This is Glorious

Here’s CNBC’s Steve Liesman telling Rick Santelli, in no uncertain terms, that he is in an idiot:

Santelli, of course, was the flashpoint for the tea party formation, and he really does sound like a true teahadist. What the hell was he talking about academia and valets? What was that supposed to mean?

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134 replies
  1. 1

    What a difference 20 mg of Xanax would make.

  2. 2
    Tommy says:

    Wow. Just wow! Now with that said why do people have to yell to make their point?

  3. 3
    The Snarxist Formerly Known as Kryptik says:

    What the hell was he talking about academia and valets? What was that supposed to mean?

    It’s supposed to mean ‘I’m the only real fucking expert, so you better listen to me you ignorant asshats, I have supreme knowledge over everyone who dares call me ‘wrong’.”

  4. 4
    kc says:

    The only way that could be more awesome would be if Santelli’s head literally exploded. Which it almost did.

  5. 5
    Mike J says:

    Is there a transcript somewhere?

  6. 6
    BGinCHI says:

    That doofus makes Al Pacino seem tame and understated.

    Just goes to show that being loud will get you really far in some walks of life. Especially the ones full of assholes.

  7. 7
    Violet says:

    @Mike J: Check TPM for a description/transcript.

    “There is no piece of advice that you’ve given that worked. Not a single one.”

    Love it!

  8. 8
    BGinCHI says:

    @Mike J: Here:

    !!!!!!!!!!!!!!!!!!!!!!!!!!!

    ??????????????

    !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    ??

    !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    $$$$$$$??????

    !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  9. 9
    Violet says:

    What the hell was he talking about academia and valets? What was that supposed to mean?

    He was saying that academics are so stupid you wouldn’t hire them to park your car.

  10. 10
    BGinCHI says:

    @Violet: Apply phrase to neocons as directed.

    For internal use only.

    Side effects may include denial and a watery discharge. See your doctor if the war lasts more than 12 years.

  11. 11

    @The Snarxist Formerly Known as Kryptik: Yeah I think he was saying that academics are only qualified to park your car?

    Maybe?
    Somebody get him a whatever you take for crippling anger issues. Things that will send my comment into moderation, most likely.

  12. 12
    Citizen_X says:

    @Tommy:

    why do people have to yell to make their point?

    Because they have nothing to back up what they’re saying?

  13. 13
    Jim, Foolish Literalist says:

    That was great. I take comfort in the fact that CNBC’s ratings are in the toilet.

    I think the idiot was saying he wouldn’t trust Paul Krugman to park his car, or something

  14. 14
    MattF says:

    Reality is just wrong, so you have to ignore it.

    ETA: Again, FYWP for audio auto play.

  15. 15
    BGinCHI says:

    @Violet: He’s right. If he hired me to park his car I would promptly run him the fuck over.

  16. 16
    raven says:

    Santelli went to my high school along with the murderer Drew Peterson. They are younger than me so I didn’t know them but what a pair.

  17. 17
    Tommy says:

    @Violet: And there is the core. My stock tips suck, don’t listen to me. Well you don’t have to ignore me cause I know my stock tips suck so I don’t make them. But I am stunned that some dude gets air time to yell and rant and he has no history of well being right.

  18. 18
    nellcote says:

    I’m surprised Santelli hasn’t moved on to Fox. Those cnbc guys have been treating him like the crazy uncle in the attic for a while now.

  19. 19

    It doesn’t matter if he gets everything wrong, it only matters that his principles are “right”. Conservatarianism can’t fail, only be failed.

  20. 20

    Santelli reminds me of a dealer who’s smoking too much of his own shit. Even his fellow slingers are calling him on it ’cause it’s bad for the brand.

  21. 21
    pseudonymous in nc says:

    It might be glorious, but how many of the rank-and-file (by which I mean only slightly very rich) money shovellers in Chicago or New York, or the people who watch CNBC because they think they’re too elevated for Faux News, are going to stop cheering pRick?

  22. 22
    mclaren says:

    What the hell was he talking about academia and valets? What was that supposed to mean?

    Obviously — the valet is an elitist form of entertainment, just as academia is hopelessly elitist. Together these forms of elitism have made the so-called educated classes in America a piranha to the Monday world. It’s enough to make you curl up in the feeble position.

    :-)

  23. 23
    Betty Cracker says:

    God, I hate that vile prick Santelli. Animal control needs to lop off his noggin and test the tea-spoonful of brains within for rabies. I also wouldn’t mind seeing someone dump a vat of boiling oil on the blue-smocked losers cheering him on either.

    I’ll never forget that bastard holding forth in the scary days when it looked like the US was facing an Iceland-scale financial meltdown — thanks to unbridled bankster greed! — and that sanctimonious fuckface was blaming it on people who were swindled via bad loans instead of the credit default-swapping cretins barking approval like trained seals behind him. What can I say…Santelli brings out my inner Villago delenda est.

  24. 24
    BGinCHI says:

    @ranchandsyrup: People who love authority only care that it acts authoritative.

    They would probably let a stranger perform brain surgery on them if the person had a deep voice and sounded like they were in charge. Even if they were in a lumber yard.

  25. 25
    OzarkHillbilly says:

    @Jim, Foolish Literalist: You mean Paul “Right about Everything since before 2000” Krugman? That Krugman? The Nobel Prize winning economist?

  26. 26
    Citizen_X says:

    Come on, now. If we ignored everybody who has a history of being completely ass-up wrong, how would Bill Kristol, John McCain, and Dick Cheney ever get on TV?

  27. 27
    BGinCHI says:

    @Betty Cracker: The biggest problem is that if things ever go dystopia bad, you can’t even eat the guy or get him to perform a useful function in the world.

    He is literally useless.

  28. 28
    Betty Cracker says:

    @BGinCHI: And we would crowdfund your bail!

  29. 29
    JPL says:

    @nellcote: After today, he probably will.

  30. 30
    BGinCHI says:

    @Betty Cracker: Um, I would only be standing my ground.

    It was in all the papers.

  31. 31
    Roger Moore says:

    @Tommy:

    But I am stunned that some dude gets air time to yell and rant and he has no history of well being right.

    That’s because he’s actually serving as an entertainer rather than a serious stock analyst. Seriously, if you’re getting investment advice from talking heads on TV, you shouldn’t count on keeping your money for long. Even if he were capable of giving good advice, broadcasting it to all and sundry more or less guarantees it will lose its value, since people will act on it and move the market. If Rick Santelli- or anyone else, for that matter- knew enough about the market to make money consistently, they’d be running a hedge fund or working as a professional investment adviser.

  32. 32
    MattF says:

    @Betty Cracker: There’s a guy at my workplace– not a screamer, but just dead certain and dead wrong about everything. During the financial meltdown, he was going on and on and on with what would be charitably called ‘heterodox’ economic theories… I finally muttered to my supe that, in fact, no one knew what was going to happen. He’s quite the conservative himself, but he muttered back, “Obviously.” So, I think there’s sanity out there, but you don’t hear it over the noise.

  33. 33
    pseudonymous in nc says:

    @Roger Moore:

    That’s because he’s actually serving as an entertainer rather than a serious stock analyst.

    He is the equivalent of a betting pundit on the track, yelling and gesticulating about where the money’s going on this nag or that one.

  34. 34
    shelley says:

    Rick Santelli, the Dick Morris of the financial world

  35. 35
    Laertes says:

    He’s a performer, and he’s connecting with his audience by matching their emotional state. Viewers are doing exactly what nearly everyone does when they’re listening to people talk about subjects on which they’ve already made up their minds: They’re looking for clues as to who’s on their side and who is the enemy.

    Santelli is communicating to teabaggers that he’s on their side and he gets their concerns, and he does this by showing that he’s as pissed-off as they are. A winger will watch that exchange and come away honestly believing that Santelli got the best of it.

  36. 36
    Tommy says:

    @Citizen_X: Exactly. I am often wrong about a lot of things. But no TV network is bring me on as an expert. You listed a few that have been wrong. Terribly wrong. Nobody calls them on it.

    My parents are not liberals. But as a kid I was not allowed to say stupid stuff in the household. You said something you had to back it up with facts.

  37. 37

    @BGinCHI: True that. It takes some Mccardle-thinking to ignore your history of being wrong but profess that you’re right.

  38. 38
    Roger Moore says:

    @Citizen_X:

    If we ignored everybody who has a history of being completely ass-up wrong, how would Bill Kristol, John McCain, and Dick Cheney ever get on TV?

    They would have plenty of chances to show up in the modern equivalent of the pillory, being held up for all and sundry as examples not to follow.

  39. 39
    Davis X. Machina says:

    @Betty Cracker:

    God, I hate that vile prick Santelli

    Re Santelli: The Washington Monthly’s Political Animal blogger, Ed KIlgore, who is a very nice and very even-tempered fellow, was throwing the word ‘hate’ around, which is all by itself shocking.

  40. 40
    JPL says:

    @ranchandsyrup: Pork prices are higher.

  41. 41
    Hungry Joe says:

    @Roger Moore: Exactly. It’s like the companies that advertise gold because they know, they just KNOW that gold is going to go through the roof. Well, if I knew, just KNEW that gold was going to go through the roof, I’d invest in gold. If I didn’t know squat, I’d invest in ads to sell suckers gold at less than I could buy it for.

  42. 42
    Richard Grant says:

    My guess: Rick Santelli has firmly decided that he is the only one who can put on his microphone the right way but immediately afterwards is never sure it’s on, so.

  43. 43
    Patrick says:

    CNBC has the best stock quotes of any of the cable channels. But I can’t stand any of their people. They are all right-wing idiots. One of their worst is Maria Bartiromo. who once had the gall to tell their audience that “Americans would be offended if they had to start paying for other people’s healthcare as Obamacare calls for”.

    I don’t ever recall her saying that people against the dumb Iraq war would be offended having to pay for it.

    Needless to say, since then I always have the sound off when watching that channel.

  44. 44
    Davis X. Machina says:

    @Violet: Mr. Santelli, what you’ve just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul.

  45. 45

    @JPL: mmmmmmmmmm pork.

  46. 46
    kc says:

    @Mike J:

    SANTELLI: “Jury? Who are you talking about? Who’s the jury specifically? Academia? Professors? That valet you let park your car?”

    JOSH BROWN: “Rick, you already decided this wasn’t going to work five years ago. Is some of your anger about confirmation bias?”

    SANTELLI: “I was right! I was right! End of conversation. Hasta la vista!” [walks out of camera range]

    LIESMAN: “It’s impossible for you to have been more wrong, Rick.”

    [SANTELLI returns]

    SANTELLI: “RAAAARRRRRR!!!”

    LIESMAN: “Your call for inflation, the destruction of the dollar, the failure of the U.S. economy to rebound . . .”

    SANTELLI: “ARRRGHHH! ARRRGLE BARRGLE RRAAAARRRR!”

    LIESMAN: “Rick, it’s impossible for you to have been more wrong. Every single bit of advice you gave would have lost people money, Rick…”

    SANTELLI: “GAAAAAAHHHRRR!! AAAHRRGH!” [mouth begins to foam]

    LIESMAN: “There is no piece of advice that you’ve given that’s worked, Rick. Not a single one… The higher interest rates never came.”

    SANTELLI: “AAARRGHHH GODDAMNIT AAAAARRRGGGGHHH!” [mouth foams copiously]

    LIESMAN: “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.”

  47. 47
    Brian R. says:

    @Patrick:

    Bartiromo was the worst, but I think she’s moved on to Fox Business or some similar place for the people who suck off Wall Street.

  48. 48
    KG says:

    @Citizen_X: old saying in the legal world:

    When you have the law, you pound the law; when you have the facts, you pound the facts… when you have neither, you pound the table.

  49. 49
    Keith G says:

    Providing information is a business. Businesses need profits. Shareholders expect returns. Creating a spectacle apparently is seen by some as a way to attract eye balls which sometimes is a way to attract profits. Santelli’s gig is to provide spectacle.

    I know that the business of communicating news and other information has gone through a hell of a revolution recently. I wonder if we’ll ever get back to a stasis where quality is more important than spectacle.

  50. 50
    Corner Stone says:

    @Patrick:

    They are all right-wing idiots. One of their worst is Maria Bartiromo.

    May not have watched CNBC in a bit, one guesses.

  51. 51
    Roger Moore says:

    @Hungry Joe:
    I don’t know about that. If I know gold is going up but I don’t have much capital, I won’t be able to make much money by buying and holding while the market does its thing. If I work as a middle man, buying and selling gold and making a profit on each transaction, I may be able to make more than if I held a position for myself. Of course, I’ll wind up making money either way; that’s the real advantage of working as a broker.

  52. 52
    Corner Stone says:

    @KG: And when you have the girl from 4E and a hot tub!
    You, uh, enjoy a good soak.

  53. 53
    Anton Sirius says:

    @Betty Cracker:

    I also wouldn’t mind seeing someone dump a vat of boiling oil on the blue-smocked losers cheering him on either.

    To be fair, I couldn’t tell if they agreed with what he was saying, or were just egging on the nutjob so he would entertain them some more.

    Working the floor on an exchange is pretty boring these days, or so I’ve gathered from Michael Lewis’ Flash Boys.

  54. 54
    Corner Stone says:

    @Roger Moore: It’s like a b00kie. Teams win, teams lose. Lay off too much action and take your cut no matter what happens.

  55. 55
  56. 56
    Patrick says:

    @Brian R.:

    That’s good to hear. It doesn’t help much since the rest is not much better.

  57. 57
    KG says:

    completely off topic, but much more relevant… Weird Al has done a parody of Happy, called Tacky. The video is some kind of funny.

  58. 58
    Patrick says:

    a

  59. 59
    A Humble Lurker says:

    @nellcote:

    Those cnbc guys have been treating him like the crazy uncle in the attic for a while now.

    So treating him like what he is, then.

  60. 60
    Corner Stone says:

    Putting Santelli in a position to talk about monetary policy is almost as stupid as putting Arne Duncan in charge of education policy.
    Wouldn’t listen to a damn thing either grifter has to say.

  61. 61
  62. 62
    Redleg says:

    Screw him. I am an academic and I can park cars quite well.

  63. 63
    gogol's wife says:

    @kc:

    On the nose!

    This video is quite interesting — I just was making up a Krugman handout for my next physical therapy appointment to give the guy who was telling me that the government should run its budget the way his family does. I could tell him he was wrong but couldn’t remember why. (econ is not my strong suit)

  64. 64
    Mandalay says:

    @Laertes:

    He’s a performer, and he’s connecting with his audience by matching their emotional state.

    This, but more fundamentally, he hangs on to his job by bringing in ad revenue. That’s all it is.

    It’s the same with Limbaugh and O’Reilly and Beck. They are showmen, They make a living by making advertisers happy. They don’t believe half the shit they spew any more than a Ford salesman believes the cars he sells are better than those made by GM or Chrysler.

    I suspect that they have a contempt for for their detractors simply because they are taken so seriously.

  65. 65
    Mandalay says:

    @Laertes:

    He’s a performer, and he’s connecting with his audience by matching their emotional state.

    This, but more fundamentally, he hangs on to his job by bringing in ad revenue. That’s all it is.

    It’s the same with Limbaugh and O’Reilly and Beck. They are showmen, They make a living by making advertisers happy. They don’t believe half the shit they spew any more than a Ford salesman believes the cars he sells are better than those made by GM or Chrysler.

    I suspect that they have a contempt for for their detractors simply because they are taken so seriously.

  66. 66
    Villago Delenda Est says:

    @Corner Stone: Once again, I’m reminded of Eddie Murphy’s Billy Ray Valentine assessing what exactly the Duke Brothers are.

    A couple of b00kies.

  67. 67
    Yet another lurker says:

    What’s with the a-hole traders behind him cheering Santelli on?

  68. 68
    Yet another lurker says:

    What’s with the a-hole traders behind him cheering Santelli on?

  69. 69
    Laertes says:

    Probably more or less the same assholes who were cheering him on when he gave his more famous rant. I never thought about it much, but I guess I’m not surprised to learn that, if you try, you can find some entitled pricks working the floor of the Chicago Mercantile Exchange.

  70. 70
    MomSense says:

    We have to spend sooooo much time, energy, money, resources dealing with all the stupid. Imagine how good things would be if we weren’t always having to deal with this crap.

    ETA CNBC is exactly why the mute button was invented.

  71. 71
    PsiFighter37 says:

    I absolutely detest CNBC, but Liesman is one of the better guys they have on – I never see him go off and say totally absurd shit like it’s matter of fact (like most of them do), or go nuts (like Jim Cramer or Santelli). I do think it’s telling that those clowns working the floor in Chicago prove they know jack shit about finance by cheering him on – great to know the financial system is in the hands of the ill-informed.

    I wonder if Santelli and Liesman have ever met in person – they yell at each other all the time (well, Santelli does most of the yelling), and I have never seen an on-air conversation between them go well.

  72. 72
    SatanicPanic says:

    @Laertes: I think you’re right but I’d add that they’ll also be thinking “they were so mean to that guy, those jerks”

  73. 73
    Eric U. says:

    Back when I watched cnbc a lot, I pretty much ignored Santelli because he was just passing on what the commodity traders were telling him. I.e., he was just a shill for his sources. And commodities are just gambling anyway. He was better at it than a lot of the guys on the channel, it was obvious they were just passing along rumors. Still useful for making money if you recognize that the reasons you are getting that info may not be the reasons that are the most obvious.

  74. 74
    Linnaeus says:

    Not to be redundant, but Rick Santelli really is a jerk. I mean, even more of a jerk than I already thought he was.

  75. 75
    Trollhattan says:

    @kc:
    Okay, I laughed. Then I “RAAAARRRRRR!!!”ed.

    And like Tom Friedman and his “Get Smart!” column, Santelli receives and cashes a paycheck. A farging big one. Oh yeah, The Moustache is at it again.

    The creators of “Get Smart” were ahead of their time. Because it increasingly appears that the post-post-Cold War world is cleaving into the world of “order” and the world of “disorder” — or into the world of “Control” and the world of “Kaos.”

    How so? First, we said goodbye to imperialism and colonialism and all their methods of controlling territory. Then we said goodbye to the Cold War alliance system, which propped up many weak and newly independent states with money to build infrastructure and to buy weapons to control their borders and people — because the stability of every square in the global chessboard mattered to Washington and Moscow.

    http://www.nytimes.com/2014/07......html?_r=0

  76. 76
    Botsplainer says:

    OT-Somebody could tell the early 20-something working the elliptical machine in the row ahead of me that fairly thin pink shorts over a black thong accentuate and define her really, really perfect bubble buns, but that somebody won’t be me…

  77. 77
    Trollhattan says:

    @Yet another lurker:
    I’d be back there, chucking Junior Mints at him, myself.

  78. 78
    Howard Beale IV says:

    Santelli is a crypto-Austrian. And like most Austrian’s, their pathological contempt for central banks and inerrant belief in ‘free markets’ (i.e, free of government regulations) are sociopathic.

  79. 79
    Mary G says:

    @KG: That video is hilarious, and the lyrics too…”wear my Ed Hardy shirt with orange flourescent pants, print my resume in Comic Sans, because I’m TACKY.” Jack Black twerking with a bedazzled fanny pack is a crack up. I needed a good laugh.

  80. 80
    Corner Stone says:

    @Botsplainer: Tagging in here, Boss.

  81. 81
    Litlebritdifrnt says:

    I listen to RWNJ radio whenever I am in the car, the gold and silver ads are priceless for their utter stupidity. Only last week there was an ad for silver that said that the supply was going to run out RIGHT NOW because of the demand for electronic products. This week there is an ad that said silver prices are so low that it is below mining costs, it is costing them more to get it out of the ground than it makes them to sell it. WHICH IS IT FUCKERS? I know the rubes that listen to RWNJ radio are not that smart but damn one would think that at some point they would realize they are being taken for marks.

  82. 82
    Roger Moore says:

    @Botsplainer:
    What makes you think she doesn’t know?

  83. 83
    Botsplainer says:

    @Roger Moore:

    Oh, she probably does. Wish I was 20 years younger.

  84. 84
    Eric U. says:

    @Litlebritdifrnt: I really wish silver would revert to historical norms like it usually does during these bubbles. I need to use the stuff, dangit

  85. 85
    Roger That says:

    @PsiFighter37: Yeah, this isn’t the first time that those two have tangled, nor the first time that Liesman has said that Santelli has been absolutely wrong about everything (and Santelli has been absolutely wrong about everything). Google video results for “Santelli + Liesman” has pages of results, all from different dates and shows. Here’s Santelli ranting about how great it would be if we got a US credit downgrade back in ’10 and Liesman saying “there’s a point in time when ignorance goes from being amusing to being dangerous and I think we crossed that point a long time ago.” Santelli is a clown and a dangerous one. Well, not like Pennywise or John Wayne Gacy, you’d have to be stupid enough to listen to him for him to actually be dangerous.

    and 27% is.

  86. 86
    MomSense says:

    @Botsplainer:

    HA!! I go to the gym every morning with one of my best friends and she is now calling me Mrs. Robinson because of a particularly attractive young fella that has captured my eye (she caught me looking a few times) in his too tight t-shirts.

  87. 87
    Hungry Joe says:

    @Roger Moore: By god, you’re right. Hey, while I’ve got you — wanna buy some gold?

  88. 88
    Botsplainer says:

    @Corner Stone:

    Taught, really taught. Great tone.

  89. 89
    Unabogie says:

    Santelli’s face looks like it’s going to explode. Just naturally. How do these freaks become so successful from doing nothing but yelling on the teevee?

  90. 90
    Litlebritdifrnt says:

    @Eric U.:

    The problem with that is that their gambling causes prices for us rubes to go up on a regular basis, their gambling means we are paying more for gas, or bacon or whatever. Because of their gambling
    my grocery bill goes up. Fuckers.

  91. 91
    rikyrah says:

    the video is hilarious

  92. 92
    Botsplainer says:

    @MomSense:

    Heh – the Mrs Robinsons know lots of nice tricks the younger ones don’t…

  93. 93
    RAM says:

    On another topic entirely, does anyone know what the deal was with the “Obama giving soldiers in Afghanistan pink slips” meme this weekend? My wife got an email from a relative out in Iowa about it, and I checked the Google, but all that came up were links to the New York Post, and about every other right wing site on the Net. But there was nothing on CNN, MSNBD, NYT, or any other place with a brain in their collective heads. The conflagration seems to have burned itself out.

    I always like to send a “Reply All” back to the folks who send me these things, but nothing on Snopes, either. So anybody know what gives? Or gave?

  94. 94
  95. 95
    chelsea530 says:

    @Yet another lurker: Insider trading.

  96. 96
    Violet says:

    @MomSense: Nothing wrong with looking. Even if you’re married, you’re married not dead.

  97. 97

    @Violet: cosign. my wife sez that the day I stop noticing/looking is the day she knows I’m unfaithful.

  98. 98
    Jim, Foolish Literalist says:

    @Yet another lurker: they all think they’re the next Jamie Dimon, Wealth Creators!

    @Violet: as my uncle liked to say, just because you’re on a diet, doesn’t mean you can’t look at the menu

  99. 99
    NobodySpecial says:

    @RAM: It’s called a “Reduction in force”, and it’s happening because of the sequestration. It’s neither anything new or surprising, given that we’re reducing the size of the military anyways, since we’re not staying in war mode. If they want to bitch at anyone, tell them the simple truth: Congress controls the purse strings, not the President. Boehner wanted smaller government, this is smaller government with no sacred cows. You get what you vote for.

  100. 100
    Cassidy says:

    @Botsplainer: One of the perks of membership.

  101. 101
    another Holocene human says:

    @pseudonymous in nc: You said it, that asshat had fans, or did back when I followed “fiscal conservative” (bitter rentier) blogs.

  102. 102
    Jim, Foolish Literalist says:

    I figured Krugman, who I think was Santelli’s “academic” target, would have something to say, and I think he is, unfortunately, right again

    But here’s the thing: before Liesman started, Santelli yelled that he had been right all along — and some of the traders started applauding.
    Think about that: Liesman is of course right about Santelli’s record, and as I’ve pointed out many times this goes for all the inflationistas. So any trader who believed him would have lost money hand over fist. So why the applause?
    Basically, I think, it’s because Santelli is their kind of guy; he hates the poors, he hates people who want to help the poors, he was trashing Janet Yellen for suggesting that she actually cares about the plight of the unemployed. And the traders feel the same way. So they like Santelli even though he’s been wrong about everything.

  103. 103
    efgoldman says:

    @Hungry Joe:

    It’s like the companies that advertise gold because they know, they just KNOW that gold is going to go through the roof.

    They know nothing of the kind (even though they say they do.)
    What they know is that they charge the rubes criminally high commissions, sort of like the clowns who sell annuities.

  104. 104
    Mike J says:

    @Jim, Foolish Literalist: .

    So any trader who believed him would have lost money hand over fist. So why the applause?

    You make money on Wall St at the expense of other people. More suckers in the market makes more money for people who know better.

  105. 105

    @gogol’s wife: Because a household can’t print money and no one is going to give you a loan at the rate investors give the US government (practically 0%)

  106. 106
    efgoldman says:

    @Botsplainer:

    but that somebody won’t be me…

    I’ve noticed a certain trending in your comments lately….

  107. 107
    PIGL says:

    @Keith G: well it’s a question of: are they communicating the information the audience wants to have, needs to have or should want to have? or are they communicating the information that the sponsors or owners want the audience to have.

    To ask the question is to answer it, wouldn’t you say?

  108. 108
    Eric U. says:

    @Mike J: that’s correct, these people are traders. At best, they know how to make money off of market swings. But generally the system is stacked in their favor, so they just sit there and collect their tax off of the trades of other people. They may not have money involved at all, I suspect they don’t

  109. 109
    Shana says:

    @Patrick: If I didn’t know better, I’d say you’re the reincarnation of my father, right down to watching with the sound off.

  110. 110
    Roger Moore says:

    @PIGL:

    well it’s a question of: are they communicating the information the audience wants to have, needs to have or should want to have? or are they communicating the information that the sponsors or owners want the audience to have

    This. Remember, you are only the customer if you’re the one paying the bills. If somebody else is paying the bills, you’re the product. If there are ads on your TV, you’re the product, and don’t count on that being limited to the stuff that’s formally labeled as advertizing.

  111. 111
    Dolly Llama says:

    @Jim, Foolish Literalist: It’s not where you get your appetite, it’s where you eat.

  112. 112
    another Holocene human says:

    @Roger Moore: You’ve described pawn brokers, they have been riding this hoss for years. Local radio ads and print media.

    A lot of national players predate the bubble but most of the national ads sound scammy to me.

  113. 113
    trollhattan says:

    @Botsplainer:
    Can taut be taught?

    One hopes/wishes.

  114. 114
    muddy says:

    @Yet another lurker: Asshole traders are asshole traders.

  115. 115
    rk says:

    On so many of these shows there are men just screaming and shouting at each other, constantly interrupting and generally loud and obnoxious. If women were to do this they’d be labelled emotional, hysterical and unstable. Why are men never called overwrought and hysterical?

  116. 116
    satby says:

    @pseudonymous in nc: See, he was performing for the traders behind him, not the CNBC audience.That’s his constituency.

    Edited to add: a lot of traders at the Merc and the Board started as runners out of high school. Blue collar roots even though they can make good money. Most of them don’t make great money.

  117. 117
    satby says:

    @Eric U.: They may trade other people’s money, but the rules are strict about how, and if they quote a price and don’t trade it in the period it is that price, it comes out of their pocket. That and a host of other rules, I supported financial traders at both the CBOT and the MERC, and I had to be badged as a runner to access the floor.
    A lot of the traders grew up as blue collar white flight suburbanites, and a great many have been laid off over the last few years. They’re often not as sophisticated about the economy as you would expect, given their jobs. They understand their little trading software and their narrow specialty, and that’s about it.

  118. 118
    Comrade Mary says:

    One of those moments where I wished I smoked so I could have a celebratory ciggie right now.

    (Not that I ever understood the post-coital smoke, either. What’s wrong with snuggling and talking and getting into friendly arguments over obscure shit that have to be resolved by either grabbing the closest phone or starting a tickle fight?)

  119. 119
    efgoldman says:

    @Comrade Mary:

    What’s wrong with snuggling and talking and getting into friendly arguments over obscure shit that have to be resolved by either grabbing the closest phone or starting a tickle fight?

    T
    M
    I

  120. 120
    Comrade Mary says:

    @efgoldman: He’s been out of town for a couple of weeks and just got back this weekend. Fuck yes, I’m bragging.

  121. 121
    Corner Stone says:

    @Comrade Mary:

    to be resolved by either grabbing the closest phone

    How is that hot?

  122. 122
    mai naem says:

    Santelli will probably move on to Fox when his contract is up and Rupert is willing to pay whatever it takes to get FBN with some sort of ratings. Maria Baritiromo used to come on Mornin’ Ho, looking hungover,like she had just rolled out of bed. She stopped coming on because I think they got too many complaints on the truly stupid comments she made.

  123. 123
    Comrade Mary says:

    @Corner Stone: If you have to ask …

  124. 124
    Cain says:

    @Corner Stone:

    @KG: And when you have the girl from 4E and a hot tub!
    You, uh, enjoy a good soak.

    Mm.. the girl from 4E, happy memories.

  125. 125
    2liberal says:

    @Patrick:

    CNBC has the best stock quotes of any of the cable channels. But I can’t stand any of their people. They are all right-wing idiots. One of their worst is Maria Bartiromo. who once had the gall to tell their audience that “Americans would be offended if they had to start paying for other people’s healthcare as Obamacare calls for”.

    she left for Fox news some time ago.

    http://www.thedailybeast.com/a.....o-fox.html

  126. 126
    Cpl Cam says:

    @schrodinger’s cat: Plus, in a household your income is your income, in our economy my spending is your income and your spending is my income so if we all stop spending no one gets any income…

  127. 127
    Cpl Cam says:

    @schrodinger’s cat: Plus, in a household your income is your income, in our economy your spending is my income and my spending is your income so if no one is spending no one gets any income.

  128. 128
    The Bobs says:

    @OzarkHillbilly: Who I else has been right about everything since 2000? That’s actually pretty impressive. I wish I had been right about everything for the last 14 years.

  129. 129
    JustRuss says:

    @rk:

    Why are men never called overwrought and hysterical?

    Damn good question. I think we know the answer.

  130. 130
    TriassicSands says:

    Santelli may have been wrong about everything and he may be (is) a complete idiot, but he can still shout with the best (or worst) of them.

    What a waste of DNA.

  131. 131
    Birthmarker says:

    @gogol’s wife: When someone says something like this to me, I politely say, “But how would a country fight a war then?”

  132. 132
    Enhanced Voting Techniques says:

    @Birthmarker: Probably a better one is “your household doesn’t have to spend 50% of its’ budget on home security and guns because there are no cops”

  133. 133
    1stgengirl says:

    @Patrick: Saw Ms Bartiromo on Jeopardy once. She could not answer even one question. Just dumb! Can’t imagine anyone taking investment advice from her.

  134. 134
    Grumpy Code Monkey says:

    @Jim, Foolish Literalist: If there’s one thing I learned from reading “Liar’s Poker”, it’s that almost all traders are raging assholes.

Comments are closed.