The Bureau of Economic Analysis (BEA) announced Wednesday that real gross domestic product (GDP), the total output of goods and services in the U.S, for the fourth quarter of 2012 was -0.1 percent, the first negative print since December, 2009.
And you better believe CNBC’s Rick Santelli — the one credited with fueling the start of the Tea Party — had something to say about today’s report.
“We have become Europe,” he shouted at his colleagues.
“When you act like Europe, you get growth rates like Europe,” he added. “Our discussions with economists sound like we’re in Europe. They’re always doing the right thing. They’re always thinking they know better, and this the kind of growth.”
“We have become Europe,” Santelli continued. “We are now Europe.”
Follow Becket Adams (@BecketAdams) on Twitter
Featured image screen grab.
Submitting your tip... please wait!
Old Phart
Jan. 31, 2013 at 4:28amThis will be the last time I leave a post on this site. I see the same pathetic waste of energy being expended whining about the problems this Great Republic is facing. I am now extending a challenge to those on this website. I’m sixty years old, my generation took action to fix a problem, and didn’t waste time trying to fix the blame. Yes, the socialists are trying to destroy the Republic. Get off your asses and DO SOMETHING! Join a lobbying group that believes as you, pay dues to those who are trying to stop the madness, write your Congressmen, join the NRA, talk to family members and show them the madness underway in America. Write editorials to your local newspaper, attend a local school board meating, and express you displeasure. GET IN THE OPPOSITIONS FACES. The one thing you need to understand is that Liberals, Socialists, and Communists are the most GUTLESS people in the world. They need to subvert the Government to fight their battles. They fear you much more than you can understand. Understand you enemy. They are bullies. And with all bullies they only have power until someone stands up to them. They are not all powerful. Think of them as the ones no one chose for Dodge Ball in grade school, and now you know why they are so angry.
Report this comment
Trail_Jumper
Jan. 31, 2013 at 4:45amOld Phart,
You hit the nail on the head. They ARE cowards. They ARE bullies. And yes, getting in their face is exactly what needs to be done. Just don’t leave, your posts are entertaining and informative.
Cheers,
TJ
Report this comment
jerrywalters
Jan. 31, 2013 at 9:48amLOL. Old Phart ‘I’ feel the same way about you. You were the last one picked for dodge ball, along with glen, hannity, oliarly, rush, lindsey graham, larry craig, newt gingrich. LOL. Old Phart you are an Old Fool. Your biggest mouthpieces never saw a battlefield but can fearlessly send others to battle without recourse. Your biggest mouthpieces brainwash fools like you into believing the ‘crap’ of the day and then you sit on here day in and day out posting to the same 6 – 10 other fools and you think you represent the US populace. Snap out of it old man.
Report this comment
Unix
Jan. 30, 2013 at 7:35pmdon’t worry folks, the rigged game is almost up, sure hope you’re prepared for a complete crash…hey demwits, how’d that stimuli work out for ya! problem is u screwed the pooch for all of us…idiots!
Report this comment
media-bias-steals-elections
Jan. 30, 2013 at 7:12pmWhen the media takes its marching orders from the automated system invented by the media empire that feeds what they say to over 250 thousand outlets in a matter of minutes, the only way to reduce the impact of that media machine, is to protest against it?
Report this comment
myptofvu
Jan. 30, 2013 at 2:49pmI don’t know why Steve Liesman doesn’t get? WE’RE NOT INTERESTED IN WHAT YOU HAVE TO SAY STEVE….WE WANT TO HEAR RICK SANTELLI….after years of this you would think the guy would finally wake up and get a clue sheeesh!
Report this comment
zoro51
Jan. 30, 2013 at 2:46pmthanks to your FALSE GOD OBAMA his SOCIALIST TERRORIST WAYS have sent america into the **** can.. IMPEACH OBAMNA N THROW HIM OUT OF THE USA NOW SAVE AMERICA FROM THIS RAPIST
Report this comment
drs1969
Jan. 30, 2013 at 3:11pmEnd the FED. too.
The Treasury took on $314 Billion more debt last quarter, while the FED bought up a lot of it to suppress interest rates!
Report this comment
Detroit paperboy
Jan. 30, 2013 at 2:43pmWelcome to the united states of Detroit……….a world of democrats and welfare zombies…………
Report this comment
thegreatcarnac
Jan. 30, 2013 at 2:38pmSantelli is right.
Report this comment
jerrywalters
Jan. 31, 2013 at 9:50amSantelli and the whole crew at cnbc has not been rigt about anything in the past 15 years. They are actors — not economists.
Report this comment
term limits for congress
Jan. 30, 2013 at 2:25pmNow I’ve got to go buy some skinny jeans (the low-rider kind), some new shoes, and some square glasses. Also got to throw out the deodorant and start brushing my teeth with cake icing. Oh,.. and some hair gel. Good to go.
Report this comment
toledofan
Jan. 30, 2013 at 1:57pmThis is just amazing, the mainstream media just doesn’t have a clue. For four years they have allowed the Democrats and Obama to run slipshod over the entire economy, spending like a bunch of drunken sailors, Obamacare was their pinacle and taxes were their way out and things are turnimng sounth and they wonder why. What a bunch of hypocrates, but, the good news is that now they have to blame themselves.
Report this comment
BHOHG2G
Jan. 30, 2013 at 7:56pmThey’ll blame Republicans as always.
Report this comment
jerrywalters
Jan. 31, 2013 at 9:51amStock markets in the US are at all time highs (Dow and S&P). Gess Obama has it figured out afterall. By the way, you lost the election.
Report this comment
h20sue
Jan. 30, 2013 at 1:31pmThis was predicted when Obama took office four years ago. Were people asleep when this was discussed?
The economy is worsening by the day. I just read where a commercial real estate owner who renovated a worn out shopping center is now in debt over 168 billion dollars. When I read he was going to do the work, my family was stuggling to make ends meet. We lost our home and we thought the man had lost what little common sense the Lord had given him. Well he’s paying for this stupidity now, and for Obama and liberals to tell such lies on TV about our economy improving, should be illegal. It’s not improving. Many corporations are working on skeleton work force. Many have shut down. Obama hasn’t, or will he help small business or large corporations. His propoganda is disgusting. Gas prices are killing us, food costs are exhorbant, we can’t afford health care, regardless of Obama Care. We lost our home in 2010, and we filed for help, but heard nothing. We are in real financial hardship and Obama is spending as fast as he can print the money. If he thinks he’s doing American’s a favor he couldn’t be more wrong!
We need help. FAST!
Report this comment
thegreatcarnac
Jan. 30, 2013 at 2:36pmObama is doing it on purpose to destroy us….don’t doubt it.
Report this comment
drs1969
Jan. 30, 2013 at 3:16pmWe are being robbed to pay for all the welfare, corporate and individual. $1.25 Trillion per year. This deficit is being mostly funded by the FED.
Report this comment
walnutportconservative
Jan. 30, 2013 at 12:46pmNo we are not europe or should we end up like anything over there… We have a constitution. We have a bill of rights. We are armed. We are still the most productive society.
It’s just that we are bogged down right now with immigrants, and stupid citizens who are selfishly lead to think only of their own wants. Oh… we are being lied to by 90% of the journalists. Get rid of the media! Ship the illegal, selfish immigrants back.
On a second thought… maybe we are turning into Europe
Report this comment
Outfitr
Jan. 30, 2013 at 12:44pmHmmmm, I just heard Bob Beckel the other day say emphatically that we are now in a “strong” economic recovery thanks to Obama.
Report this comment
Vilgax
Jan. 30, 2013 at 1:00pmI’m really surprised that they act like they respect Beckel so much on Fox. When he speaks in the middle of The Five or on Hannity he sounds like he has less than an elementary school education.
Report this comment
Mr Sanders
Jan. 30, 2013 at 6:09pmWhen living within the Fourth Dimension “The Summer of Recovery” is continuous; its like yesterday.
Mr. Leisman (sp-whatever) is a Keynesian and always jumps on the Spin Wagon to Gin-Up the numbers.
They were discussing all the little glimmers of hope – the biggest question is this:
Why in the H-E-Doublehot Toothpicks is BIG-G spending my tax dollars at the tune of 12% of GDP?!!! “We don’t have a spending problem?” President Barrack H. Obama
Leisman rebuts, “ahh, Rick, the deficit is just in the Billions now?” Mr Leisman – ARE YOU MADD as a MAD-HATER??!!!! Not Koolaid – you’ve moved onto the bourben, lay off it a bit, okay!!!
Mr Carney & Ms Pelosi bath stated this GDP Estimate as the GOP’s fault – If it was because they couldn’t spend more money that we don’t have in the first place – F A N T A S T I C!!! How did the GOP hold you back from spending?? DEMOCRATS/PROGRESSICRATS have NOT made a budget to follow for 4 years now, nor have you tried to agree on one; its disgusting I have to pay your salary, and give you a posh Beni’s package – DISGUSTING!!!!!!!
The estimate of GDP is just that – its an estimate with some hard facts within it.
Santelli is the only adult operating in the room here on planet Earth – sorry to say – he’s right….
We are living the European Economy. We need consistent 5% GDP growth minimum or we’re done.
It truly is up to US to move beyond what Big-G/States is doing and We make it happen. Dem’s will try & take the
Report this comment
jatucci
Jan. 30, 2013 at 11:42amThey have a plan don’t worry!Obama wants this when it gets really bad they will say the only way to fix the problem is to take our IRAs and 401 Ks that equals 18 trillion dollars.All the poor people that don’t have one will applaud and probably vote for it.
Report this comment
cessna152
Jan. 30, 2013 at 12:12pmI have quite a bit of money in the 401K. What’s the best way to take most of my money out and buy tangibles without getting killed on taxes? Anyone?
Report this comment
MCON29
Jan. 30, 2013 at 12:19pmThere is no plausible way. They will hit you with a 20% penalty and another 10% federal tax. The only way to aboid the 10% is to use it to pay for education.
Report this comment
Kaste
Jan. 30, 2013 at 12:40pmIf you are less than 59 1/2 you will automatically be hit with a 10% tax penalty. The rest is based on your income, but you should expect anywhere from 15 to 30 + the 10% above.. You do not have the pay the tax when you take your money out unless you ask too, however, whatever amount you take will be considered Income for the current year and you will be hit with the tax next year. I did take mine out, I wanted to pay my house off. I did the math up front to know what I would be facing. For me, the additional tax is worth it since now I no longer have a house payment.
Report this comment
drs1969
Jan. 30, 2013 at 3:24pmRe: Cessna
90% of something, before taxes is still good. Imagine what you’ll have a few yrs if they force your savings into T-bonds. If they then decide to go on another printing spree, your ‘after inflation’ return may be far, far worse. Currently, inflation is around %5. That’s just 2 years of inflation. How far has gold and silver appreciated in 2 yrs? Preservation is your Top Priority. It would take an act of Congress to take these accounts. That’s not going to happen for the next 2 yrs.
Report this comment
FREEDOM_IS_NOT_FREE
Jan. 30, 2013 at 11:41amWonder how the election would have been different if during the debates Obama had said my top priorities in me second term will be gun control, global warming and making citizens of millions of illegals?
Report this comment
Joe_The_Patriot
Jan. 30, 2013 at 12:02pm@freedom
All Obama knows how to do is lie.. He entire life story is a lie.. He lies to get his way then he does what he wants..
If he would have said those thing you listed were going to be the focus of his second term romney would be in the white house right now.. people didn’t learn after the 1st term of this liar.. every thing he said he was going to do during the campaign in 2008 were all blatent lies and the idiot that voted for him the 1st didn’t learn their lesson… If I would have been so stupid to vote for him the 1st time I would have been pissd about being lied to.. However I knew this guy was full of crap from day one, he was running around promising everybody everything and that right there told me he’s lying to somebody or everybody and he was not to be trusted…
Report this comment
Joe_The_Patriot
Jan. 30, 2013 at 11:39amHow can we possibly increade our GDP??? WE DON’T MAKE ANYTHING …. Our manufacturing sector is a joke… Everything comes from china or some other 3rd world… That’s wealth redistribution… we buy all of china crap and send them our money, same as india, malaysia, mexico, vietnam and so on and so on…. Who in their right mind would want to open a manufacturing facilty here in the U.S. ??? So many regulations.. so many taxes.. so many hoops to jump through… employer taxes are out of control, it’s impossible to hire somebody because besides having to cover the employees salary you also have to fork out money to the government… If you do hire someone and they suck you have a hell of a hard time firing them, then depending on how the UC official sees the termination you have to pay into the weekly unemployment compensation for a person that sucked at their job… the whole system is setup to make you fail….and it’s a damned shame
Report this comment
Todd Decker
Jan. 30, 2013 at 11:32amAh, but the progressive-liberal Democrats say, “This is an awesome economy! It is the best contraction you’ve ever seen!” Bloody rubbish.
Report this comment
SREGN
Jan. 30, 2013 at 11:29amDoes that mean I don’t have to bathe anymore?
Report this comment
Priscilla King
Jan. 30, 2013 at 11:36amWhat a splendid idea for a protest if you work with anybody who thinks we should cave in to the voices of envy at the U.N.!
Report this comment
Verceofreason
Jan. 30, 2013 at 11:25amRepublicans keeps fighting jobs bill to make Obama look bad.
Note to GOP: HE’S ALREADY WON RE-ELECTION!
Report this comment
Joe_The_Patriot
Jan. 30, 2013 at 11:42amYeah it was really great all the job bills he passed in the first two years of his first term when he had a democratically controlled congress and senate….. But you puking up the talking points your marxist leaders feed you…. dope…
Report this comment
RANGER1965
Jan. 30, 2013 at 11:43amMaybe it’s time for liberals to really look at this President. Continually blaming Republicans, Bush, Hurricane Sandy, Global Warming must be getting old even for Obama cheerleaders like Verce.
It’s been 4 years now, blaming the “other” guy must be getting a little tiresome? Isn’t this President accountable for anything? Responsible for his record?
I think that Verce and others with the same tired philosophy needs to re-think things.
.
Report this comment
Joe_The_Patriot
Jan. 30, 2013 at 11:50am@verceofTREASON
Can you list all the jobs bills obama put forward and then articulate their undisputable positive affect on the economy? Remember I said UNDISPUTABLE.. Facts figures and numbers to support your argument…
Are you a business owner?
have you ever run a business?
do you hold any type of degree in economics?
Report this comment
Just_Us2
Jan. 30, 2013 at 12:01pmReagan did just fine with Dems controlling the house…..Clinton did fine too. It can be done and done well. History is against you.
Report this comment
DIR
Jan. 30, 2013 at 12:25pm@Joe_The_Patriot
Verceofbs might not be a businessman, though he apparently likes sticking his nose in other peoples monkey business, he might not own a business or know economics, but being an idiot liberal must count for something. Verce sure likes coming here and spreading his joy and misinformation with the rest of us but nevertheless he sounds so sour when he does. His man is in the White House and he’s still not happy. Someone needs to nuture him and change his soiled underpants, maybe provide him a pacifier from an adult themed store to cheer him up. I know, provide him an all expense paid vacation with Nancy Pelosi in her lair of irrotica. She could use her unregistered weapons of love on him and show him the true meaning of the 2nd amendment. That would freak me out, but libs seem to like that kinky stuff.
Report this comment
Wakeup Maggie
Jan. 30, 2013 at 11:25amYes, we are Europe…without the beautiful architecture and great food. Thanks the dems and their clueless constituents for that!
Report this comment
Snowleopard {gallery of cat folks}
Jan. 30, 2013 at 11:24amSo Obama has nearly succeeded in collapsing the nation. We are now Europe and soon enough will be under a communist dictatorship.
To those who voted for Obama enjoy the mess you are responsible for; elections have consequences and now it is on your heads for it.
Report this comment
MDECKER
Jan. 30, 2013 at 11:23amNow all of a sudden the media is alarmed.
Report this comment
Chuck7884
Jan. 30, 2013 at 11:17amGet rid of the free trade agreements and you will have a better economy. they can freely trade with us but we cannot freely trade with them. without free trade the factories will not might will return tour borders!.
Report this comment
Cavallo
Jan. 30, 2013 at 11:33amYou mean without freedom they may be forced by gunpoint to do business here? Wonderful solution.
Report this comment
Chuck7884
Jan. 30, 2013 at 2:53pm@Cavallo No need to Without free trade agreements the goods will be to expensive to ship to the United States. since duties and tariffs would applied, as well as port and state taxes. California went from being the sixth largest economy in the world to being Bankrupt all due to free trade.
Report this comment
drs1969
Jan. 30, 2013 at 3:39pm‘Free trade’ is a fraud. It was a fraud when Perot was running for office, 20 years ago. Look at how many factories China has stolen since then. Clinton, from Ark., home of Wal-Mart, gave it all away and brags about how well his economy was. Remember all the Chinese sleeping in the Lincoln bedroom?
These gigantic trade deficits could not be maintained if we were on the gold standard. All of our gold would be gone and we would already be forced to make our own stuff! So, now, we’re borowing $1.25 Trillion a year to fund this nonsense. When this blows up, there will be a lot of dead Chinese, either starved or killed in civil war.
Report this comment
Cavallo
Jan. 30, 2013 at 11:11amThe new normal, high unemployment, high welfare, anemic economic activity, high regulations, high taxes, diminished freedom, castrated liberty. Leftists see all this as a positive.
Report this comment
dublinthewagons
Jan. 30, 2013 at 11:42amWatch the euro it is slowly increasing in value over the dollar. We are in worse shape than Europe.
Report this comment