Drudge Retort: The Other Side of the News
Tuesday, July 15, 2014

CNBC host Rick 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 drew 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," Liesman said. "There is no piece of advice that you've given that's worked, Rick. Not a single one."

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That's what happens when you let politics blind you. Just like 2012 when ------ Cramer predicted the DOW would crash because Obama was re-elected.

Just like Ray and DOW 1200.

The man has no business being on tv let alone CNBC.

#1 | Posted by 726 at 2014-07-14 06:14 PM | Reply | Flag:

www.youtube.com

#2 | Posted by Harry_Powell at 2014-07-14 06:59 PM | Reply | Flag:

They thought Nouriel Roubini was a loon too, but sadly he was right.

Just so we know where Steve Liesman is coming from

Jim Grant Slams Steve Liesman "The Fed Can Change How Things Look, But Not What They Are"

"I got up this early to talk, not to listen," Jim Grant berates Fed-apologist Steve Liesman as the two go head-to-head over the fallacy that QE has been a success. "The Fed can change how things look, it cannot change what things are," is the single-sentence summation of the mirage that the Fed's "dangerous monetary manipulation" has created.

www.zerohedge.com

Anyone that thinks this FED ride is free is an idiot like Steve Liesman.

#3 | Posted by paneocon at 2014-07-14 07:00 PM | Reply | Flag: | Newsworthy 1

Just because someone isn't a OWS bozo doesn't make them wrong.

Rick Santelli Is Right!
Rick Santelli then tried to make the point that sound financial principles are in and of themselves good, i.e., the math makes rational business sense. Furthermore, that the government should operate just the way individuals and families do with budgets and within their overall means.

I get all of that, but the numbers are so out of whack right now from a spending standpoint, escalating 16 trillion outstanding debt burden, and the future trend line with obligations due by 2025, that even with today`s once in a lifetime low interest rates, the country is headed for sovereign default on its loan obligations.

Hence Rick Santelli is right, sound financial principles are the same regardless of which level we speak to in personal or government. The government may have a bigger credit line, but that`s the only difference, and it means that the government can dig a far bigger hole and do far more damage than a consumer with a finite credit line.

Read more: www.nasdaq.com

#4 | Posted by paneocon at 2014-07-14 07:04 PM | Reply | Flag: | Funny: 2

"Hence Rick Santelli is right, sound financial principles are the same regardless of which level we speak to in personal or government."

Baloney. When Dwight D. Eisenhower sold America on the Interstate Highway System we had the largest debt to income ration in the history of the United States and had a the largest debt owed by any nation in history at that time. But, since it was infrastructure that enabled millions of workers and hundreds of thousands of businesses to operate (to exist) more efficiently it paid for itself many times over. No family budget would ever be handled that way, not even a major corporation could operate that way. Only government would create huge opportunities by going deeply in debt on the assumption that America would take advantage of those opportunities and create far more wealth than what was spent on those INterstate Highways.
Now, when George Bush decided to take us to war in IRaq we don't get the same kind of returns on our investments though some of the contractors sure made out like bandits, pun intended.
America should know now that we should never ever listen to anyone that is a neocon or even has neocon in their screen name. They are either profiteers or idiots.

#5 | Posted by danni at 2014-07-14 07:37 PM | Reply | Flag: | Newsworthy 4

Danni,

You bring up some excellent points, but not the ones you think.

A family would be wise to go into debt for a car so a member can goto work, or even go into debt to own a home. I would also agree it would be wise to invest in education. Dwight went into debt on infrastructure, this makes a lot of sense.

But it would be unwise to go into debt to buy food, to pay for the movies, and expenses that don't invest in the future or create an asset. Today entitlement spending is just creating debt without a return. Even investing in the MIC creates long term assets.

Also the debt itself is not solely made up of GeorgeBush going to WAR (which we voted for)...

But most of the budget is wasted on things that have little if any return on investment.....

#6 | Posted by AndreaMackris at 2014-07-15 05:07 PM | Reply | Flag:

But most of the budget is wasted on things that have little if any return on investment.....

Posted by AndreaMackris at 2014-07-15 05:07 PM | Reply

Like the 4 TRILLION dollar Iraq War Ma'am.

#7 | Posted by LarryMohr at 2014-07-15 05:09 PM | Reply | Flag:

Like the 4 TRILLION dollar Iraq War Ma'am.

#7 | Posted by LarryMohr at 2014-07-15 05:09 PM | Reply | Flag:

Not to defend the invasion of Iraqi, how many trillions did POTUS wasted on stimulus bills and is still wasting on QE. Obama accumulated the same amount of debt in half the time Bush did.

#8 | Posted by danv at 2014-07-15 07:47 PM | Reply | Flag:

Not to defend the invasion of Iraqi, how many trillions did POTUS wasted on stimulus bills and is still wasting on QE. Obama accumulated the same amount of debt in half the time Bush did.

Posted by danv at 2014-07-15 07:47 PM | Reply

When one digs a hole it's a good rule of thumb that it will require 1.5 times the amount of substance taken out to fill it back in again. That's what is happening now.

#9 | Posted by LarryMohr at 2014-07-15 07:52 PM | Reply | Flag:

"Not to defend the invasion of Iraqi, how many trillions did POTUS wasted on stimulus bills and is still wasting on QE."

He salvaged what was left of our economy by doing those things, I don't call that wasting money. Pissing away billions in Iraq, I think anyone with an ounce of honesty, has to finally admit was pissing away trillions and thousands of lives. Every day the things that are happening there underscore and underscore just how wrong the neocons and George Bush and Dick Cheney were.

#10 | Posted by danni at 2014-07-15 07:57 PM | Reply | Flag:

"Also the debt itself is not solely made up of GeorgeBush going to WAR (which we voted for)... "

NO, not just his war but his tax cuts too are responsible. NOtice the drop in the deficit? Last quarter more tax revenues came in that expenditures went out....so now, once and for all can we all agree? Deficits do matter!

#11 | Posted by danni at 2014-07-15 08:14 PM | Reply | Flag:

BTW, what kind of cynical pig cuts taxes or votes for cutting taxes during war time? Any doubts about Bush's character are answered by that question.

#12 | Posted by danni at 2014-07-15 08:15 PM | Reply | Flag:

He salvaged what was left of our economy by doing those things, I don't call that wasting money....
#10 | Posted by danni at 2014-07-15 07:57 PM | Reply | Flag:

They were wrong, no doubt. But salvaging the economy, I think not. He just made the situation worse. The Bush tax cuts may have added to debt because spending was not cut, but the debt was always there. Also the second tax cut, not needed I agree, was to try and spur the economy after 9-11, in case you forgot the economy took a serious plunge after that attack.

NO, not just his war but his tax cuts too are responsible. NOtice the drop in the deficit? Last quarter more tax revenues came in that expenditures went out....so now, once and for all can we all agree? Deficits do matter!
#11 | Posted by danni at 2014-07-15 08:14 PM | Reply | Flag

Seriously!!! Last quarter included the April 15th, a LOT of taxes were paid that month. But no avoiding the fact Obama has put the same amount of debt onto your children and grandchildren that Bush did; in 1/2 the time.

You are correct deficits matter, but the overall debt matters more.

#13 | Posted by danv at 2014-07-15 08:32 PM | Reply | Flag:

"But no avoiding the fact Obama has put the same amount of debt onto your children and grandchildren that Bush did; in 1/2 the time."

Yeah, he had to resurrect the economy and finish two wars started by Bush. You point is ridiculous and dishonest, as always.

#14 | Posted by danni at 2014-07-15 08:36 PM | Reply | Flag:

"They were wrong, no doubt. But salvaging the economy, I think not. He just made the situation worse."

Which indicator on the economy tells you that? Unemployment? Stock Market? Housing prices? Just your gut instinct? Yeah, I figured that's where you get your ideas from. How do you reach your gut? Through your ass.

#15 | Posted by danni at 2014-07-15 08:38 PM | Reply | Flag: | Funny: 2

Yeah, he had to resurrect the economy and finish two wars started by Bush. You point is ridiculous and dishonest, as always.

Sometimes I am ridicolous, but facts are facts, cant change them with wishful thinking. Look at the debt before office and now.

He didn't salvage the economy, he is not a authoritarian central planner, yet. PS he fouled up in Iraqi, Libya, Egypt, Syria giving arms to AL-queda.

Re #15

(1)The current stock market is not a indicator of a healthy economy, it is an indicator of QE.

(2) Real unemployment > 10%, with tens of millions relying on government assistance

(3) Housing prices rebounded on there own, but the HARP law may have helped, I will give you that.

(4) you can also reach your gut through through your mouth, but hey public education, right?

I hope someday you realize you are being used. The 2 party is system is rigged. Neither party can be trusted.

#16 | Posted by danv at 2014-07-16 12:03 AM | Reply | Flag:

It's funny to watch liberals who have no clue who's who on CNBC lining up to defend QE.

Quick question: how are gas prices doing, despite record US production? Falling, or rising? How about food prices, again, despite record crop yields worldwide?

Quite a world libbies live in. If W were president, you would be screaming about how his Fed and Treasury were raising taxes on the working poor with high inflation for staples. But he isn't, so you have to line up behind Steve Liesman. You morons don't even know where you're supposed to stand.

#17 | Posted by WhiteDevil at 2014-07-16 06:32 AM | Reply | Flag:

"Quick question: how are gas prices doing, despite record US production? Falling, or rising?"

"5 reasons why gasoline prices will drop"

www.bankrate.com

Not the only source saying that either. Google "gas prices falling"

#18 | Posted by danni at 2014-07-16 08:11 AM | Reply | Flag:

There is no such thing as advocacy journalism. When a journalist advocates any position he crosses the line into propaganda. If they are up front about it, no problem. But they seldom are,

#19 | Posted by docnjo at 2014-07-16 12:01 PM | Reply | Flag:

In a capitalist society, the best thing any individual can do is save. But if everyone saves the economy collapses. That is one big reason why Government spending is a critical part of a healthy economy. This does not justify creating $111 billion a month and giving it away to criminal Bankers.

#20 | Posted by nutcase at 2014-07-16 12:56 PM | Reply | Flag:

Danni, your link is about 2013... I dont see anything that says prices are going down now, and in fact they have been rising in my area.

#21 | Posted by justagirl_idaho at 2014-07-17 09:22 AM | Reply | Flag:

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