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.