Tea Party Founder Told Live On Air ‘It’s Impossible For You To Have Been More Wrong’

[kpete]

.....the predictions Santelli made about the economy and government policy are getting called out, by one of his CNBC colleagues no less. CNBC commentator and economist Steve Liesman responded to yet another Santelli rant by saying:

It’s impossible for you to have been more wrong, Rick. 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 that you’ve given that’s worked, Rick. Not a single one… 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.

It would have lost you money if you bought the propaganda about how the economy worked, but it certainly did not lose those money who wanted government paralysis. The Tea Party’s advocacy of austerity served their 1% backers, such as the Koch Brothers, well and helped widen the already yawning wealth gap. No new taxes and no debt relief.

Instead of a populist movement to punish the banks and redistribute their ill-gotten gains there was an attack on economic stimulus and raising taxes.This despite many Tea Party members relying on public assistance and social insurance programs themselves – which they support.

Given the results of austerity economics and its failure to help the people like those in the Tea Party, one might think reconsideration was in order. But as long as people like Santelli are trying to yell over reality the show must go on.

http://firedoglake.com/2014/07/15/tea-party-founder-told-live-on-air-its-impossible-for-you-to-have-been-more-wrong/

[Squinch]

1. Kicking for the beauty of it. Anyone know what his response was to that?

[liberal N proud]

2. If you yell a little louder, you will win the argument.

[TxVietVet]

3. Love it. K&R

[samsingh]

4. kick

[Buns_of_Fire]

5. He's certainly... um... excitable. Here's Money magazine's take on it:

http://time.com/money/2983010/cnbcs-rick-santelli-rant-translation/

I'm sure most of you will understand it far better than I do. Either way, why on earth would anyone take investment advice from someone who apparently always acts like he's just run out of Prozac?

[Aerows]

8. He sounds like a coked out

maniac.

[jeff47]

15. I'm always astounded that people take advice from CNBC

If these people knew what they hell they were doing with investing, they wouldn't be on TV. They'd be making a fortune investing.

[Demeter]

6. Not yet, they haven't

but then, the Fed is STILL pumping the balloon full of hot air.



I am alarmed for people who think the dollar will never crash, that inflation will never grow (it's there and growing just fine, the govt. just doesn't count it; ask whoever buys your groceries), or that this is any kind of a recovery.

[bread_and_roses]

7. Yep - those pesky "volatile" food and energy items

The ones we can't do without that they don't count. Meanwhile, students are still living in their parents' basements, people still can't find jobs, and the minimum wage still won't pay for a decent apartment and food in the same month. Even cheap food. Maybe some people are not reeling in shock every time they come out of the grocery store, but I don't know any of them.

[Aerows]

9. Grocery prices

are sky high. I'm not broke, but I feel sorry for those that are stretching every dollar they can. Milk prices are ridiculous.

[Enthusiast]

10. We will not be stimulating the economy any time soon?

Me too.

No Big Ticket items like new cars or trucks for this household. No new large flat screen TV, our's is still analog, lol. The stereo is 40 years old.

I'm not complaining but I would hate to start cutting back on essentials.

[Aerows]

11. I have a garden

and know how to cook. No matter how bad it gets, we will have something to eat. I don't drive a vehicle that I don't have the title to, and never will. Car payments are a stupidity tax.

[Enthusiast]

13. I'm totally with you on car payments.

[Aerows]

14. Stupidity tax

[Enthusiast]

17. I paid it for many years.

But cars were cheaper then and I had a good trade in and large down payment. But, still. I never intend to do that again.

[Aerows]

18. I paid it a few times

Then I realized I was just throwing money away. I'll let the other fools do it for me, and buy a perfectly nice ride that they decided was too old.

2007 Cadillac SRX loaded, by the way. Have the title.

[jeff47]

20. They don't think the dollar will never crash.

They think that the economy is well below capacity. Hence all the long-term unemployed, and people taking part-time work after being laid off from full-time work.

The Fed keeping interest rates low helps to fix that somewhat - expanding business or starting a new one is cheaper thanks to all the money laying around.

If you want a recovery, having the Fed cut back is exactly the wrong thing to do. For now, they need to credibly threaten high inflation for that idle money to get to work.

And yes, monetary stimulus isn't the right way to fix the economy. The government should be spending a crapload of money instead. Right now the government can borrow at basically 0% interest. But that runs into people screaming about inflation and the Fed STILL pumping the balloon full of hot air.....

[Enthusiast]

12. Excuse the language, fuck the Tea Party Founder. He's wrong. But they never answer for being wrong.

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[daleanime]

16. K&R....

[Guy Whitey Corngood]

19. Cocaine's a hell of a drug. nt