WATCH: CNBC’s Rick Santelli goes on epic rant against the Fed, Washington and easy money
Friday, December 28, 2012
"The Fed doesn't have a clue! Neither does the president and neither does Congress!"
(Becket Adams) CNBC’s Rick Santelli (i.e. the original “Tea Partier”) has long been a critic of the Federal Reserve’s monetary policy and is a staunch opponent of runaway government spending. So it shouldn’t come as a surprise that he gets really, awfully, terribly upset when people talk about the U.S.’ economic future and fail to factor in Fed policy.
“Why do we look at the Dow Jones industrial average to handicap if this country’s going to go down the sewer in a couple of days?” Santelli shouted at trader Jim Iuorio during a discussion on the impending “fiscal cliff.” “We can’t afford our bills anymore!”
“The stock market is an immediate gratification for investors to make money. I don’t have a problem with it, but it doesn’t give you a glimpse into our future, or our kids’ future,” he added.
Santelli continued, turning his attention to the Fed’s inability to spend within its means.
“The fact that we have $100 trillion dollars of underfunded liability, it isn’t a question whether that’s going to work!” Santelli said.
“If you can tease out the fact that the Fed has by throwing in all of this money over the last several of years and that’s a difficult thing to do,” Iuorio said.
“The Fed doesn’t have a clue! Neither does the president and neither does Congress!” Santelli shot back.
“The stock market takes all the news stories and filters them for us,” Iuorio added.
Santelli went on to accuse U.S. Treasury Secretary Timothy Geithner of being less-than-honest with the American people about the current state of the nation’s finances.
“[Geithner] gives a speech about hitting the debt ceiling? I’d like to see if he can even count to a million much less $16.4 trillion!” the fiery analyst shouted, referring to the national debt.