, $6 trillion, $ 7 trillion .... a bit late to the party. Didn't Reagan say 'deficits don't matter", at least that is what Bush thought as he blew a balanced budget to fight two wars on the credit card and give tax cuts to the 1%.
Success - another village's idiot found!
In the late 90's / early 00's the Federal Reserve began worrying about the affect the surplus would have on Treasury debt outstanding and how a reduced supply might impact how the Fed conducts monetary policy.
A little bit of guns and butter later and the problem was averted
It was Dick Cheney who said deficits don't matter.
He credited Reagan with that discovery, although it's likely a misattribution. They did end up reversing some of the tax cuts enacted during Reagan's first term.
This is the lie that will not die.
Here is the history of the debt.
http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt.htm
It has gone up every year since 1958.
Note:”Includes legal tender notes, gold and silver certificates, etc. ”
If you are reckoning debt you don’t just count the bank loans but the credit cards, iou’s, pawn tickets and the mob marker you’re paying the weekly vig on.
it's only clownbux
Wasn't it just revealed, in the Fed audit, that the Bernanke handed out just that amount, $16 trillion, to the banksters, domestic and foreign?
Yeah, but that's different!
I guess I'd need an Ivy League Econ Phd to understand. I'm glad we have really smart people taking care of all this.
it's not REAL money. It's electronic. big difference.
Edit: In reference to deficit spending...I've said this for years, you lose your job, go and take the family to mom and dad's finished basement/spare room. 3000 square feet for all is a f'n joke. Let brother's buy with brothers and split a house. People adapt, they'll manage.
The people adapt, they'll manage crowd hasn't explained how they manage without food when oil scarcity keeps trucks from filling grocery store shelves.
And don't reply that "we used to get along without oil", because that was 1 billion people, not 7.
I am talking about adapting to losing ones job, bringing in less income, or no income at all. Oil scarcity/depletion is another topic alltogether.
not with this country's zoning and occupancy laws.
Love Santelli. At least he isn't one of the "We are better off than we were 4 years ago" crowd.
Fed debt up 50% under Obama (although Bush was no slouch either).
http://confoundedinterest.wordpress.com/2012/09/03/obamas-record-on-the-...
CONgreff controls the pursestrings. LEAVE OBAMA ALONE!
are you the blonde who insisted we LEAVE BRITTANY ALONE?
http://www.youtube.com/watch?v=y0V1vzl2wu0&feature=related
If that is true, then credit for a surplus in 1999 goes to Congress, which was GOP controlled.
fine, i don't care who gets credit/blame for what
CONgreff controls the pursestrings. LEAVE OBAMA ALONE!
Sure they do, when they get a 2000+page Health Care Bill shoved up their, and our asses..................and 48hrs to digest it.
Plus da bitch can Veto it,correct?..............
racist :P
http://www.youtube.com/watch?v=AbULBAjstBA
If you could punch ONE central banker in the face who would it be??
blankfuck.. hes got a jerkface
The man bears a striking resemblance to Wallace Shawn's character of Vizzinni in the movie "The Princess Bride."
Can I choose Jamie Dimon instead. That fucker needs the shit kicked out of him.
It would be fun to mess up pretty boy Dimon's face. Blankfuck is already an ugly fucker
can we choose a central banker's mama?
pick his daddy and punch him in the berries. make sure he doesn't reproduce.
long bernanke doppelgaengers
One fucking banker?????
How 'bout all fucking bwankers?
And here, I am at the front of the fucking cue, with a nice big bat. Cunts
Pound 'em in the gut with a sack of oranges. They'll never shit right again.Or if you wanna get creative, break both the arms. They'll be unable to feed themselves, dress themselves, wipe themselves, scratch their nose when it itches....bitter will be their tears.
That's easy William Patterson...the father of them all.
Fuck You Bernanke I would like to kick you in the dick until you cry like a sissy
I'd like to gouge Jon Corzine's eyes out with a sand wedge, then socket fuck him until I'm exhausted and need a nap.
Slightly off topic question: why is marketwatch running headlines like "euro rallies on bond-buy talk"
Surely printing euros is a negative for the currency?
It's gonna be 'sterilized' bond-buying, silly. No printing involved.
That's what Draggy said, and we believe it!
A trillion is not a big number.
A Quintillion is a big number!! Everyone knows that.
A brazillion is even bigger. Google it.
this whole to-do about a trillion being a "tremendous number" is misplaced. a trillion may be a big number, but the federal governments revenue is over 2 trillion a year and the gdp is 15 trillion a year. its not as if a trillion dollars is some unheard of sum..........the problem is the debt is 7x the revenue, and interest on the debt is increasingly eating away at the revenue...........................and there are hundreds of trillions in unfunded liabilities. now hundreds of trillions......thats a big sum.........
I wonder if it will all blow up before the first Trillion Dollar PowerBall?
If my odds of winning are still 1 in 175 million, then I'm throwing a trillion at it. cash money. I can buy one of every combo and it will only cost me an hour's wages.
If I won that, I'd buy nothing but silver.
because market watch is one of the many paid propaganda machines... dont believe a word they say. except Farrell. hes the only one who has a clue.
Carl Sagan x 1000
Carl just didn't think big enough! "Billions and billions" is so 1980's.
Santelli rants, and honest analysts wail and gnash, but 1) who is really listening AND UNDERSTANDING, 2) who CARES, 3) who in the pathocracy is going to do one right thing?
You watch that video and consider its full ramifications, and intelligent people here can quibble about details, but the most important point that even Santelli seems afraid to stress is that THE GAME IS OVER ALREADY. THE SYSTEM IS COLLAPSING ALREADY. THERE IS NO GOING BACK. It's just a matter of time before the breakdown manifests at street level. God help us, because "regulators" sure didn't.
I think the plan is to try to run out the clock that's counting down to the next World War.
If the US gummit manages to keep the citizens subdued/placated until AFTER the Eurozone and China burst into flames, they can probably strongarm some new global financial hegemony. It was a simple enough plan to come up with even way back in '08.
You make a good point. Henceforth, replace the word "Regulator" with "Enabler."
The wheels have been greased for something TERRIBLE.
I have an aunthentic Zimbabwe one hundred trillion dollar bill that I am willing to use to pay off the nation's debt, since I am a fine patriot. But I want my change back. I'll take half of it in nickles if you don't mind.
Santelli left out my favorite: If you tied lead weights to all the bankster's and put them at the bottom of the sea; sea level would rise 1 trillionth of an inch. No really, it would. Please, try it.
In other news
"Tax Court Rejects Geithner/Turbo Tax Defense"
http://taxprof.typepad.com/taxprof_blog/2012/09/tax-court-rejects-geithn...
It's not crime when we do it.
FOOTBALL!!!!!!!
Wait, what were we talking about? Something involving my children and debt slavery? OH! The nachos are ready. MMMMMMMM......NACHOS.
And beer - don't forget the beer.
BEER BATTERED NACHOS AND FEAR BATTERED CHILDREN!!!!!!!!
FOOTBALL!!!!!!!!!!
FOOTBALL!!!!
Bread (food stamps) and Circuses (50 Shades of Gray for females, FOOTBALL!!!! for males) in the 21st century.
To: Ar-Pharazon
You were right and I was wrong regarding who attacked who re: Iran/Iraq in this mornings spirited discussion on nukes etc.
Good catch, my bad.
Habu
Santelli didn't care about a three trillion when Bush started the Iraq war, and he did not care about $140 billion when GE the parent of CNBC was bailed out to save his job. So fuck you two face!
for the record, santelli is a cnbc whore. he's the "fair and balanced" offset. he would suck paulson's dick for $1. dont be fooled by this bs. im even starting to wonder about zh. i have lost 500k listening to their daily gloom and doom. opinions are cheap!
Sometimes gamblers win and sometimes they lose. When you borrow 1.x trillion every year and blow it to keep the economy from correcting a market will no longer function as it once did. No one knows how long the chirade will last but it always lasts longer than one might imagine. Don't blame anyone but yourself for losses in this casino, except maybe the people who are keeping interest rates at zero FORCING casino participation for yield.
Why are you taking MDB's investment comments as ZH advice???
rick santelli is a moron... here is a must read article
http://www.businessinsider.com/how-bill-clintons-balanced-budget-destroyed-the-economy-2012-9
M-I-C.........SEE YOU REAL SOON
K-E-Y........WHY BECAUSE WE LIKE YOU
M-O-U-S-E
So, on to $20 trillion soon. As the first lady says momey doesn't matter, she have Benny Bernanke print some more up.
In the mean time Moodys and Fitch continue to rate the US credit as excellent.
Moody's and Fitch were bankster whores when the CDS garbage was rated as AAA. Now their whores again.
only things i remember from that girl are
1. she wasnt proud to be an American
2. i should eat better, even though she weighs more than me
and now 3. money does not matter
The Oogieloves' box office take was an extremely small number ... which proves that in a year when movie attendance was already down, product lacking a clear franchise is product nobody's willing to take a chance on.
People are broke. They barely go to the movies anymore, and when they do they expect top-quality entertainment and are not willing to go to something second or third-tier, even for a matinee showing.
The $16,000,000,000,000 number matters, but not so much as the $8 that isn't leaving the public's pocket because the public isn't doing well.
Fix the latter, and the former becomes academic. Fail to fix the latter, and the former is just one more weight crushing down on the people.
Trillion? That's soooooo 20th century!
I keep my spare change in a big plastic jar labeled "Change You Can Believe In". CYCBI and I are headed to the credit union to offset the cost of the car battery I just had to replace.
I guess a trillion is still a big number. Zimbabwe kinda took some of the luster out of it.
It does completely amaze me how much money $20.00 is and a million dollars isn't.
tick tock tick tock, up goes the debt clock
where it stops no one knows, though it'll likely be when it implodes
In a good year American Express (a Dow Jones 30 company) posts profits of $2.5 bln. So, it only takes 400 American Expresses to make $1Trillion. No problem, huh? We must have what? millions of companies like that? No? Thousands? Hundreds? 30?
16 trillion seconds ago, the last of the Neanderthals was dying out. Except those who today are operating the Fed and the other instruments of state, of course.
Meh. How about everyone over 18 would have to slave for almost 2 years at median incomes to pay it off. Why doesn't Mr. Creosote blow up already.
Don't like money? The Bammer makes $50-100,000 a month selling put options. Mamma O is lying to protect her hubby again.
What's the fuss??? a Trillion is the new Billion.
Nothing to see here ... back to your oar, slave.
I have grown to prefer "a million million" to a trillion; 16 million million $s of popularly known national debt.
Obama's a shit bag and all, but what-up with congress? How is it that an out of control nut gets the blame when 20 20s legislatures get so little blame?
People who are focused on slinging blame generally prefer to find a single person.
Guess it's just never as satisfying to say "it's THEIR fault!" as it is to say "it's HIS fault!"
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SIXTEEN TRILLION in US debt ? Sooner or later we will all know the definitive experience of unitended consequences . . . . though they will all be the natural components of the natural laws of economics.