"It's A Crisis Built On A Crisis We Never Solved" - Rick Santelli Rages "How Can Anyone Be Shocked?"

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by Tyler Durden
Friday, Mar 24, 2023 - 07:30 PM

When Rick Santelli speaks, traders listen as he channels the unvarnished truth that is so seldom allowed to leak out on to the airwaves and into the great unwashed's eyes and ears.

This morning was one such episode as he and Joe Kernan had a brief discussion about the inevitability of the current crisis... and what happens next.

"Many are seeing recession. I don’t see a way to avoid it... Is this really a banking crisis? It's a Fed crisis, it's a rate hiking crisis, it’s a crisis built on a crisis we never solved... is it any wonder there's so much volatility in the market?"

Then the veteran pit trader took it to '11'...

"Listen folks, we all need to take a step back... how many trillions of dollars of negative securities were hovering through Europe... How could anybody be shocked... I was shocked the news wasn't worse three months ago... and now we are starting to see the realities of it..."

Santelli ends with a reflection of Powell's hypocrisy in enabling Congress "magical monetary theory" and now "leaving us all out to dry."

Take two minutes out of your morning for some refreshing reality...

With regard to Santelli's comments on The Fed's Dot-Plot, the market has completely dismissed it, with year-end rate expectations now a stunning 150bps lower than The Fed expects...

As we tweeted following his rant, "Oh we "solved" it alright: by printing $20 trillion. Guess how much it will cost to "solve" the current crisis..."

Perhaps that is why gold and bitcoin has been soaring since this 'banking' crisis re-emerged from the darkness.

Finally, Larry McDonald summarizes it even more succinctly...