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Santelli vs Liesman Cage Match: TARP, Counterfactual Armageddon Edition
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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Now I remember why I NEVER watch cnbc.
...Liesman Chairsatan Tiny Tim etc... What did you expect from Antichrists?
Did anyone ever ''trust'' these bastards?
Did you expect the rule of law would not be broken? LMAO
Did you expect fair, much less free, trade?
Did you expect the truth?
Did you expect not to hear LiesMan?
Rick has an easy job. Benny and the 911 Jets, not so easy anymore. They will be lucky to find their homes burned and their lives lost before Armegeddon ends. http://bible.cc/revelation/9-6.htm
When the people benefiting from the bailout are calculating the arithmetic return and saying how it saved the world maybe, just maybe, we might want to question what they say. Timmy and Bennie along with Hank said it was a good idea, and BTW, if we do not the world will end. What tripe as Santelli says.
Such is the moral hazard of “bailouts”. Once we started down this path, to save capitalism by violating its principles, then the results are what we have today. The money is gone, the opportunity was there to “fix” the system, but we listened to the likes of Bennie and Timmy and Hank and we have nothing to show for trillions spent.
The Von Mises quote about escape from the credit bubble has never been more true. Take the medicine or face currency collapse. You pick em.
sschu
Steve Liesman believes that Bernanke had $700B doing nothing and the fact that he gave his money to the banks saved the world. It is scary to believe that printing money is good, or rather it is scary to think that Bernanke refuses to print more to help all the people who live in dirt and starve around the world. When it is now proven, according to many, that printing money and giving it away has absolutely no bad side effects whatsoever. Puzzling.
Liesman is appropriately names. He LIES! TARP was repaid?! Where does he think the money came from? What about the Trillions in back door bailouts the MSM never discuss? When you take money out of your left pocket and put it in your right pocket, that is not a repayment! For example, where does he think that trillion dollars of Fannie/Freddie crap on Bernanke's balance sheet came from? It was a bailout of the banks. Bernanke probably purchased it for significantly more than market value, if not par. and the banks got a nice, risk free asset parked at the FED in exchange for all that crap which helped them meet their reserve requirements. And don't forget how Geithner removed all limitation on the bailouts of the GSEs on Christmas Eve in 2009 so the taxpayers could make sure the FED is fully paid on the MBS garbage. Thanks for that coal in my taxpayer stocking! And how many billions in backdoor bailouts were funneled throught the construction industry as major construction companies were given a special tax exception via extened NOL carryback periods so a chunk of those taxes they paid during the boom years could be given back to them to prevent default on their loans to the banks. These are just two examples. With a little research, someone could write an Atlas-Shrugged-sized novel on the Trillions in backdoor bailouts, mostly funded by an increase in the National Debt. So how much of the increase in National Debt is attributable to backdoor bailouts? And how much more is there to come? liesman knows damn well that he is lying! Unless, of course, he is referring to how good of a deal it was for the bankers who got to keep the massive compensation they received while committing fraud, including financial statement fraud which was never restated as is required to be, all the while staying out of jail. Anyone that cannot see that we are undergoing a record fleecing of the taxpayers has tunnel vision and/or is short sighted.
Fuckery. The fuckery is relentless. Peak fuckery.
Peak cognitive dissonance? (no offense CD)
why do these fuckers get to discount the social investment ??????
How quickly people forget... Tarp was a distrction for the trillions that the Fed was doling out worldwide to banks and businesses (as reported by Bloomberg and confirmed under the the information release the Fed was forced to make).
END THE FED
Why do we need Liesmann or Santelli? They just steal valuable camera time from MICHELLE 'CABOOSO' CABRERA.
The PRIVATE BANK Cartel (named the Federal Reserve) PRINTs MONEY (creates DEBT) because IT's REQUIRED to keep the PONZI scheme going.
Steve Liesman is simply a well-paid WHORE for the syndicate.
The PRIVATE BANK Cartel (named the Federal Reserve) PRINTs MONEY (creates DEBT) because IT's REQUIRED to keep the PONZI scheme going.
Steve Liesman is simply a well-paid WHORE for the syndicate.
Liesman - "Bernanke" : "Expert". And not a trace of sarc anywhere.
A sad indictment on CNBC that its Chief Economic Commentator hasn't got a frigging clue..... and the Bernanke 'classification' is ALL the proof you need to know.
I would have liked to think that Cramer jumped in to support Pissani.
At least we are trying to have the debate, eh?
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