Santelli vs Liesman Cage Match: TARP, Counterfactual Armageddon Edition

Tyler Durden's picture

We heard it then and we will hear it again (soon we suspect) that unless some huge liquidating bailout event occurs, the world will no longer exist as we know it, iPads will no longer toast pop-tarts, and American Idol will cease to be. The M.A.D. argument remains the go-to move in the government's playbook and Rick Santelli jousts with Steve Liesman (and new glad-man Scott Wapner) in this heated exchange over the reality of TARP's saving the world (from what) and the precedents this sets going forward.


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Pladizow's picture

Lies-Man is the Fed's/Mafia's consigliere!

Clueless Economist's picture

Mr Liesman is one of the country's most esteemed economists.  Why he is wasting time arguing with an unwashed idiot like Santelli is beyond me.

If Santelli ever gets in my face, I would just show my credentials including my Nobel Prize and ask him how dare he challenge me.

Fluffybunny's picture

The krugman avatar makes this so much more satisfying

nope-1004's picture

Bobble head LIESman said that "from everyone he talked to in the financial world, they all thought the system was going down".

Question now is:  Has the system been repaired Steve?  We bailed out banks, padded Wall Street bonuses, sent money under the table to bail out EU banks......  has it been fixed?  If so, why hasn't housing recovered?  Why is debt/gdp rapidly rising?  Why isn't unemployment coming down to where a "repaired economy" should be?

LIESman just blathers but can never back up a single statement he makes.  It takes intelligence to do so, and that's why American TV is so popular:  viewers want entertainment, not an intellectual discussion.  LIESman fits right in.

jayman21's picture

LIESman is just a parrot.  Sorry to all the parrots who actually have critical thinking skills.  He cited one of my favorites among the parrots, the TARP money was returned and the world did not end.  I turned off the lights before I went to bed last night and the world did not end.  I need 800 billion to turn off the lights every night or else.


Let's not forget 800 billion was returned, but how much was borrowed from tax payers so the parrots can correctly tell us TARP was paid off.  Last I heard they borrowed trillions to pay off billions.  Only on CNBC does this make sense.  It is entertainment. 

Hober Mallow's picture

Santelli is right in one thing: government should hve never created TARP.

It would have been depression but thats ok.

The system has to clean itself, otherwise you accumulate this shit until you can't control it anymore.

Long term TARP is a really bad idea.

benjamin_1114's picture

Steve "Dirty Knee's" Liesman is a puppet, I'm so sick of listening to him

rlouis's picture

Wilbur Ross is a Rothschild man.... 


google, or for the sanitizted version :

Jack Napier's picture

TARP shmarp. Howcome nobody is talking about the $16 Trillion that banks got UNDER THE TABLE when TARP was going on? The MSM wouldn't dare mention that, not even our boy Rick.

eatthebanksters's picture

If you could organize your industry to get the government to buy $2.5 trillion of worthless shit at par and then have access to unlimited $$ at negative rates because the world was gonna end, wouldn't you scream that the world was about to end?  Nice scam...

Michael's picture

We should have a "TV News Press Bulling Law" against TV news reporters and their networks engaging in brainwashing techniques used on American citizens.

Doña K's picture

Liesman is right the world would have come to an end. The banksters' world.

But just beyond this comment though, IMHO the financial world will come to an end. I am not sure when but unwinding trillions of derivatives ain't gonna be pretty.

Roger O. Thornhill's picture

Iceland didn't go along with the ponzi/fraud - and look the whole island blew up!

...oh wait, it didn't.

Fascinating how Iceland is rarely mentioned by the mainstream(shill) financial press.

Bwahaha WAGFDSMB's picture

Why?  Because no one factors in the Hubbard Curve, that's why.

Chuck Walla's picture

The krugman avatar makes this so much more satisfying.


Totally agree, but a steaming pile under it would be perfection.

azzhatter's picture

LIESman's degree is in journalism. He is a dickhead and citing Chairsatan is a joke. Bernanke still can't figure out what happened to housing. And Geithner can't even download Turbotax

thedrickster's picture

His bachelor's is in English from University of Buffalo, sounds like a great economist to me.

Tarheel's picture

are you insane??

Leisman is a simpleton talking head who is wrong far more often than he is right and is NOT one of our county's most esteemed economists. Get your head out of steve's ass and wake the fuck up!

YC2's picture

Check the username and pic for more context on that comment.



AlaricBalth's picture

Our country's most "esteemed" economists are the idiots who got us into this mess. Ben Bernanke, Paul Krugman, Larry Summers, Glenn Hubbard, Fred Mishkin, etc. Liesman is just a journalistic hack who spews whatever swill the Fed is trying to sell us. 

Chuck Walla's picture

...Liesman is just a journalistic hack who spews whatever swill the Fed is trying to sell us. 


Sorry to correct you. He is "spouting" whatever his bosses tell him to huck. That he believes it helps make the hundred thousand dollar paydays go down easier.  Even going down on his masters....

Doña K's picture

@ Clueless economist

I guess you got junked because not too many know that your post was sarcasm.

Roy Bush's picture

Fuck all those guys in the studio....bailing out corrupt banks who deserved to go bankrupt and claiming that the world was going to end.  They remind me all of piglets at the tit of the mother sow (aka the Fed and Treasury). 

All the while these types steal our savings through inflation and money printing.  Think of the poor sod who digs ditches all day while these fuckheads discuss a "mere" 700 billion dollars.  The poor ditch digger is nothing more than a slave....check that, we are ALL slaves.

eatthebanksters's picture

What's really sad was the missed opportunity to reign these guys in (the TBTF banks)...they were on their heels and one party controlled the house the senate and the executive branch and they failed to reform the largest organized crime racket in the history of the world.  Unless the Republicans win control of both houses in congress and the white house and CHOOSE to do something, this charade will continue until it blows up in our faces.  Think about it, Wall Street has grown so big and powerful that they have the money to move elections one way or the other, and politicians know it.  Wall Street is gonna support whom ever supports them and if we have a split congress or executive branch, no one will make a move against these guys knowing that the support from Wall Street will go the other way.  The only way to neuter these bastards is to win control of Congress, the White House and then have the resolve to act quickly and cut these guys nuts off.  I doubt it will ever happen...  

Meanwhile, on Main Street the little guy is hosed.  Viva la revolucion!!! 

DaveyJones's picture

CNBC / Onion Headline: "Stocks Offer Best Opportunity in a Lifetime: Goldman Sachs"

Notice, they didn't say a human lifetime  

boiltherich's picture

I saw that too, and noted that in the very next sentence they said stocks were the best opportunity in a generation.  But, I say Santelli is probably going to get called on the carpet again for calling bullshit on the propagandists in the studio in New York, who were genuinely pissed off from the looks of it.  Rick might be a part of CNBS but of all of them he is the only one I ever heard speak truth even if that is a lot less frequent than it should be, I am actually amazed that he has been allowed to take a populist position ever.  Too bad there is not an alternative to Bloomberg and CNN and Fox and CNBS for financial and market/political news, like a ZH Network. 

Bawneee Fwank's picture

Zero Hedge TV (ZHTV)...Great Idea!!

What network would air it though? 

J 457's picture

RT for 30 minutes M-F.  I'd watch.

LongSoupLine's picture

No one, other than Tyler, has mentioned Scott Wapner.   He pissed me off more than LIESman with that smug "you're an idiot" attidude of his.  I want to punch his pretty f'ing face with a 2x4.

Blankenstein's picture

Agreed.   And not sure where he gets that smug "I know more than you about this" attitude.  He is a hack reporter with a bachelor's degree in history from the University of South Florida.    

azzhatter's picture

good point, I'm so fucking hacked off at listening to journalism fuckers masquerading as knowledgeable economists I forgot what a piece of excrement Wapner is. He gets a beat down too

theXman's picture

What do they mean by "World comes to the end"? Japan got nuked, NY got 911-ed, the world still goes on. Without TARP, let's say DJI drops to 4K, why would the world come to the end? Many a career on Wall Street would come to the end, that's for sure. But why would the world stop going? It does not make any common sense.

In the end, it's not TARP, but the bailing out of AIG saved Wall Street's ass. That deal costed tax payers about $200B. How much of that money has been returned? Also, Federal Reserve took those toxic assets off the banks' balance sheet with diluted USD and made the banks look healthy. Compared to those two, the rest of the measures were insignificant.

Those so-called experts are either liers or idiots or both.

dirtbagger's picture

What they mean but don't say is "The world comes to then end"  for a handful of corrupt bankers.

Augustus's picture

Fed just sold off a bunch of the AIG assets at a nice profit.  They also took over the company and made some loans at 8% to AIG.  All in all, it was the AIG shareholder who got the ripping in the deal.  Of course, GE got about the same benefit from the Fed at rates in the range of 1%.  That explains the news coverage coming from CNBC and the live coverage whenever Obama delivers his pile of lies.  All for fairness.

Madrid2020's picture

Actually, this aptly named pundit,receives his daily talking points directly from the WH Communications office every morning. Obamatron of the first order.The type that will proudly go down-on the ship of course-for his dear hopemonger.



VulpisVulpis's picture

Liesman lecturing Santelli on "humility" by citing the 'experts'  -- hilarity ensues

VulpisVulpis's picture

Sorry, I forgot to call Liesman an asshat.



Lost Wages's picture

Liesman wants Santelli to be a better slave.

ShankyS's picture

Why does anyone watch this shill shit anyway? I tuned them off months ago and enjoy my mornings much more without them. Seriously, WTF do they bring to the table? What benefit does watching this crap add to anything? Turn 'em off! You will thank me. 

lunaticfringe's picture

Agree Shanky. I stopped watching CNBC months ago. Absolutely sick of the anti gold, buy equities spin day after nauseating day. Even if I were actively trading again, I wouldn't turn that shit on. I wouldn't want the distraction.

BeetleBailey's picture

The data feeds are OK.....just mute the sound....MUCH better that way. The only data "feed" you can't mute is the insipid "headlines" that some geek in the control room writes on the fly, such as;

Bernanake: "All will be the light". Or Buffet: "I see growth returning big time".


Liesman is a pervy looking stooge. He is an asshole bar none. Santelli eats his lunch regularly. Of course, Santelli reports from the CBOE....a true traders pit, while Liesman reports from some liberal lounge in Hoboken - or Obama HQ.

LoneCapitalist's picture

I watch them just so that I know what the sheep are being fed.

Hippocratic Oaf's picture

Unfortunatly, I have 4 screens in my face at the office. Our bank INSISTS upon keeping it on CNBC.

Kill me

boiltherich's picture

Time for a new job Hippo.  But, that banks require you to keep yourself immersed in CNBS says a lot about why and how deep in trouble we really are.  Maybe it is a form of commercial psyOps to see how long you can resist before joining the Borg. 

I quit watching any of the financial channels (or network news for that matter, I call them all "The Obama Show," which they have been since 2008)  at least with sound on.  I will turn up the sound when I see Santelli in the hope he is about to smackdown with the rest of CNBS, especially that Maria bitch.  Or the fat bitch.  The reason for having the screen on and the sound off is that I do not trade or "invest" in any manner, and so have no access to any real time tickers or data as I go about my daily life, plus anytime there is a down day I like the looks of desperation on their ugly mugs.  Try watching with the sound off for a few days and you can tell the Dow/S&P level just by watching their expressions.  It is actually comical when the market is up by more than one hundred, they look pie eyed drunk when it is up by two hundred or more.

Hippocratic Oaf's picture


I agree 100%. 

Another unfortunate is that due to our cable service, we can't get Bloomberg TV. I'd prefer Bloomy, but they both suck!


shushup's picture

I stopped watching CNBC a couple of years ago and I am happier for it.

FreeNewEnergy's picture

I love CNBC, and I watch with the sound on, because then I can hear with my own ears the abject desperation of the equities and recovery crowd.

It's also a great way to counter the TRUTH on ZH, and see what lies are being told to the American people.

CNBC is a constant reminder to this happy warrior to FIGHT ON!

BTW: Bank of America paid almost $10,000 in property taxes for me and there's literally no upside for them in do so. I suggest that America is being turned into a socialist slave state faster than anyone can possibly imagine.

DaveyJones's picture

funny, you could substitute the word "crack" for CNBC on this chain