CNBC’s Rick Santelli Embarassed by Colleague Over Disastrous Economic Predictions

It could be said that the only people idiotic enough to believe in free market economics are: a) academics and b) TV business personalities. Everyone else either pretends to believe in it while siphoning gigantic tax breaks and bailouts off of the tax payer, or accurately recognizes it for what it is: absolute horseshit.

While CNBC’s business commentator and general loudmouth Rick Santelli is a TV personality, there’s a good chance he doesn’t believe a single thing he says, and has been laughing all the way to the bank. Case in point – after his employer’s parent company GE took  $139 billion in government-backed loan guarantees, Santelli said next to nothing about government bailouts and was content to pick up his tax payer funded paycheck. That was until they were extended to average Americans and Santelli called for a revolution.

Either way, watching him torn to shreds by one of his own colleague on Monday was particularly satisfying given the amount of nonsense he spouts on a daily basis. Steve Liesman CNBC’s senior economics reporter went after Santelli for his catastrophically wrong predictions about the Federal Reserves actions, telling the bombastic ‘God Father’ of the Tea Party that he was basically completely full of shit.

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“Rick, It is impossible for you to have been more wrong. Your call for inflation, the destruction of the dollar, the failure of the U.S. economy to rebound. Rick it’s impossible for you to have been more wrong. Every single bit of advice you gave would have lost people money, Rick. … There is no piece of advice you’ve given that’s worked.”

  • Athena22

    You guys are not getting the whole story here. Santelli was NOT owned, he was right. At The end of an 18 minute excerpt, the guy on the left claims that Santelli’s predictions about the economy were not true because if they were, then, the FED would not be able to sell it’s bonds. At that point Santelli sort of throws his hands in the air because as WE ALL KNOW – the FED is buying it’s own bonds. If I were a butcher, and opened my doors with 100 lbs of sirloin every day, and every day the public bought 25lbs, and I had to BUY 75lbs to feed my own family of 4, how long could I stay in business? Further, in the beginning of the discussion, Santelli was also correct in complaining about Yellen’s “feel good” “social justice” policy at the FED. It’s a bank, and therefore analytic. It’s screwing the market and the market has not had a chance for a real response. Cheap money from the FED policies is allowing corp’s to buy back stock and inflating P/E ratios. Santelli was right again, when he insisted that the commodity market is purer, it has had a chance to react. Orange juice is orange juice. Santelli’s baseball analogy was brilliant and very well-timed. You can’t see what the market is doing right now because the second string is playing, the really good players are not on the field and all you have as a frame of reference are the minor league players. Historically, the market never lies. The FED HAS screwed the market.

  • CygnusX1isaHole

    It could be said that the only people idiotic enough to believe in free market economics are….

    ————-

    “So I believe deeply that the free market is the greatest force for economic progress in human history.”

    - Barack Obama, April 3, 2012

  • Erdman West

    Cheap con man ripping off the Repub/ tea rank and file. The REAL VICTIMS are the right wing who believe all the hate talk from Santelli, Huckaberry, etc. but are just too stupid and embarrassed to admit they are wrong.

  • Caleb Becker

    Maybe Rick should skip the morning 8 ball.

  • arirutenberg

    Wow Rick Santelli is nuts. Steve Liesman isn’t exactly a commie over there, and he was basically saying “Rick your the Dick Morris of Business reporting”. Everything Santelli says is the opposite of reality.

  • Victor_the_Crab

    I give Steve Liesman big props for keeping his cool while verbally cutting down that psychotic lunatic Rick Santelli to shreds.

    • Athena22

      The guy on the left was an ass. EVERYONE in the market knows that the printing of money by the FED has created a false return on the market. The admin. is also screwing with the inflation rate (bundle of items) so they don’t have to raise the COLA on Social Security payments. While there might be no “inflation”, they are deflating our money!!!! While most Wall Street types are at the proverbial trough, eating from the hand of the FED, someone needs to call BS when they see it. Right now, Wall street is lining it’s pockets because of FED policy. No one wants to say anything. It creates another bubble and dear God, we don’t need another one.

  • Lady Willpower

    That dude needs to switch to decaf.

  • Matthew J

    Ben: Re: “…one of his own colleague…”

    Shouldn’t that be “one of his own colleagues…” — or, “…his own colleague…”?

    Sorry to nitpick — I couldn’t find anything else to complain about.

  • RilesSD

    Fun to watch, but Rick wasn’t embarrassed. He didn’t shut up long enough to hear but one thing that the guys in the studio were saying.

    • Victor_the_Crab

      Sociopaths like Rick Santelli never feel embarrassment over anything they say or do.

  • D_C_Wilson

    Santelli was cheered on during his rant by a bunch of investment traders who had already gotten their government bailout as he railed against even the possibility that average homeowners who got screwed in the housing collapse would get help (which they never did). The irony that this helped spawn the tea bagger movement which claimed to be against “crony capitalism” appears to still be lost on him.

    • Athena22

      No, that is not correct although I empathize with your bitterness. Santelli works on the floor of the commodity exchange, in Chicago. As he points out in this very short and our of context clip, the commodities guys contributed “not one penny” to the collapse. He’s right. I agree with you on getting mad at our whole situation right now – it’s grim – but we need to get angry at the right people and have all the facts in order to even begin to find a solution.