What Mr. Santelli fails to acknowledge is that he is part of the problem. He has a Tea Party following that is happy with gridlock and has no problem seeing the country go down the financial tube if their economy busting austerity demands are not met. Mr. Santelli wants action but supports a faction within the Republican Party that is inhibiting said action. Mr. Santelli is concerned about underfunded liabilities but supports incessant tax cuts and lax regulations that allow companies to sack middle class employee pensions.
In his latest outburst that seemed designed to get another YouTube viral moment he shouted at the top of his lungs:
It (the market) doesn’t give you a glimpse into our future or our kid’s future. The fact we have 100 trillion dollars of underfunded liabilities it isn’t pricing whether that is going to work. …..
The Fed doesn’t have a clue, neither does the president, neither does Congress .. and absolutely neither does Tim Geithner, who gives a speech about the debt ceiling. I’d like to see if he could count to a million, much less 16.4 trillion!”
Having Rick Santelli on CNBC illustrates the shallowness and lack of intellect of those programming the station. It should not be surprising since during the Internet bubble these guys gave credence to webpages with no products or potential services the ability to raise millions by pilfering the wealth of many in the middle class who viewed the station as a source of legitimate financial information.
The reality is Santelli and many of his cohorts represent the degeneracy of the capitalism they practice. They have become a class that produce no product or service yet promote policies that enrich themselves from the manipulation of money and markets.