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.
“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.”
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.