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CNBC’s Rick Santelli Gets Into Shouting Match Over President Obama & Job Creation — Is He Right?

Nov. 2, 2012 12:58pm Becket Adams

Following the release of the October jobs report Friday morning, CNBC’s Rick Santelli (i.e. the godfather of the Tea Party) got into an intense shouting match with his colleagues over whether President Obama is responsible for a net loss of 61,000 jobs .

“Outside of revisions, coming in today — from the entire term of this administration, from February ’09 to today — they came in on the establishment survey down 61,000,” Santelli shouted.

The CNBC panel pushed back on the theory, to which Santelli replied he’d done the math four times.

“Net job creation is in positive territory the Friday before Tuesday,” Santelli snapped, adding that the Obama presidency has coincided with job negative creation.

However, although Santelli’s theory is an interesting one, it’s not sound. Indeed, as Business Insider’s Joe Weisenthal notes, there’s really no reason to exclude revisions.

That being said, this is what total non-farm payrolls since 2008 looks like [note the increase]:

“Santelli, though, does not appear to be right, and instead appears to be referring to where things stood after the September jobs report, revealed last month,” the Weekly Standard’s Daniel Halper notes. “With this last month’s report, we now appear to be above water in terms of jobs growth.”

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(H/T: Mediaite)

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Comments (80)

gyro
Posted on November 2, 2012 at 2:31pm
I mentioned this in a post a few weeks ago
3+5+7=9
Any questions?

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- Gold Coin & Economic News
  Posted on November 2, 2012 at 2:51pm
  When the president said, “If you have a business, you didn’t build that” he meant it. He really thinks economic prosperity and job creation comes from government. Don’t forget that quote:
  https://www.youtube.com/watch?v=jiwap4MDFpg
  
  Report this comment
- imsteph
  Posted on November 2, 2012 at 3:02pm
  Rick needs to come on over to the Blaze as their market/financial specialist.
  For the sake of his soul.
  
  Report this comment
- michael48
  Posted on November 2, 2012 at 6:06pm
  Rick should go to Fox…having to put up with that Nothing But Oblamer crap hole, Marxist, elitist dem-wit crowd, will eventually drive him nuts….
  
  Report this comment
- desertspeaks
  Posted on November 2, 2012 at 6:40pm
  communist math is an artful thing.. they forget to add in the U6 , very convenient!!
  
  Report this comment
- lobster
  Posted on November 3, 2012 at 2:31am
  If there are 370000 new filings for unemployment each week, or 1.6 million per month, what the heck is happening to those filings. 40+% are for long term, therefore the labor dept. has to be cooking the books as Jack Welch said last month… The numbers from this admin. are all BLUE SKY…
  
  Report this comment
- Advection
  Posted on November 3, 2012 at 5:23am
  I read that Obama donors at the state and federal levels of government were under-reporting job losses and quietly changing the algorithms used to calculate unemployment stats.
  
  That’s like trying to save the sinking Titanic by drawing new bulkheads on the paper schematic.
  
  Report this comment
- Konservative PUNK
  Posted on November 3, 2012 at 9:11am
  As much as I dislike the NBC organization, CNBC is the exception. They do have liberals, but they also have as many conservatives. Larry Kudlow’s show is much better than Shepard Smith over on Fox, and Kudlow is a hardcore Reagan Conservative who says every single night: “FREE MARKET CAPITALISM IS THE BEST PATH TO PROSPERITY.”
  CNBC should be applauded for giving conservative economists a voice. They give more time for debates between liberal and conservative economists than they generally get on FOX.
  
  Report this comment
- Konservative PUNK
  Posted on November 3, 2012 at 9:16am
  ADVEC:
  Exactly. It’s called “Voodoo Economics”.
  The political parties have made it nearly impossible to understand what is happening in the economy. We don’t count anything the same way we did during the depression, making it impossible to compare.
  
  Report this comment
- FesteAinoriba
  Posted on November 3, 2012 at 4:43pm
  Patriots believe the legitimate purpose of government is to secure individuals’ right to disposition their time, talents, and property in accordance with their own individual conscience. Slavers believe that individuals need the moral guidance and constraints provided by elite overlords who dictate and regulate how individuals may and must use their time, talents and property to serve the state’s moral imperatives. The former hold that the latter are nothing more that criminals who seek to steal and control what they have not earned. Socialism, National Socialism, Fascism are just different words for government control of labor and the fruit of labor. All social programs that compel those who have earned the fruits of virtue to share them with those who refuse to walk virtue’s path are criminal – represent a violation of the religion clause by imposing the moral imperatives of egalitarianism and its “social justice” doctrine as the state religion. All efforts by government to compel some to support others is criminal in essence and is the very spirit of slavers that has always been the well-spring of the democratic party. Legitimate government protects us from encroachment on our right to disposition our time and talents and the fruit thereof in accordance with our own conscience. It is the mark of illegitimate government to enshrine such a criminal enterprise into the institutions of government.
  
  Report this comment
ColoradoMaverick
Posted on November 2, 2012 at 2:12pm
What doesn’t make sense is that unemployment numbers are determined by doing phone surveys?? Why don’t they just get a report from all of the state’s unemployment offices? This would clearly show the EXACT number of people applying for and receiving unemployment. It would also show how many people have already exhausted their unemployment benefits. Another thing, why don’t we have access to the IRS numbers? Their database could show how much income tax revenue is coming in on a monthly basis. This would shed light on number of people working and paying taxes, income levels and revenue. Hard data that isn’t dependent on stupid phone surveys.

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- Lumen
  Posted on November 2, 2012 at 2:28pm
  They have those numbers as well. They CHOOSE to only show this set of numbers. Wonder how much worse the other sets of numbers look.
  
  Report this comment
- Detroit paperboy
  Posted on November 2, 2012 at 2:31pm
  I really think Romney will win, I pray the parasites do not out number the workers………..but if Obama does win, the Democrats will not win again for fifty years……….
  
  Report this comment
- grimmster
  Posted on November 2, 2012 at 4:25pm
  @Colorado.
  The gov’t choses to “cherry pick” numbers, and no one, not even those in gov’t will ever know the true unemployment figures……
  
  Report this comment
- Rowgue
  Posted on November 3, 2012 at 2:06pm
  That would be a good step toward a genuine attempt at honesty.
  
  The hard facts aren’t always as hard as they seem though. None of the figures you mentioned account for people that aren’t working but never applied for unemployment benefits, for whatever reason.
  
  Report this comment
dullsville
Posted on November 2, 2012 at 2:03pm
Does anyone seriously believe any of these jobs numbers anymore? The spinning of truth and outright corruption is too pervasive.

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- oldguy49
  Posted on November 2, 2012 at 2:26pm
  i work for a restaurant in florida that is seasonal…………….we closed on sept 21 and for the first time ever they said we could not call in to start unemployment til november 6..usually we start when we close with a wait week…not this time………….love to see what the unemployment numbers are next time
  
  Report this comment
- rosegrower
  Posted on November 2, 2012 at 4:06pm
  Oldguy49
  Interesting timing isn’t it? Telling you that you can’t even apply for unemployment until election day? I wonder what Democrat engineered that?
  
  Report this comment
- Ghenkis_Khan
  Posted on November 2, 2012 at 5:16pm
  Rush Limbaugh said all the way back in Feb to watch the unemployment rate that it would drop under 8% in Sept or Oct because no president has ever been reelected with the rate over 8%. It appears that his crystal ball was working perfectly when he made that prediction.
  
  Report this comment
weareskrewed
Posted on November 2, 2012 at 1:59pm
Doesn’t matter how you work the numbers; even if we were down 1,000,000 jobs; Obama is getting re-elected; its a forgone conclusion; the people that tell our puppet presidents what to do have chosen Obama to continue “the transformation”. Roosevelt had no problem getting re-elected and it was worse then compared to our current state of the economy. In addition, all the fraud and computer cheating that will be done with electronic voting.

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- Jobeycool
  Posted on November 2, 2012 at 6:31pm
  Exactly right man..
  
  Report this comment
- Old Ogre
  Posted on November 3, 2012 at 2:35pm
  “It was worse then”
  I would argue that statement! How could it possibly have been worse then? Look at the deficit hanging over our heads. It’s not JUST the job market that determines if we get out of this mess, what counts more than ANYTIHNG is the attitude of our people.
  “Back then” people more or less knew how to be self-sufficient, or at least could depend on each other, sure there were some who didn’t but now it’s the majority who wants a hand out, who think they are owed and finally look at the skill level of our workforce… Do you want fries with that….
  
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overthecliff
Posted on November 2, 2012 at 1:51pm
Debbie Wasserman-Shultz should be brought in to counter the ravings of Santelli.

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- Cavallo
  Posted on November 2, 2012 at 2:27pm
  Ahhh yes.. to attempt to convince us that enslavement to a fascist centralized federal bureaucracy is best for us. That we should be happy being cannon fodder for their Marxist murderous philosophies.
  
  Report this comment
rosecityken
Posted on November 2, 2012 at 1:48pm
You know folks, compared to our “Beloved Leader” and everyone in his administration lying to us and the whole world (U.N. general ass-embly speech) about their utter failure FOR 9 DAYS, further enflaming muslim rage FOR 9 DAYS, and quite possibly causing 18 other embassies to be attacked (by drawing attention to a schlocky hastily done youtube video) i think we can probably cut santelli a little slack on his #’s…..dont you? its funny that cnbc will beat rick up for math but not the administration for dead americans. very telling.

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overthecliff
Posted on November 2, 2012 at 1:47pm
Bottom line is that about 4,000,000 fewer people have jobs today than 4years ago. You can torture logic and numbers but there are still 4,000,000 paychecks .

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- getitgotitgood
  Posted on November 2, 2012 at 1:54pm
  Can’t everyone tell that the economy is better today than it has been EVER that if you want to be rich all you have to do is say , I want to be rich ….. 3….. times and you instantly you become rich. Oh an obama is so wonderful that all should just stop voting and anoint him king of the world. and and and….
  
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- Joel Knows
  Posted on November 2, 2012 at 2:04pm
  I tried wishing 3 times that I was rich, and I even repeated it 3 times clicking my heels together on the last time. Then I realized my ruby slippers were at the shoe repair still. When I got to the shoe repair there was a sign on the door that they had gone out of business due to how well business and the economy are doing under BHO.
  
  Report this comment
Spinetti
Posted on November 2, 2012 at 1:43pm
For me, any time government talks about job creation and job opportunity, I find it a little laughable since we live in the “Age of Affirmative-Action”. Consequently, if jobs are somehow created and job opportunity does somehow arise in this “Age of Affirmative-Action”, chances are most of those jobs will be filled based on racial preference and not qualifications. The same thing takes place in education as well. But, it appears Affirmative-Action is here to stay as it has become both a normal and an accepted element of government and society. Consequently, as Affirmative-Action is based on racial preference, racial preference has become both a normal and an accepted element of government and society. So, Affirmative-Action is alive and well and still going strong. Just ask Michigan. Michigan had voted to ban Affirmative-Action, however, two judges count ‘em two over-turned that vote. So, if two judges have to over-turn the votes of thousands to keep Affirmative-Action going, Affirmative-Action must be really really really really really important.

http://www.americanthinker.com/2011/07/a_horrible_racial_preference_ruling_in_michigan.html

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- ElJefe77
  Posted on November 2, 2012 at 1:48pm
  What happens when minority status switches races? Do you think caucasians will be given the same respect by the current minority groups?
  
  Report this comment
Mr Sanders
Posted on November 2, 2012 at 1:37pm
Numbers are skewed. More people are looking & done looking than people getting jobs.

U6 – if you look there… those are the facts. U6 baby -U6.

Keep Hitting them Rick…… you are an inspiration!

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3Tesla
Posted on November 2, 2012 at 1:36pm
Defending these job numbers is a little like holding up the new Cereal boxes that hold 1/3 less cereal and saying that the price of cereal has not gone up.
The American electorate is so on the dole or bribed or outright moronic that the TRUTH is a useless hard to understand fog told to confuse the issue — I don’t care about the country I just want my arse to be greased .

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HYPNOTOAD
Posted on November 2, 2012 at 1:29pm
I woke up this morning with a great idea! With all the leftists bussing in welfare people to vote and even voting for them probably multiple times and unions giving out money to vote, It got me thinking.

In the battle ground states, conservative business’ should have a “EBT Appreciation Day” on November 6th. Prey on their need for free stuff and let their greed get the best of them. What ever it is you offer for free, make it super slow to dole out so the lines are long and they get so tired after waiting for hours in line for their free treasure that they will go home to recuperate.

Fight the libs with their own tactics I say. If you are a conservative theatre owner, offer free movies all day to EBT card holders. Get creative.

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- alrunner58
  Posted on November 2, 2012 at 8:42pm
  I love that idea and it would work.
  
  Report this comment
HKS
Posted on November 2, 2012 at 1:28pm
I don’t know how this guy can stand working with all those liberals, he needs to get out of there. Liberals can lie in the face of facts to the contrary with a straight face like no one else, they have no soul, conscious or reason to live.

“Remember Benghazi”

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Gonzo
Posted on November 2, 2012 at 1:23pm
Good job Rick.

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- GeorgieJo
  Posted on November 2, 2012 at 1:31pm
  RICK YOU ROCK!!!!!!!!!!!
  I simply love this guy!!!!
  
  OMG NOV 2012
  
  Report this comment
NHwinter
Posted on November 2, 2012 at 1:22pm
With so many not even looking for work, so many on food stamps, etc. enough of trying to make it what it isn’t.

What Obama should be doing now is air dropping food, blankets, and supplies to the people in NY and NJ that are stranded. He should be rushing generators to all the gas stations. If he really cared, he would stop campaigning and do something positive to help people in life threatening situations.

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wild72
Posted on November 2, 2012 at 1:22pm
Obama will lie, cheat and steal to win this election. He isn’t going anywhere. You all know this. Clean your guns and prepare.

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- silly
  Posted on November 2, 2012 at 1:37pm
  That is how he got to the presidency by cheating. this guy is a crook and a clown and doesn’t deserve to be our president. cheater cheater
  
  Report this comment
- jamestoms
  Posted on November 2, 2012 at 4:34pm
  I’m with ya, many are, we are filled with the commies in Jefferson country VA. It’s sickening. Even if Romeny wins I doubt he can clean up this mess, the government/military/legal system/police are all in lock step, mindless ignorant brutes. It’s over for America, just look at how good they take care of the Jersey and NY folks.
  
  Report this comment
- Truth Meter
  Posted on November 3, 2012 at 10:16am
  Locked and loaded !!!!!!!!!!!
  
  Have you picked your top 10 Lib, Commie, targets?
  
  Report this comment
mikenleeds
Posted on November 2, 2012 at 1:17pm
can you say bought and paid for? this clown figures by screaming at us like we are two years old he can convince us he s right and everyone else is wrong ,,,
sounds like another obama s ****-boys

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- mikejpss
  Posted on November 2, 2012 at 1:22pm
  You mean like obama shouts at us in his campaign speeches?
  
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simplygilly
Posted on November 2, 2012 at 1:17pm
Obama and campaign boast the number of jobs “created” but never a word of those lost. FACT is there are 1% LESS people employed today than when Obama took office. PERIOD

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RaydocX
Posted on November 2, 2012 at 1:16pm
wait… i’m just an ol’ country boy, but why the ‘revisions’ why are they ‘acceptable.’
and if they are accepted, why not show us the real number with the ‘revised’ number.
the moment you let the statisticians play the numbers could say anything, and the moment you exclude people who are not looking from work from the unemployed calculations, you have rendered your statistic inaccurate.

i am interested in what the real numbers… hell, even the ‘adjusted’ numbers that are ultimately put down as final will be compared to what is being reported.

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4XGrace
Posted on November 2, 2012 at 1:16pm
Just like the Global Warming warning Bots (add Wasserman-Schultz in there as well), the idiots speak with the sound of all Authority but really their arguments are empty chants; a baseless and stupefying mantra designed to induce a comatose reaction in the listeners.

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tomavitabile
Posted on November 2, 2012 at 1:10pm
Let’s show our voice at the polls but right now help me spread the word about “Take A Hero To Vote.” On Nov. 6th, honor a fallen soldiers for giving us the right to be able to vote by saying a prayer to them in the voting booth. Click here to find out more.

http://tomavitabile.wordpress.com/2012/11/01/take-a-hero-to-election-day-and-say-thank-you-as-you-cast-your-ballot/
@TomAvitabile

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TSUNAMI_22
Posted on November 2, 2012 at 1:08pm
I love Santelli because he tells it more like it really is.

I’ll bet dollars to donuts that CNBC wishes he’d go over to Fox Business like many others did, but I hope he stays there as a thorn in their side.

I love watching that Steve LIESman squirm.

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- HowTruthHurts
  Posted on November 2, 2012 at 1:23pm
  Rick Santelli is such a smart man. Oh’ did you hear CNBC’s rebuttal? Basically they said (I’m paraphrasing but the segment in the video is at 1:13) “Check the government’s data”. Seriously, do you not think the current administration is going to manipulate their numbers to their advantage before an election? Does CNBC think all American’s are idiots?
  
  Report this comment
progressiveslayer
Posted on November 2, 2012 at 1:07pm
Of course job creation has been in negative territory since the infliction of the ‘one’ on us and if the ‘affordable health care law’ is allowed to stand you’ll see many millions more in job losses. The only job loss we should concern ourselves with is ensuring that the ‘one’ loses his job in four days. A lot of our problems will take care of themselves when Barry’s fired and sent back to hell.

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Cibolo
Posted on November 2, 2012 at 1:06pm
This guy has a crush on Obama, just like Chris Mathews….. He will say anything to make his sweetheart look good…… Just another Obama supporter getting thrill’s up his leg!

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huey6367
Posted on November 2, 2012 at 1:04pm
Despite what everyone says (mainly the WH and MSM) we are not in a recovery.

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Cibolo
Posted on November 2, 2012 at 1:02pm
Another one of Obama’s boyfriends….. You can polish a turd, but it is still only a polished turd!

Bye bye Obama!

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- soybomb315_II
  Posted on November 2, 2012 at 1:10pm
  you’re calling santelli an obama supporter?
  
  Report this comment
- 2MINUTESTOMIDNIGHT
  Posted on November 2, 2012 at 1:44pm
  I think CIBOLO is a little confused. He may have had a little drinky drink from Biden’s cup this morning.
  
  Report this comment
- Inlightofthings
  Posted on November 2, 2012 at 4:05pm
  SOY: Philosophies aside, Romney is faring much better than you anticipated I have to believe. I think Ohio is a done deal and maybe Ia and Wi. Pa perhaps but Mn is still full of Ventura fruitcakes…
  
  Report this comment
- soybomb315_II
  Posted on November 2, 2012 at 4:51pm
  i had no anticipations for Obama v Romney. If Obama is to lose, it isnt becuse of Romney – it’s because of Obama. Therefore, any republican could beat him – which is why we wanted a more Constitutional candidate (pick
  one).
  
  IF Romney wins, it will be short lived because taxes or the debt is set to skyrocket and the economy to collapse. I will make a prediction though……IF Romney wins, democrats will have the house and senate after 2014 elections and president in 2016
  
  Report this comment

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