Not one to shy away from voicing his opinion, CNBC’s Rick Santelli on Friday clashed with his colleagues over topics that included Quantitative Easing, unemployment, and Fed’s supposed plan to revive the U.S. economy.
“Five years into this crisis, I think it’s all disappointing,” Santelli said, referring to recovery’s slow pace. “It would take five years at the present job rate to get to where we were before the crisis.”
Indeed, as noted earlier on TheBlaze, although today’s unemployment numbers are heartening, there’s still a lot a work that needs to be done before we can get back to pre-recession employment levels:
Planet Money. (Source: Bureau of Labor Statistics. Credit: Lam Thuy Vo/NPR).
“There is no crisis!” Santelli continued, taking issue with the Federal Reserve’s open-ended commitment to monthly purchases of $85 billion dollars worth of bonds. “Why they’re still in crisis mode is beyond belief and I think it’s wrong.”
“Rick,” CNBC senior economics reporter Steve Liesman interjected, “Some 7.7 percent of the population is unemployed. The U6 is 14.3 percent and that’s part of the problem there, Rick. There is a crisis! There’s a crisis of unemployment in this country.”
Santelli countered by asking how the Fed has addresses this problem. Liesman answered by saying that it has responded in “the only way it knows how,” a remark that prompted Santelli to accuse the Fed of experimenting with nation’s economy.
“I don’t think we should have that experiment,” Santelli said.
“We should,” Liesman answered back. “We should have an experiment to put people back to work.”
The conversation became increasingly tense (as is normally the case when Liesman and Santelli butt heads).
“Let America get back to work the way that country has put people back to work ever since it started to be the shining light on top of the hill without all this micromanaging, European-style banking!” Santelli passionately argued.
From there, the two hit an impasse: Santelli bemoaning the fact that the economy has been put under “parental guidance” and Liesman arguing that there is no other way to bring it back to life.
It’s all definitely worth a watch:
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sizzlinsexybeckster
Mar. 11, 2013 at 12:26pmEverything is so fake. Why don’t they just stop all this nonsense useless debate. We all know the country is going down a continuous spiral until it hits the bottom so it can be transformed. The fake uneducated debate is meaningless. Jobs won’t rise. People are losing their homes. Personally I hope it hits more rock bottom because their are still loads of people out there (like my mindless Father, and snobby shallow rich step-sibblings) who are completely still clueless that there are any problems in this country. Apparently it needs to sink much deeper because I want these people and others like them to actually stop being so shallow and taking everything for granted. I want them to be broke. I want them to wonder where they are getting their next meal. I want them to actually raise their own kids and talk to them instead of transporting them to babysitters like an old bowling bag. I want them to stop buying up all the latest trends and hiding behind mounds of Tammy Fae Baker makeup. I want them to feel for the first time. I want them to stop being racist against anyone who is poor or different. I want them to be poor and wear dirty clothes.They appreciate nothing. What goes around comes around. We haven’t even started our country to hit rock bottom yet. It’s about humanity. People will not feel any ounce of humanity until they have nothing. Until then, our kids have nothing.
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Newone
Mar. 10, 2013 at 1:53pm“Both Parties of Congress and Senate” are incapable of passing anything until they get permission from special interests Lobbies and Big Contractors first.
Special Interest “Price Gouging” Defense Contractors, Lockheed Martin , Northrop Grumman , Boeing , Raytheon , General Dynamics , General Electric , L-3 Communications , Computer Sciences , Rockwell , Dell Computers “ All big oil fuel Contractors ”. Contractors are also using tax loopholes they pay little to no taxes, and keep their money in tax shelter banks, both parties Congress and Senate looks the other way. $$$$
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Pennell
Mar. 9, 2013 at 8:10pmThere’s a SPENDING PROBLEM in Washington D.C. Join citizens from coast to coast to protest the gross expansion of government and irresponsible spending. On April 21, 2013 Honk under overpasses as you drive to work or run errand. OBAMA, can you hear us now? Stop the spending.
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DeniseJ
Mar. 11, 2013 at 6:36amThey should call “quantitative easing” what it REALLY is. Universal Pay Cut – YOUR money is worth less, and less, until finally it is WORTHLESS.
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Pennell
Mar. 9, 2013 at 8:07pmThere’s a SPENDING PROBLEM in Washington D.C. Join citizens from coast to coast to protest the gross expansion of government and irresponsible spending. On as you drive to work or run errand. OBAMA, can you hear us now? Stop the spending.
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hi
Mar. 9, 2013 at 3:40pmSantelli is awesome.
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pookieamos
Mar. 9, 2013 at 2:04pmWe have to look at the end goal to fully understand why the FED is doing what they are doing which will explain why regulations have gone insane to the detriment of our entire economy . The end goal is to have one set of rules , laws for every country. A NWO is the goal. Within that goal is Agenda 21 , in which every citizen of the globe is equal and has nothing more than any other , which means the end of personal property rights , including owning a home , a car or money for personal use. Social Justice , equality and fairness are Obama’s words designed to sound well intentioned , but actually mean the rock bottom level of standards of living for America so that we , me and you , have it as bad as every other person in the world . In his sick mind , this is fair . I believe the Fed is intentionally keeping rates low to rob seniors and all of their ability to earn interest , forcing them into the stock market which will be , by design , collapsed . At this point the whole world economy will collapse bringing the need for a NWO controlled by a group of evil men. If we do not collapse prior to 2014 , the Republicans must maintain control of the House of Representatives , or we’re toast short of a revolution to stop them. What an Orwellian NIGHTMARE !
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DeniseJ
Mar. 11, 2013 at 6:42amExactly!! First, we HAVE to get rid of voter fraud – which is the real reason we have Obama again. Next, we have to reverse Soros’ successful “Secretary of State Project” getting far left judges in to rule anything progressives like is OK. Then We The People will have a chance at getting these corrupt commiecrats OUT. Would also like to see that chart expanded to show the whole time from 1929 thru WW2 – FDR did just like OBAMA (who loves FDR’s economic policy) and extended the Great Depression for YEARS…
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chucksue351
Mar. 9, 2013 at 1:15pmthe one thing that seems to be ignored is that in spite of the fed’s easy money over the last 5 years (big mistake by the way) the economy is starting to grow, the reason and only reason is the pent up demand that the economy has put on hold for so long, it will not contain that demand because we live in a supply and demand economy, even if obama and co doesn’t like it
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NetAlien
Mar. 9, 2013 at 12:45pmI suspect the Obummers are planning on trying for FOUR terms… that’s why BO is still in campaign mode, and why Mooch is in our faces in commercials and on various shows (SNL, Oz, etc.)… If she runs & wins in 2016, we could be stuck with that sicko family until 2024!!
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Shasta.Red.Banks
Mar. 9, 2013 at 12:15pmThe Fed is forcing retirees back into the stock market for reasonable income, when traditional wisdom has always said that is CRAZY. When we have the next market correction, and we will, everyone will do ok except for retirees, who do not have years to get their capital back. As it is fiction that the Fed is independent of the administration, this is just another example how Obama’s policies are destroying the middle class.
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KidCharlemagne
Mar. 10, 2013 at 6:32pmShasta.Red.Banks
Posted on March 9, 2013 at 12:15pm
As it is fiction that the Fed is independent of the administration,
======================
It’s the Bank that gives Obama his marching orders (not the other way around)….
When you have someone in perpetual debt to you, then you can order them to do just about anything that you want them to do.
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samarov
Mar. 9, 2013 at 11:50amRick Santelli is a visionary who really knows business. We don’t need an “experiment,” as Liesman put it. We know perfectly well what would improve this sick economy.
It’s turning the great machine of capitalism on full force. It has been hobbled by too much big government interference, which has gone from sensible to insane. The “insanity” is Socialism, and it takes heavily-indoctrinated Marxist-believers to focus on that ideology that has failed all the times it was tried, to the detriment of those nations upon which it was foisted.
Obama’s narrow focus on strictly recruiting those he can buy with benefits has at least revealed to the productive citizens one truth…..there are just too many voting ignoramuses out here for any freedom-loving citizen to shirk his/her duty to vote.
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Detroit paperboy
Mar. 9, 2013 at 9:01amDoes anyone realize what a pain it is to hire an employee ???? Huge responsibility, and liability, why would anyone even want to hire an employee ??? Not me, not anymore…………no way…
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michael48
Mar. 9, 2013 at 1:24pmbeen there, done that….with all the punitive cost the city, county, state and feds put on employees…not to mention osha and every gov. gumba with a axe to grind….and the first thing you’ll hear…I’m not doing that….of course it’s too demanding to SHOW UP….”work ethic”..what dat??????
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Clausvons
Mar. 9, 2013 at 12:26amThe current unemployment compensation methodology is the least efficient possible. It would be far more productive and stimulating to allow those who have been unemployed for 26 weeks to keep their unemployment check, call it a stimulus check, and allow the individual to go back to their former employer to be hired back for their former salary minus the stimulus check.
The small business would get about a 47 percent discount on the salary for a person in North Carolina who had been earning $36,000 annually. Allow this arrangement for a predetermined period with the employer share of pay gradually increasing over an eighteen month to two year period. Or continue the arrangement until unemployment returns to an acceptable level.
In this arrangement, the flow of money is instant, and there is a great deal of financial leverage for the state, federal government and the small business. In this particular example, the employee’s salary is returned to his original salary and the “stimulus check” is $1400 while the small business cost of this employee goes from $3178 per month to only $1700 (including withholding).
New business start-ups could be qualified to participate and that would put the money in the hands of the formerly unemployed and small businesses. This could be done on a national, state, or county level as an economic emergency procedure.
However, this is too simple for politicians to understand and there is no pork for them to steal.
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jarhead996
Mar. 9, 2013 at 1:48amHow about we stop taking money from people who earn it and giving it to people who don’t. That would erase the unemployment rate overnight.
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thegreatcarnac
Mar. 8, 2013 at 11:53pmObama is a socialist at best; probably a communist. He has pushed socialism upon us with the help of a treasonous democrat party and senate. Socialism everywhere ,….everywhere,….slows economies to a crawl,..brings about at least 10 to 20% unemployment, and takes freedoms. You are seeing it happen here. Obama is the reason for the treason. He is our nemisis. He single-handedly is ruining us purposely. Impeach him.
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KidCharlemagne
Mar. 8, 2013 at 11:11pmWhy We Can’t Re-Inflate The Bubble
by Ron Paul
February 25, 2009
“We have to come to the realization that there is a sea change in what’s happening. This is an end of an era and that we can’t re-inflate the bubble, just as we devised a new system of Bretton Woods in ’44 which was doomed to fail. It failed in ’71 and then we came up with the dollar reserve standard which was a paper standard; it was doomed to fail and we have to recognize that it has failed. And if we think we can re-inflate the bubble by artificially creating credit out of thin air and calling it capital; believe me, we don’t have a prayer of solving these problems. We have a total misunderstanding of what credit is vs. capital. Capital can’t come from the thin air creation by the Federal Reserve System; capital has to come from savings. We have to work hard, produce, live within our means and what is left over is called capital. This whole idea that we can re-capitalize markets by merely turning on the printing presses and increasing credit is a total fallacy; so the sooner we wake up to realize that a new system has to be devised, the better.”
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The-Monk
Mar. 8, 2013 at 11:40pmIf “The Bubble” is bad… why “Re-Inflate” it?
Pop it… like a bad zit. Don’t you guys think?
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Shasta.Red.Banks
Mar. 9, 2013 at 12:18pmMonk, you are absolutely right. It should have been popped years ago though. By pushing off our pain to the future, like politicians always do, there comes a point where the bubble, or zit, will just explode.
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SpeakSoftlyAndCarry
Mar. 8, 2013 at 9:10pmHere it is in a nutshell….Get the U.S. OUT of GLOBAL FREE TRADE agreements so manufacturing will return to the U.S. so our economic situation can then be solved! NOTHING else will do it!!!
SHEEESSHHHH!!!!
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ALL4FREEDOM
Mar. 8, 2013 at 9:41pmFree trade isn’t actually free. Capitalism has been constrained and contorted by the government so badly that it is no longer recognizable. Get the government out of the way, institute flat taxes, and let ‘er rip! Herman Cain’s 9-9-9 is brilliant proposal and it includes a plan for the return to sound money.
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thegreatcarnac
Mar. 8, 2013 at 11:48pmYep…manufacturing has to return or else we will continue to slide.
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David-FL
Mar. 9, 2013 at 4:14pmAll4, I am ALL FOR THAT!
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Anonymous T. Irrelevant
Mar. 8, 2013 at 8:53pmAs taxpayers, we should demand conditions before getting welfare, food stamps, and ‘bammy-phones. I don’t mind helping someone get on their feet again, but not a life-style.
There should be a drug testing, mandatory contraception, no national voting rights (conflict of interest),
Have to be a US citizen.
We should come together, form groups, and hold hostage to our money. Not sure how to do that, since it comes out automatically. Maybe overload the system by applying for benefits? There has to be a way to get control back. We outnumber the IRS.
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GunsBlazin
Mar. 8, 2013 at 9:02pmThat’s a good point on the conflict of interest regarding voting. I have always felt the same way. Of course there are a lot of people who are going to vote for handouts.
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SpeakSoftlyAndCarry
Mar. 8, 2013 at 9:12pmNO representation without taxation! If someone doesn’t pay into the system then they shouldn’t have a say so in how that money is spent!
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Whatmeworry-never
Mar. 11, 2013 at 9:58amThey should have to report to an offcie for the tests prior to recieving handout, also bring back the food stamps there needs to be stigma associated with free handouts. I grew up on welfare in 60-70′s and it was aweful, we were so poor not like todays welfare folks who actually have a better life style than some who work. Make them do something to recieve the money no more sitting on the couch. Heck give em a sharp stick to pick up trash, all the urban free loaders need to be used to erase urban blight, make them contribute to society not be a drain on it.
I think welfare should have a 5 year life span, say 100% first year and drop it by 20% a year to ween them off and make them seek work.
While we are at it when did we become a nation of cripples such as all the disabilty claims on SSI now, you believe these folks who never had problems before now are disabled and cannot work? Probably a good 60-80% are fake disabilities, heck a man told me he is disabled for being to fat, WHAT THE -ELL????
This is all Cloward and Piven by design, we are going to fall hard, hope you are armed and ammoed up cuz your gonna need it when the food stamp mob gets hungry and is swarming like locust for food and drugs. Hopefully we can take our country back before the commies seize it fully, we are in a fight for survival folks. Are you ready to become a minuteman, looks like we are gonna need em.
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Southernsoul
Mar. 8, 2013 at 8:42pmPoor Santelli, he is arguing with a guy who is pushing on a door that won’t open and insists that it is broken, when the sign right in front of his face says, PULL.
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subic
Mar. 8, 2013 at 9:21pmNo Jerry, Leisman, another white collar criminal is the joke.
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jerrywalters
Mar. 8, 2013 at 8:39pmsantelli is a joke. A teevee talking head with no where to go. Unemployment market at an all time high. santelli needs to shut up and just send President Obama a thank you note!
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Stelex
Mar. 8, 2013 at 8:50pmJerkov…..I just lost my job, so did many others in the industry. Thanking Obama is a joke, Obama is choking America to death. Thank god its been harder than he thought. If we do make it thru his 2nd term, its only because of American persaverence and has nothing to do with destructive Obama policy. This turd is down to 4 years to destroy America, sorry ……fundamentally transform. He will start to get desperate soon, things like shutting down the WH for tours is just a start. We will see Obama unmasked very soon cause time is running out. If he doesn’t win the house in 2014, he’ll go scorched earth, if he does then he’l shoot for four more years.
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SpeakSoftlyAndCarry
Mar. 8, 2013 at 9:15pmThank Obama for what? Continuing the same failed economic polices of George W. Bush? Thanks for nothing BarryO!
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twistin
Mar. 9, 2013 at 9:52amDear President Obama,
Thanks for nothing.
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Plumber1911
Mar. 9, 2013 at 4:33pmHey Jerry did you enjoy the rides on the short bus?
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Darmok and Jalad at Tanagra
Mar. 8, 2013 at 8:38pmMochelle Obama immediately put out a press release countering Santelli, “Let them get a job at a Hospital like I did, why is it soooo hard for these people?” She commented that all they have to do is call Valeri’s dad like she did, and besides that, they don’t even have to do a good job and they get a raise. She is quite perplexed that they just don’t community organize like Barrack, it’s easy work, and there is so much money in it.
“In my opinion, I think most these people just don’t have the drive to bilk and steal from the public coffers like me and my husband did, I think these people are really that lazy that they just can’t steal for themselves. They are sitting there waiting for someone else to steal for them.”
Valeri Jarrett agreed with the first lady, and then showed the press corp her brand new Human Hunting license from Feinstein, and told them “You have a 5 minute head start, and I got drones”.
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FISH_BONE
Mar. 8, 2013 at 8:49pmIt takes a lifetime of hard work and dedication to be as lazy as Barry and his Mooching Beard.
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Darmok and Jalad at Tanagra
Mar. 8, 2013 at 8:53pm@Fish Bone:
And the wookie roars. “Agggggrrrggghhhh”
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Darmok and Jalad at Tanagra
Mar. 8, 2013 at 9:04pmHey RJJ:
So you found the Fidel Castro edition, you know I always put some sublte humor in there.
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