Watch CNBC's Tea Partier Get Told How Wrong He's Been

[DonViejo]

TOM KLUDT – JULY 14, 2014, 3:56 PM EDT

Rick Santelli, the CNBC personality who's been credited with giving rise to the tea party movement, was told on-air Monday that he's been wrong about pretty much everything.

The always-wired Santelli, reporting from his perch on the floor of the Chicago Board of Trade, was fired up as usual, fulminating about how the Federal Reserve is behind the curve on inflation. When Santelli asserted that he was right all along, he draw applause from some Chicago traders.

Enter fellow CNBC analyst Steve Liesman, who proceeded to list off Santelli's litany of errant forecasts.

It's impossible for you to have been more wrong, Rick. Your call for inflation, the destruction of the dollar, the failure of the US 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. Lost people money, Rick. Every single bit of advice. There is no piece of advice that you've given that's worked, Rick. There is no piece of advice that you've given that's worked, Rick. Not a single one. Not a single one, Rick. The higher interest rates never came, the inability of the U.S. to sell bonds never happened, the dollar never crashed, Rick. There isn’t a single one that’s worked for you.

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http://talkingpointsmemo.com/livewire/rick-santelli-wrong-steve-liesman

[Laf.La.Dem.]

1. Is this a big SURPRISE?

Rick is always WRONG!!!

[Cha]

55. No, but to have someone call him out on it on his show is big news.

[el_bryanto]

2. The thing is - it's not the words you say - it's how you say it.

When you are yelling and upset about something (and a white guy in a suit on a brokerage floor) I think we all know that whatever that guys saying is important and serious. The content of what he says isn't that important, really. All the wrong predictions in the world aren't going to change the fact that he's a yelling white guy in a suit on a brokerage floor.

Next you'll be suggesting we don't take people who argued in favor of the Iraq war seriously.

Bryant

[Fred Sanders]

11. Yes, the louder you yell, the redder you get, the more spittle you throw, the better your argument.

[QuestForSense]

29. I prefer a good 'old school' tantrum, where they hold their breath until they pass out.

[BlueStreak]

52. I don't know about that, but you definitely get more air time

Give that crazy guy a contract extension. That's what I'm talkin' about. That's ratings gold.

And can we get that bald guy to loosen up a little? Maybe have him drop an F-bomb or two.

No serious investor would watch those morons.

[AgingAmerican]

54. Works for OReilly

Loudest = Winner in their world

[truebrit71]

3. I was just about to post this....truly a thing of beauty..

Sick Rantelli gets schooled....fucking brilliant..

I know lots of people that thing that Rantelli is some sort of guru, when he is actually nothing of the sort...just another rich asshole getting richer off other people...

[progressoid]

4. And this is why I have CNBC blocked from my TV

What a waste of time and electricity.

[arcane1]

5. Nothing says "grass roots" like "his perch on the floor of the Chicago Board of Trade"

[freshwest]

6. But will the Teapots make that distinction?

[arcane1]

8. They can't even spell distinction

[Skidmore]

7. Why were the people behind him applauding?

I am not a Wall Street maven so I don't get who they were agreeing with.

[edhopper]

12. Probably bond traders

Who hate that the Fed has kept interest rates so low.

[Hassin Bin Sober]

49. Yep. Probably all bet on higher interest rates.

[edhopper]

59. Krugman writes a lot about

"inflation faries", people who are waiting for Obama and the Fed's policy to spar high inflation.
Santelli is one of them, and he has been terribly wrong.

[Spitfire of ATJ]

72. There's a Krugman dig is this clip if you listen close....

Santelli talks about "woolly headed professors you wouldn't even let valet park your car." which sounds like an anti-Semitic slur against both Krugman and Robert Reich. You know. THE JEWS.

[rdking647]

69. not traders. trader wanna bees

floor clerks

[No Vested Interest]

27. They're applauding because he's one of their own.

If they hadn't applauded on that day in 2009 when he first ranted, perhaps we wouldn't have the tea party.
At the very least, we wouldn't have Rick Santelli spouting off his political opinions regularly, as if anyone should care about his political opinions.

I happened to catch that outburst this morning, and quickly moved on. The Price Is Right is far preferable to Rick Santelli on CNBC.
Thank goodness Steve Liesman is around to lend some common sense to the day's financial proceedings.

[Spitfire of ATJ]

66. Because they live in the same bubble....

They honestly believe they are Masters of the Known Universe when they're actually just a bunch of CON ARTISTS AND ASSHOLES.

The ones they've got conned are the RICH who actually BELIEVE crap like the housing crisis was the fault of poor people buying more house than they could afford.

Remember. GREED is NEVER to blame and your broker would NEVER give you a bum steer.

These are the people who thought Romney was going to be America's Saviour.

[rdking647]

70. not everyone on the floor lives in a bubble

i spent 20+ years on the floor as a trader.

[Spitfire of ATJ]

71. YOU wouldn't have been cheering the asshole.

[HughBeaumont]

9. Ah, CNBC . ... .the other propaganda arm.

Rantelli and his CBOE thugs aren't dominating the conversation like they did in the beginning of Obama's first term, when they looked for a target to dump the Bewsh recession on to. FAILED

[Blanks]

10. What a buffoon...

So this is the source for all those dire predictions that I see regularly on Facebook.

No wonder these morons are so hysterical - their leader is setting the example.

[samsingh]

13. it's important for us to answer back like this

too many of us remain quiet, shake our head as if that's going to make an argument. calling repug idiots and morons out for the fools and crybabies they are is the only way to combat their evil.

it's time for us to stand up for ourselves.

[Yavin4]

14. Inflation is never a worry when wages are in decline

The Fed can keep rates at 0% forever so long as wages are in a deflationary death spiral.

[NRaleighLiberal]

15. The right wing. wrong about essentially everything.

[kimbutgar]

16. Seems that Santelli's days are numbered at CNBC and the bosses upstairs gave them the go ahead

To destroy him today. He sounded and looked like a crazed man. That new job over at Fox business will be his next job. Maybe they knew he was talking with Fox and let the other anchors go after him.

I remember his stupid tea party rant. I never felt like watching CNBC after that. I had it on my mute in my office after that.

[ErikJ]

24. Sounded planned-they finally had enough

Hopefully he'll be gone soon.

[Lucky Luciano]

44. I think you are right about that - pretty shocking to see cnbc allow such an attack..

...on such a key commentator. Must mean ole Rick is out. Discredit his sorry ass before he even gets to Fox.

[redstatebluegirl]

63. Agreed there wasn't much push back.

This dumb asshole gives horrible financial advice. I hate to see anybody lose pension money but if tea party folks want to follow him to the water, let them financial drown.

[WillyT]

17. K & R !!!

[Lifelong Protester]

18. I enforce the "mute" option whenever I hear his voice.

I cannot stand that vile POS, and have always thought Steve Liesman was a reasonable voice. My theory is true.

[No Vested Interest]

28. Agreed. nt

[A Simple Game]

19. Yet he is still on air just like Kristol and Cheney giving bad advise so it can benefit the 1%. n/t

[Leith]

20. THAT Was a Thing of Beauty

No wonder that guy is called "Rantelli."

Does anyone else remember that guy who used to run commercials on late-night TV, dressed in a suit covered with giant question marks? He shouted, ranted, and raved about all the money the viewer could get from the government if they only bought his book. Now we know what he's doing these days.

Is Santelli on drugs?

[perdita9]

21. Putting crazy people on television is a threat to public health

I'm glad the announcers finally called this fools on his nonsense

[BlueStreak]

53. It is the natural result of 500 channels of capacity with nothing useful to say

[Peacetrain]

22. WOW!!! Finally finally finally

This is the honest truth.. I was still working when Santelli went goofy with that rant to start a teaparty, I was watching the show that day.. My little retirement was tied up in a teachers annuity.. and after that, I made a decision, that anything Santelli suggested or a few of the others who let their politics get in the middle of stuff.. I would do a 180 from.. and it worked like a charm.

[Cha]

56. Good for you, Peacetrain~

[MannyGoldstein]

23. This. Is. What. We. Need. To. Do.

We are right, always have been. They are wrong, always have been. We need to point this out at every opportunity.

[tridim]

26. Great advice Manny!

[7962]

25. Higher interest rates HAVE to come, unless we just happily print our way into oblivion.

I dont think the admin has the guts to do it at this point though.

[jtuck004]

30. Not on our watch. That would devalue the wealth of the wealthiest, and take away their

gains of the past 8 years. It will continue to hurt the other 99% like they have been hurt over the past 8 years, so not much change for them.

Maybe later, someone else can do it.

[Benton D Struckcheon]

31. Rilly? Please expatiate. n/t

[7962]

35. OK, its pretty easy to follow

Keeping interest rates at or near zero for as long as they have is just a way to artificially keep the stock market humming and attempt to stimulate borrowing in the private sector. As unemployment drops and prices rise, keeping rates down will cause inflation to increase faster than it should.
It may be fun to watch Liesman ragging on Santelli, but much of what he says is just him being a blowhard. Inflation is here, but the way the govt counts it hides it. Have you seen food prices go up? Gas? Rent? Of course you have. But to the govt, prices havent changed much because they exclude most of those items from their figures. So the rates should have already been eased up but they know it will put a halt to what recovery we have. Add to that the pumping of more cash into the flow, and you have the artificial growth we have now.
The rich love it, the rest of us are still in the same boat

[Benton D Struckcheon]

37. One by one

1. Interest rates in general are set in the market, not by the Fed. The Fed targets the Fed Funds rate, but most of the transactions done using that rate are between banks. The Fed's target is usually honored more in the breach, in normal times. As of now Fed Funds are tracking the target, but that's because there isn't much demand for money. When there is again enough demand for money to push up the rate, that will happen before the Fed announces a change to the target. The Fed has a lot less power than most people think.
2. I pay a mortgage, I don't pay rent. I refi'd a few years ago and lowered my payments considerably. Lots of people have done this. Renters have suffered, and they always have. It's not right, but that's always been true.
3. Inflation figures include everything. Wall Street excludes some things to come up with a "core CPI" for their own purposes.
4. The only people hurt by low interest rates are coupon-clippers. That's the folks Santelli is always arguing for; they're his people. Everyone else is helped. The poorest are preyed upon by payday lenders who shouldn't be allowed to exist in the first place, and they always charge loan shark rates. These are beyond the help of the Fed. Folks next up on the ladder and higher are helped, as they see lower rates on their credit cards and the rest. At the very top are the richest, the coupon-clippers. They get hurt by low rates, and they're the ones fuming and their spokesman is Santelli.

[7962]

39. ?? Wall Street doesnt calculate CPI the Fed does. And they always exclude food & energy

Of course you could say the Fed is "private" but not really. Nobody will tell you the inflation rate is really around 8-10% when you include everything. Where has anyone from the govt released the true inflation rate? Nowhere
The open market sets interest rates that the market will bear but they can only do that based on the rate that THEY get money from the FED, which is artificially low.
A LOT of people who are scared of the markets invest in bonds; which have low returns because of the low interest rates. When the Fed starts to raise rates, bond yields will rise too. Its not just the rich. It seems as though they are doing fine right now.
Of course you can save money by doing a re-fi. What the govt wants you to do with that savings is spend it. What you should do is pay down your other debt if you have any. But re-fis have run their course and we wont see much more influence from them.

[Benton D Struckcheon]

42. Oh please stop.

1 - The Bureau of Labor Statistics calculates the CPI. Wall Street strips out food & energy to get what they figure is the core. The Fed has NOTHING TO DO WITH IT. Zip.
2 - You have no understanding of the money markets. Don't try.
3 - Well, that's it. Not much else to say.

[7962]

47. Yes, the BLS does it, but wall street doesnt remove food and energy. BLS reports it that way

They give out several reports. Core is the one most referred to. I did screw up saying the fed did it; i was stuck in the interest rate world.
But you really think youll be able to get a 4% mortgage if the fed raises from zero to 3? Not gonna happen.

[jeff47]

51. There's no reason to believe that will happen any time soon

We're currently limited by the zero lower bound. It's going to be a while until the "natural" interest rate is positive. Until then, raising the interest rate only does bad things.

[doxydad]

32. Santelli is an ass hat

n/t

[DontTreadOnMe]

33. MORE people need to respond to Rick Santelli

There needs to be a webpage that indicates EVERYTHING he has ever said... ... how can Santelli have any credibility is everything he predicted was wrong????

These type of idiots need to be called out!

[Quixote1818]

34. This comment on the video is priceless and so spot on!

mrCurmudgeon 2 hours ago

This is how Rick Santelli started the Tea Party movement.

"Yell Loudly!"
"When wrong...yell LOUDER!"

This is the Tea Party in a nutshell.

[Android3.14]

36. That expression on his face by the end

That's a man who is staring at a big silver platter of his own backside, and asking, "For me?"

[KurtNYC]

38. Spanked !

[blkmusclmachine]

40. Arrogant.

[tclambert]

41. Calling right wingers on their bullshit? That violates their freedom of speech.

I'm pretty sure the Supreme Court ruled on that in a 5-4 decision. Ruth Bader Ginsburg wrote a very short dissent: "You guys, WTF? Seriesly, W T F ?"

[Warpy]

43. I have no idea which dumbass is which

only that I'm coming perilously close to doubling what my dad left me in 2006 by sitting like a bump on a log and watching the stock market hyperinflate because there is nowhere else for hoarded money at the top to go, unless it's to hedge funds playing risky games with HFT and Monopoly Money.

I will continue to sit on my log rather than listen to any of these guys.

The type of inflation these guys are yelling at each other about was never a danger after the 2008 crash. The immediate danger was deflation. Companies just threw people out of work in a blind panic, driving weak demand lower.

They screamed about inflation from quanititative easing. Since that money only went to the top, the only inflation it caused was in equities.

All these assholes want to do is sell worthless gold stocks and certificates.

Please, someone, clean up these shows and get these shrieking frauds onto the unemployment lines they ginned up enough panic to put honest Americans on.

[DeSwiss]

45. K&R!

Jimmy sez: ''It coulda happened to anybody!''


- But he's been perfect if you've been betting against Santelli every time. Every. Time.

[UTUSN]

46. My new hero n/t

[Unmenacing Dennis]

48. Don't worry about Rick

Bill Kristol, a guy with an identical batting average, took him out for shots and beers as soon as The Wrongway Pub went into Happy Hour.

[Stellar]

50. That Rick Santelli guy

was running in my mind for a few days. I wondered what ever happened to him and if he was finally put in his place. Thank jebus that he was and for sharing this.

[Ikonoklast]

57. Anyone fool enough to get their investment advice from any type of media source

deserves their fate.

If they think the television shouters aren't trying to stampede the gullible in one direction so they can profit off of them flinging themselves off of a cliff, I have shares in a gold mine to sell them.


Case in point, if you short Jim Cramer's stock picks, you would actually do better than following his advice to buy them. Makes one wonder what his position in those picks actually is, doesn't it?


Same with Santelli and the hyperinflation hucksters, so desperate to create a panic in order for them to profit off of investors fears...except reality keeps them stymied.

Hyperinflation got flogged to death by the gold bugs and the libertarian anti-Fed crowd, who are consistently wrong about rates.

[Generic Brad]

58. I can understand why he is angry

If none of his assumptions or predictions have worked out, then he has probably lost a butt load of money. Of course, he should be angry - but at himself instead of everything and everyone else under the sun.

[DrewFlorida]

60. I love it when media people have the balls to call these jerks out for their baldfaced lies and BS.

Thanks for posting this!

[gwheezie]

61. I do the opposite

of any advise from a righwing loon, so far it's worked out well for me.

[SunSeeker]

62. And as usual, Santelli talks (screams) over Liesman so no one can hear the truth. nt

[Turbineguy]

64. Santelli

can actually afford to be a teabagger, unlike most of them.

[ClarkeVII]

65. I love how the tea party....

missed this whole market run in stocks since '09 because of political ideology. Since they hate America it makes sense that they choose not to invest in it.

[raouldukelives]

67. They have all been wrong.

Unless of course being foot soldiers for fascism is the goal. Then, mission accomplished.
However if the goal is to create a better life for their children or a better world for tomorrow then they have been the face of failure. Grinning harpies of the greatest crime ever perpetrated against every soon to be extinct life form on this planet.
Good job guys. Way to leave a legacy.

[rdking647]

68. i now rick personally

he used to do his reporting from right next to me on the cbot floor.

he's an idiot. a clueless idiot
cnbc should be embarrassed to let him spout his nonsense on the air. but most people that watch cnbc are traders who tend to watch it with the volume turned off so they never hear santellis insane rantings