‘I Wouldn’t Make Any Excuses to Call That a Passable Grade!’: CNBC‘s Santelli Delivers Another Rant on ’Horrible’ GDP Data
- Posted on April 27, 2012 at 3:26pm by
Becket Adams
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The Commerce Department estimated Friday that the U.S. economy only grew at an annual rate of 2.2 percent in the January-March quarter, compared with a 3 percent rate in the final quarter of 2011, according to the Associated Press.
Simply put, economic growth in the U.S. has declined.
The numbers are so poor, in fact, that major news outlets are having a hard time spinning them:
An actual headline (photo source: WZ)
While the Associated Press assures its readers the “economy will continue to expand, slowly but steadily,” Reuters, apparently unable to find anything nice to say about the report, admitted Friday’s numbers were “tepid.”
But mild concessions, excuses, and promises of economic recovery aside, there is one critic who thinks Friday’s numbers are unacceptable: CNBC’s Rick Santelli, the man commonly credited with launching the Tea Party movement.
“And the survey says disappointing,” Santelli said of Friday’s economic report, “2.2! We were looking for two-and-a-half, we need three-and-a-half, and we hope for four. 2.2!”
“If you look for consumption, it’s 2.9 and that‘s actually a better number than we’re expecting. If you look at the GDP price index, this had a bit of a drop with respect to expectations but it’s definitely higher than our last look and that’s 1.5 [percent],” he added.
Watch Santelli via CNBC:
“Disappointing would be my term,” Santelli said, “I know that there will be some out there, of course, that will spin it.”
CNBC guest Bart Chilton challenged Santelli’s assessment.
“Relative to where we were,” Chilton said, “If you look at the fourth quarter of 2008, we were at -8.9, so certainly this isn’t what people were hoping for but we’re still at least in the right trajectory overall, right?”
Santelli wasn’t having any of it.
“Well, I would say that every country in Europe has used that line for every number we’ve seen in the last year,” Santelli responded, “I would think that the United States is better than that. We don’t need to make excuses and lower the limbo bar so that pretty much you could drive a Mack truck under it.”
“I think we deserve more, we should get more just by trying to put some natural gas stations around the country,” Santelli, himself a huge proponent of natural gas solutions, said, “There are so many energy related issues that could bolster our economy, our GDP, and get us off of foreign fuel that that alone would make a huge difference.”
“2.2 is horrible! I wouldn’t make any excuses to call that a passable grade,” he concluded.
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hungry4food4u
Posted on April 28, 2012 at 11:36pmWall Street should not be the first beneficiary of these fund originating resources but should only benefit from the growth in the private sector that these funds are allocated towards supply-side expansion projects that are showing us inflationary symptoms ….. If you listen to what is said in this Video you will agree that our current allocation of funding resources is a form of economic prostitution and that makes it ripe for corruption and manipulation by both political Hacks that are Ideologically driven to see society as a threat to Earth and by those who have benefited from a To Big To fail industry that is to big . The need for these funding resources and sources needs to be spread back out and doing it the way this Ellen Brown talks about makes sense over what is going on now . http://www.youtube.com/watch?v=TR-U2fLIXaE&feature=player_embedded
Report Post »hungry4food4u
Posted on April 28, 2012 at 11:35pmMy worry is Power and consolidation of power into the Federal Government of
Report Post »the Means to Create and Distribute vital human resources rather than a
privately produced supply of these resources , which is what the argument
over Bigger Federal Government or Smaller Federal Government as the cure
all for the Inequality issue while the technocrats are Talking about
depopulation like they are because politics and Power Always collide and if
we do not keep these powers separated with the states separating we the
people from the Federal Government when they are being advised by these
ideologues who are speaking about the worlds problems when this is not a USA
problem but it is what they think is a universal problem and that a Over
Consumption rate in the USA makes it harder for them to Preach this need for
population control all over the world is what we need to make the topic of
debate because this is the very premise of why we are in economic repression
today . And the longer we are in this stall the smaller the supply is
getting ……..
http://www.rawstory.com/rs/2012/04/26/expert-warns-world-needs-to-move-rapidly-toward-population-shrinkage/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheRawStory+(The+Raw+Story
hungry4food4u
Posted on April 28, 2012 at 11:34pmHow does a Private Capital Investment firm have the will too invest in long
Report Post »term lending like real estate when the Obama Administrations top Stanford
advisory that is an associate of the Science CZAR John Holdren is saying
these kinds of things ? listen to this Audio ….
Paul Ehrlich on depopulation: ‘We’re going to go over the top’ – audio
http://www.guardian.co.uk/environment/audio/2012/apr/26/paul-ehrlich-depopulation-audio
hungry4food4u
Posted on April 28, 2012 at 11:28pmDoesn’t this look like a staged event thats about to take place ?????
http://thenewamerican.com/usnews/foreign-policy/11655-russian-troops-coming-to-us-for-terror-drills-dod-confirms
http://thenewamerican.com/world-mainmenu-26/asia-mainmenu-33/11624-russia-china-holding-joint-naval-qwar-gamesq
http://www.westernjournalism.com/wikileaks-obama-team-stole-election-bribed-jesse-jackson-and-took-russian-money-in-2008/
Soros Compares Euro-Zone Crisis With Soviet Collapse
http://blogs.wsj.com/eurocrisis/2012/04/24/soros-compares-euro-zone-crisis-with-soviet-collapse/?mod=google_news_blog
George Soros said that if he were still an active investor, he would now “bet against the euro”, at least until there is a change in European leadership or policy.
http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100016361/george-soros-and-the-bundesbanks-patriotic-putsch/
Report Post »HeftyJo
Posted on April 28, 2012 at 4:00pmI knew the GDP numbers for this quarter were going to be bad but I didn’t think it would be this bad. The CEO of the company that I work for issued a state of the company report a few weeks back and it was all about how weak the numbers for Q1 were. And this is a company that makes products that find there way into most everything you use. When our numbers slump it pretty well speaks for the economy as a whole. This company also has a small standing army of lawyers and accountants to keep up with the regulations and taxes they must report on every quarter. I‘ve walked into one of the people’s offices in the tax services department and they have book after book the size of an unabridged dictionary detailing the regulatory tax code. They have meeting after meeting just to discuss one specific line item on the tax filings. And they still have to hire an outside consulting firm to come in and comb through the numbers. If it takes this much effort for a large company to stay on top of these things then what makes people think that just a small start-up is going to be able to afford to survive in such a stifling environment. Regulations are killing the small businesses in this country. And the small businesses are the heart of our economic and employment engine. There is a guy or gal sitting in a garage right now making an innovative product but there absolutely no way they will be able to make it to success the same way that a Henry Ford could make it back in the day.
Report Post »Hollywood
Posted on April 28, 2012 at 5:32pmThis is PLANNED by the Obama admin. They are all ideologues, who want a huge centrally planned economy. The upcoming election will be the MOST important since the U.S came into being. There will be no returning to the America of old if he gets re-elected. I PRAY TRUE Americans will get out the vote for Romney to get this admnin out of office.
Report Post »Is America to become like the socialist EU countries, or go back to its founding priciples??Look at the condition of the PIIGS. THAT is the future if Obama gets in for another term.
sbenard
Posted on April 28, 2012 at 1:38pmBut stocks closed higher. Go figure!
After Bubbles Bernanke all but promised MORE money-printing at his Wed press conference, Wall St has been giddy with excitement! They’re having a Pollyanna Party in which news and bad economic data are irrelevant! One study earlier this week showed that all that money printed by Helicopter Ben has gone into bank reserves and corporate balance sheets, NOT jobs!
Report Post »And when Bubbles has to begin to unwind all that, things are likely to get UGLY. He has painted us into a corner. Last fiscal year, the US paid $454 billion in interest with the 2-yr note paying just .29% (about 1/4 of 1%) in interest. If interest rates rise to just 2%, which is still substantially below the historical average, we would be paying about $3.1 trillion in interest alone. That’s more than ALL the federal taxes collected of just $2.1 trillion last year. He would bankrupt to US Treasury! His only other choice would be to let inflation run rampant, risking a hyperinflationary depression and impoverishing the poor and middle classes of America.
But he’s willing to do that to support his banker buddies and Wall St cronies. Bernanke is Wall St’s eternal entitlement. They love him!
Just in time
Posted on April 28, 2012 at 11:36amHow about putting a moratorium on all new regulations coming down the pike, and relaxing some regulations that are in place. Then step back and watch the energy flow. What would be wrong with that?
Report Post »VinnieSquawker
Posted on April 28, 2012 at 8:50amRebelpatriot – speculators do not taint the free market. They are an integral part of the free market, regardless of the asset – energy, shares, bonds, gold, etc. They aid in price discovery. That is the whole basis of free market theory. To say that energy markets need regulation is ridiculous. The free market will take care of that in the mid- to long-term. Calling for regulation in the short-term is like saying we should deal with the deficit by raising taxes, and we know who’s calling for that. the kid in the White House and his ilk.
Report Post »79USMC83
Posted on April 28, 2012 at 9:06amI thought the main topic of the day was about student loans and trademarking “GI Bill ”!! Come on people lets stick to the real issues that are important !!! It is NOT about the “Economy Stupid” it is about how “The Speech Giver” killed and did not even try to Capture, Bin Laden, his cousin !! Funny the Very SEALS that killed him are not celebrating his death !!
Report Post »VinnieSquawker
Posted on April 29, 2012 at 8:53amPoint well taken
Report Post »Shiroi Raion
Posted on April 27, 2012 at 6:06pmKeynesian economics, Socialism, and raising energy costs are idiotic ideas that the Liberals embrace and especially this administration embrace. We‘ve been telling them for decades that they’re destroying the country from the inside. You can Socialize little things like libraries, but in general, Liberal ideas guarantee failure. Multiculturalism, fascist political correctness, class warfare, racial divisiveness, over-regulation, the embracing and almost pushing of alternative lifestyles over traditional family and values… most everything they do is destructive to society as well as to the economy. When their ideas fail, they simply blame others or tell us we need to do more of the same.
Report Post »Bush’s fault. Republicans’ fault. Bailouts should be bigger. Spend more. Tax more. Bigger government. More government takeovers. More centralization. Open borders. Discourage marriage. Subsidizing failed and corrupt organizations. Discourage organized religion. Entitlements. What do Liberals do well aside from propagandizing and community organizing?
encinom
Posted on April 27, 2012 at 8:09pmAnd Rand or Austrian Economics are a joke, basically its the individuals is at the mercy of the Corporations. It was the lack of oversite that got us into this mess, cut regulations will not get us out.
Report Post »soybomb315
Posted on April 27, 2012 at 8:18pmin a free market, the individual is at the mercy of NOBODY
Report Post »recoveringneocon
Posted on April 27, 2012 at 8:35pmsoybomb315
Report Post »You forgot “Sound Money”
RebelPatriot
Posted on April 27, 2012 at 11:46pmIt’s about having the correct oversight, not over regulations. Before it was OK to be unethical in today‘s business world we didn’t have to have so much oversight. But as greed and power have become the norm, it is necessary to have proper oversight.
Energy only needs oversight in controlling pollution. It doesn’t need speculators to taint the free market. Energy needs to be on the free market just like groceries. Too much and the price goes down, too little and the price goes up. They attempted to get gas prices to 5 dollars a gallon this year, but the economy sucks so people and companies are using less gasoline, so we have too much in order for the speculators to push it higher.
The plan was to take advantage of a recovering economy by pushing the price of fuel up and taking the wealth out of the hands of the people and place it back into the hands of government with higher taxes.
All that is happening now is a stagnant growth and a possible double dip due to the exact policies that were implemented by this administration. You don’t mess with a free market, you don’t regulate a free market, you allow a free market to grow in the direction the consumers take it. Not in direction the government wants it to go.
Look at Europe, complete failure.
Report Post »cuinsong
Posted on April 27, 2012 at 5:43pmI would say that this kind of growth is a surprise to the NObama admin because of what they are doing and planning to do! Its going to get worse before it ever gets better!
Report Post »Song for you called “The End Times” http://www.reverbnation.com/play_now/song_10381143
May never get better? It may just be over?
TurboCat
Posted on April 28, 2012 at 6:04amDidn‘t Canada’s recovery happen in large part due to them making better policies for energy exploitation?
Report Post »Truth1776
Posted on April 27, 2012 at 4:59pmTell it like it is and let the chips fall where they may. The economy is crap, job growth is crap and PresBO and Company are the ones dishing out the fertilizer!
Report Post »soybomb315
Posted on April 27, 2012 at 4:36pmis that 2.2% BEFORE inflation, or AFTER inflation?
Report Post »Outlaw_Josey_Wales
Posted on April 27, 2012 at 6:10pmAfter inflation, with the governments inflation numbers of course.
Report Post »soybomb315
Posted on April 27, 2012 at 6:17pmthats what i figured. so govt says inflation is at 1-2% when really it is >5%….That means the economy is still shrinking in real terms (2.2 + 2 < 5)
Report Post »jhaydeng
Posted on April 27, 2012 at 8:03pmI’ll say it again, how is Santelli still at CNBC?
Report Post »MONICNE
Posted on April 27, 2012 at 4:29pmWe need to Keep the Convention open to be a Brokered Selection to replace Governor Romney- We need to continue to Retort with Rancor – and Righteously Rant until we have the true conservatives in the oval office.
At the Tampa convention, let’s support a Real Christian Woman Working M-O-M and a War-Fighting Real Black M-A-N to beat Barack/Hillary in 2012.
Go Sarah Plain/Allen West! Go Taxed Enough Already!
TEA
Report Post »RoyBaty
Posted on April 27, 2012 at 4:56pmMonique, stop with the fake conservatism and tell everyone your true liberal feelings. Be proud of yourself as you are probably a 45 yr old gay guy living with his mom. Come out of the closet. The truth will set you free.
Report Post »soybomb315
Posted on April 27, 2012 at 5:00pmsarah palin is 100 times better than romney but still falls short of what we need. that’s how bad things are in the socialist state of america
Report Post »Mutiny
Posted on April 27, 2012 at 5:28pmSo you are ok with West voting yes on NDAA and CISPA?
Report Post »buyundbuy
Posted on April 27, 2012 at 4:28pmGott’a luv that Santelli guy.
Let‘s hope he finds time to rant about why the short haired mongrel hasn’t been driven out of office.
Report Post »lukerw
Posted on April 27, 2012 at 5:05pmHis statement on CNN… about going to a Tea Party… gave Public awareness… and resulted in Tea Party Movements. Godspeed to him!
Report Post »13th Imam
Posted on April 27, 2012 at 4:27pmQuestions All DEMOCRATS should answer.
Is 9 (Actually 16%) Unemployment GOOD for America?
Is $4.00 dollar /Gallon gas, GOOD for America?
Is Lynching White’s , GOOD for America??
Is 15% of US family’s receiving FOODSTAMPS, GOOD for America??
Is the Muslim Brotherhood, infiltrating our Fed Gov, GOOD for America??
Report Post »RebelPatriot
Posted on April 27, 2012 at 11:49pmNo, but unfortunately it is impossible to get through to those who have been brainwashed to live like slaves.
Report Post »u.citizen.concerned.s
Posted on April 27, 2012 at 4:23pmMaybe Obama will have to start tell the truth soon. Federal Judge in Tenn. wants answers.
http://www.wnd.com/2012/04/judge-wants-definition-of-natural-born-citizen/?cat_orig=politics
Report Post »u.citizen.concerned.s
Posted on April 27, 2012 at 4:29pm*telling
Report Post »drphil69
Posted on April 27, 2012 at 4:19pm“I would think that the United States is better than that. We don’t need to make excuses …”
We do when there’s a (D) in the White House!
Report Post »Clmsadjman
Posted on April 27, 2012 at 4:02pmLiberals have brought putting lipstick on a pig to a new level. This economy is creeping and falling backward and it all because of uncertainty brought on by the policies of BHO and his commie armies in the EPA and HHS. Once the surpreme courty shoots down this individual mandate in Obamacare which I believe they will that will gove some relief because the rest of the bill crumbles. They need to get a handle on the EPA and when Romney gets elect which he will these creeps running these agency better have the moving vans reserved and waiting. Love Rick surprised the NBC allows him to stay on air since they like doing stuff like altering 911 calls and stuff like that.
Report Post »lbyrd26
Posted on April 27, 2012 at 4:07pmHow does Santelli get away with saying these things on an Obama/NBC owned network?
Report Post »lukerw
Posted on April 27, 2012 at 4:00pmIf Less is MORE… then, you must “love” Obama!
Report Post »Snowleopard {gallery of cat folks}
Posted on April 27, 2012 at 4:10pmIn their insanity anything is possible; the rest of us in the real world have to deal with it.
Report Post »mrsmileyface
Posted on April 28, 2012 at 7:11amI agree Turbo…however unlike Obama, Romney isnt going to whine and complain every day about it.
Report Post »Mark0331
Posted on April 27, 2012 at 3:44pmThink about the mental gymnastics a Liberal/Prog must do to take this data and spin it into good news…it proves they are brain damaged/psychologically impaired. Their ‘moral relativism’ and BS are now considered an ‘about to be extinct philosophy’…it will go down in history as an Age of spinelssness and gullibility… It will be known as the “Age of the Con-Artist”
Report Post »cessna152
Posted on April 27, 2012 at 4:04pmTrue, however there are still too many that buy this BS spin.
Report Post »johnpaulkuchtajr
Posted on April 27, 2012 at 3:43pmThe numbers are all cooked. If you believe that the unemployment rate is not somewhere near 20%, I have some ‘high ground you can walk on before you buy” in south Louisiana!
Romney is going to have some long days ahead of him. the only way to turn thie economy around may be the Fair Tax. No personal or corporate tax will attract entrepreneurs from around the world. Then watch the demand for housing, offices, factories, vehicles and labor take off.
The Fair Tax would also solve the question about rich versus poor tax rates BECAUSE EVERYBODY’S TAX RATE WOULD BE Z E R O! Neat, huh?
Report Post »TurboCat
Posted on April 28, 2012 at 6:12amRomney is going to ‘inherit’ the mess that O-blame-a and his cronies are making.
Report Post »Anonymous T. Irrelevant
Posted on April 27, 2012 at 3:42pmKeep spinning for the man-child, expose yourselves more and more, so that, in time, no one will believe your cry of wolf.
Report Post »CatB
Posted on April 27, 2012 at 3:56pmExactly .. who still believes anything the MSM or Obama regime says now? … only going to get worse for them.
Report Post »happ77
Posted on April 27, 2012 at 4:25pmCATB, We’ll find out in November. Thanks to the MSN
Report Post »there’s alot of people out there who just follow the
bouncing ball.
RANGER1965
Posted on April 27, 2012 at 3:40pmI feel like I am in the twighlight zone when a glimmer of honesty comes from CNBC. It’s shocking. It must be painful for them.
RANGER
Report Post »HKS
Posted on April 27, 2012 at 3:40pmSomebody needs to speak up on what liberals want to sell as a good performance when it’s crap. Let the liberals set the bar for performance and there won’t be a bar. “where life is beautiful all the time” ha ha he he. Go Rick.
Report Post »RebelPatriot
Posted on April 28, 2012 at 12:16amWhat is said is when the R progressive Bush was in the White House and there was 6 percent unemployment and 2.2 growth the progressive socialist were complaining how bad the economy was doing. This was after his daddy and Billy and the rest of the progressives started sending our manufacturing jobs over seas.
Report Post »A strong economy is based on actually producing a good, not providing a service. Being a lawyer or a teacher really doesn’t go the way as a GNP. We need to be building equipment, consumer household products computer goods.