Santelli vs. LIESman
Thursday, March 18, 2010On CNBC Squawk Box, the topic was this: “Moody’s Says U.S. Debt Could Test Triple-A Rating.” From the New York Times article:
A downgrade would affect more than American pride. The bigger risk would be to the country’s ability to keep borrowing money on extremely favorable terms, and therefore to keep spending more money than it takes in from tax revenue.
Below, Rick Santelli goes fist-to-fist with the awful Steve Liesman, a bubblehead statist who has never been right on anything. Santelli also calls out an investment manager from Oppenheimer who defers to conventional wisdom to keep his clients heavily invested and his firm making profits. Indeed, Liesman (appropriate name) is the same guy who said that, yeah, Peter Schiff may have been right that housing was in a bubble and would collapse, yet Mr. Schiff was correct by accident…”for all of the wrong reasons.”
Richie says:
March 18th, 2010 at 2:06 pm
Several years ago, before I discovered Austrian economics, I was a loyal viewer of CNBC. I almost never missed Larry Kudlow’s program. When I stumbled upon the Austrian perspective, read Rothbard and Hazlitt, I realized just how Keynesian the network is (not excluding Kudlow, the faux free-market guy).
The constant blabber of stocks prices, bond prices, yield curves, the Fed and the agonizing over the latest economic data grows tiresome and boring. The blabber-mouths never discuss REAL economics. They discuss the latest economic data that have been released, then ramble on incessantly about “what this means for stocks.”
I am thankful everyday for discovering Austrian economics. I no longer watch the talking heads on television.
Jeremiah says:
March 19th, 2010 at 1:10 am
I felt the same way Richie. CNBC is as much a spin machine as FOX or CNN. I will give them one small measure of credit-They do give Rick Santelli air time..for now. he’s a voice in the wilderness.
Jeannie Queenie says:
March 19th, 2010 at 1:43 am
This could be the most telling of all regarding the perception of what portends for the future. It appears what countries and our central banks are getting into of late. Gold and lots of it!
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=amBRPzwyB9SY
“Central banks,
holding about 18 percent of all gold ever mined, are expanding their holdings for the first time in a generation as investors in exchange-traded funds amass bullion as an alternative to currencies. Holdings in the SPDR Gold Trust, the biggest ETF backed by the metal, are at 1,115.5 tons, more than the holdings of Switzerland. ” I still love Santelli’s terrific rant at CNBC…his Chicago Tea Party he wanted on Lake Michigan in Chicago last July….guy tells it like it is…funny and damn smart. He was so right on with the stimulus plans and mortgage fiasco. Too bad he wasn’t taken seriously by the trifecta in DC.
http://www.youtube.com/watch?v=zp-Jw-5Kx8k
Michael says:
March 19th, 2010 at 2:08 pm
The only “money” program I watch is usually Fox Business. They seem to be embracing their inner Austrian as of late. Congressman Paul and Peter Schiff are frequent guests.
M. Terry says:
March 19th, 2010 at 5:01 pm
If investors are buying into the drivel spewing from of MSM investment advice programs – such as continuing the behavior that got us into the horror story that is the U.S. Debt problem, there’s little hope.
People like Santelli rain on their parade by speaking the truth.
And of course the economists who, years ago, predicted what’s happening now, are marginalized.
The facts speak for themselves. It’s a miracle that the credit rating of the feral gubmint wasn’t lowered years ago.
Jeannie’s link to the Bloomberg article about gold is telling. Some “experts” are still telling their customers to invest in government securities, claiming that “you’ve gotta own it.” Perhaps they should print “on God we trust” on all federal paper besides FRNs. Since nothing the government sells is commodity based, faith is all one can rely on regarding the purported “value” of that paper.
Since government believes it can take over all issues regarding health care and create a hundred or so new federal agencies to “oversee” all aspects of health care – for a net savings of billions or trillions of dollars – I suppose under that test, anything’s possible.
Is anyone getting angry yet? What will it take?
My guess is, within several years, there will be warnings on toilets not to use dollars and T bonds as toilet paper:
http://freakonomics.blogs.nytimes.com/2008/12/18/freak-shots-when-money-goes-down-the-toilet/
Jeannie Queenie says:
March 20th, 2010 at 12:54 pm
Terry rightly says above, “Some “experts” are still telling their customers to invest in government securities”. I take it these experts are expert liars, for there is surely nothing secure in our govt anymore, least of all government securities!
I don’t know who came up with this ditty, but it pretty much sums up the life span of money…”Rags make Paper; Paper makes Money; Money makes Banks; Banks make Loans; Loans make Beggars; Beggars make Rags”.
Seeing as that the sun is out on this warm day of spring, think I will grab a beer and sit on the deck and drink to that old Sam Adams (love that dark winter ale, but it’s spring!). Dear old Sam, opined this gem, so I will drink to this dear Sam Adams–”If ye love wealth greater than liberty, the tranquility of servitude greater than the animating contest for freedom, go home from us in peace. We seek not your counsel nor your arms. Crouch down and lick the hand that feeds you; and may posterity forget that ye were once our countrymen.” So there you have it…’if ye love wealth greater than liberty”, but hey wait a minute, what happens when they take both YOUR WEALTH AND YOUR LIBERTY? I think I will invest in Sam Adams Brewery for there is gonna be a whole lotta drinking when folks see both their wealth and liberty out the window and money is for ass wipes.
PatriotOne says:
March 21st, 2010 at 11:56 am
I know how to start the economic solution process: 1) AUDIT THE FEDERAL RESERVE SYSTEM 2) Arrest the rackateers.