Business

‘It’s Not My Job! I Don’t Regulate That!’ Santelli Takes on Ben Bernanke & the LIBOR Scandal

Have you ever been so fed up with something that you go off on a perfect rant, shouting and heaving with all with the gusto of a Southern preacher [Lord knows we have]?

Well, if you know what we’re talking about and you’re a fan CNBC’s Rick Santelli, then you’re in for a treat.

During a Wednesday broadcast of “The Santelli Exchange,” the exasperated analyst told Steve Liesman that he finds it “unbelievable” that the Federal Reserve gets itself involved in “unbelievably bad monetary policy” but Fed Chairman Ben Bernanke won’t take responsibility for the massive LIBOR rate rigging scandal.

“I discovered yesterday that we need to actually add another pillar to the Federal Reserve,” Santelli said. “Their new pillar should be: ‘If we see something wrong in the market, yes it’s our job to do something about it.’”

Santelli, of course, is referring to testimony Fed Chairman Ben Bernanke gave earlier on Wednesday where he basically said “Yes, we knew some banks were fixing their numbers, but we didn’t really do anything about it.”

“I was flabbergasted yesterday, Steve, after everything I’ve seen the Fed do, from unbelievable monetary policy to writing White Papers on how to fix the housing market and, when pressed, basically Ben Bernanke said ‘it wasn’t my job! It’s not my job!’”

“I’ll tell you what, if anybody listening or watching right now ever thinks that more regulators will ever — will ever! — stop anything, you have to watch Ben Bernanke,” Santelli shouted.

“[He] appears to be the most honest guy, straightforward, don’t always agree with him, but you’ve got the unvarnished truth there. ‘It’s not my job! I don’t regulate that!’”

“Unbelievable! Unbelievable!” he concluded.

Comments (61)

1 2
  • Seede
    Posted on July 19, 2012 at 10:33am

    What we need is a million man march on the DC gang and trash the whole place. Move the capital to Mayberry USA and find a Andy and Barney to run this place.

    Report Post »  
    • Anonymous T. Irrelevant
      Posted on July 19, 2012 at 11:02am

      Pretty much, the whole cast of the Andy Griffith show is dead, now.
      The Democrats destroyed our innocence and places like Mayberry.

      Report Post » Anonymous T. Irrelevant  
    • dont_drive_slow_in_the_left_lane_obliviot
      Posted on July 19, 2012 at 4:10pm

      Andy Griffith was a raging liberal. No place is safe any more.

      Report Post » dont_drive_slow_in_the_left_lane_obliviot  
    • HealthyLoser
      Posted on July 19, 2012 at 8:50pm

      Why do we need anybody to “run this place?” Does anyone else see the problem when 1/3 of what is counted as economic activity is in fact the depredation of the state on the productive sector?

      Report Post »  
  • IM John Galt
    Posted on July 19, 2012 at 10:12am

    When Bernanke and Geitner and all the rest ran to congress to get tarp to save the world, did they tell the congress these banks we want you to save using tax payer money are fixing rates ON THOSE SAME taxpayers?
    America wake up. THERE IS NO RECOVERY. All they are doing is printing more money and spending it to add create phoney economic activity. Without the deficit spending, we are in an %8 recession right now. It will all come crashing down and when it does, god or nature or whatever help us all.

    Report Post »  
  • Joseph2
    Posted on July 19, 2012 at 10:00am

    Why doesn‘t TheBlaze fix it’s posting problems? Half of the stuff I write never shows up as a post.

    Report Post »  
    • Blazebanned
      Posted on July 19, 2012 at 10:25am

      @joseph2 aka enciloon.
      Stfu you little puke, this idiotic post got through,moron….

      Report Post »  
    • KissMyAmericanFlag
      Posted on July 19, 2012 at 6:19pm

      Sometimes the error is user-generated or connection-oriented…

      Report Post » KissMyAmericanFlag  
  • buyundbuy
    Posted on July 19, 2012 at 9:17am

    Rick Satelli for Senator~!!
    Rick Santelli for Governor~!!
    Rick Santelli for SEC Chairman

    This guy has more knowledge, intelligence and experience on financial matters than all the collective democratic financial advisers and he is also able to express or “articulate” his thoughts in a brief and abbreviated few seconds to avoid wasting our time.

    Report Post » buyundbuy  
    • Joseph2
      Posted on July 19, 2012 at 9:58am

      Too bad I can‘t watch CNBC anymore for the Santelli rants and Joe Kernen’s observations but since most of the people over there are like LIESman I can’t risk going into murderous rages anymore for fear of dropping dead.

       
  • term limits for congress
    Posted on July 19, 2012 at 9:03am

    Is it time yet to start chunking things into the Boston harbor? Instead of tea, politicians? Regulators? Socialists? The New England states?

    Report Post »  
  • progressiveslayer
    Posted on July 19, 2012 at 8:23am

    Santelli’s a straight talker and I like that,unlike most politicians who are crookeder than a dog’s hind leg.Ole uncle Ben over at the criminal FED will undoubtedly print more funny money in vein trying desperately to hold off the inevitable.It‘s really shocking to think millions of Americans actually believe we’re going to get out of this.

    Report Post » progressiveslayer  
    • D-Fence
      Posted on July 19, 2012 at 8:31am

      I agree with you but, is crookeder a word?

      Report Post » D-Fence  
    • JRook
      Posted on July 19, 2012 at 8:40am

      Then perhaps Santelli should provide some straight talk about who the real crooks are, name some names of the honest, high integrity, model leaders of the banks who perpetrated this fraud. Providing information to set rates is one of those actions that depends on the integrity of the participants. And there are people who actually believe it would be a good idea to put one of these high integrity, honest, citizenship oriented bankers in the White House. Clearly the founding fathers believed all citizens should have off shore accounts to avoid disclosure of income and avoid paying taxes. Its the honorable thing to do.

       
    • progressiveslayer
      Posted on July 19, 2012 at 8:55am

      D-FENCE lol Not sure but it sounded good.

      Report Post » progressiveslayer  
    • progressiveslayer
      Posted on July 19, 2012 at 8:59am

      JROOK We‘re 232 trillion in the hole and you’re worried that Romney has an offshore account?
      You’re joking right?

      Report Post » progressiveslayer  
    • MiCurmudgeon
      Posted on July 19, 2012 at 9:13am

      Crookeder is a word that can be used only in relation to a poilitcian.

      Report Post »  
    • PrfctlyFrank
      Posted on July 19, 2012 at 11:18am

      Well JROOK, you’ve seen what happens when a bunch of corrupt ideologue thieving Chicago politicians with no experience at ANYTHING but chaos and being better liars than their opposition, can get done.. This administration handed out Trillions to their buddies and confederates with no regard whatsoever to consequence to the economy.. Lets give an honest businessman a try huh? Somebody that actually knows something about real business, and about whom the dem/prog pukes can only lie and speculate. Instead of the inexperienced spoiled brats we’ve got that have never accomplished a thing in their pathetic lives.

      Report Post » PrfctlyFrank  
  • LameLiberals
    Posted on July 19, 2012 at 8:07am

    Ron Paul and Rand Paul and Mike Lee are the ONLY politicians wanting to END THE FED.

    Romney LOVES the fed and ALL big banks – so does Bush and Obama, etc.

    Report Post »  
    • D-Fence
      Posted on July 19, 2012 at 8:33am

      I‘m getting to the point where I’d vote or RP. Just to shock the system. Unfortunately by the time we vote I think it’ll be too late.

      Report Post » D-Fence  
  • LameLiberals
    Posted on July 19, 2012 at 8:06am

    In the government – NO ONE TAKES RESPONSIBILITY.

    If a head rolls, it is usually a scape goat at a lower lever position – usually one who hasn‘t even been in the job that long and didn’t start the problem.

    Ben should have BLAMED BUSH. Didn’t Obama teach him anything?

    Report Post »  
  • BrerRabbit
    Posted on July 19, 2012 at 7:33am

    Why o why does the Blaze not format is video for the iPad?

    Report Post »  
  • jamestoms
    Posted on July 19, 2012 at 7:31am

    He’s a criminal too, put him in jail, runt. No law, couts and judges are a joke, all are responsible for the loss of our country, dems need to be rejected from aid when the system collapses, don’t want to see “ONE” looking for a hand out. They already got it!!!!!!!!!!!!!!!!!!!!!!!!

    Report Post »  
  • Mapache
    Posted on July 19, 2012 at 7:19am

    will there be a place in the Romney government for Santelli? I hope so

    Report Post » Mapache  
    • Joseph2
      Posted on July 19, 2012 at 10:05am

      Wouldn’t it be a hoot to have Santelli head The Fed? Talk about some initial Turmoil In The Market when THAT announcement is posted!

      Report Post »  
  • JinOH
    Posted on July 18, 2012 at 11:50pm

    3 words. Invest in lead.

    The inmates have full control of the asylum.

    Report Post »  
  • cristo52
    Posted on July 18, 2012 at 11:26pm

    The sad thing is, every government agency is now being run like the V.A.

    Report Post »  
    • smokeysmoke
      Posted on July 18, 2012 at 11:31pm

      when are people going to catch on… A CONTRADICTORY DUEL MANDATE is impossible to fill, and allows the user to say and do anything cuase if your protecting the money, your doing good, if your creating money your doing good…. YOUR ALWAYS DOING GOOD… even when things are bad… your the one fixing it, GET TO WORK… right? chuck schumer

      Report Post » smokeysmoke  
  • CulperGang
    Posted on July 18, 2012 at 11:23pm

    Ben Bernankes only job is to cover up the ponzi scam the major banks(bilderberger elites) are running on the world wide market. Ben Bernanke is a bottomfeeder. He will be in hell.

    Report Post » CulperGang  
  • slugo
    Posted on July 18, 2012 at 11:03pm

    And we wonder why our government ‘officials’ are not respected and why they seem to delight in taking this country to its knees….God help us all because it looks like we are headed off the cliff in more ways than one

    Report Post »  
  • woodyee
    Posted on July 18, 2012 at 10:36pm

    PART 2 –
    …because PUBLIC UNIONS are a BANE to the working (so-called) “middle class” – Private unions negotiate contracts with their employers, BUT, PUBLIC unions do not – they do not negotiate their contracts with OTHER public employees, namely the politicians! We can further create immediate jobs by really punishing employers of illegal aliens, and giving illegal aliens a SWIFT BOOT outta here! I don’t buy the political BS about how the gobblement is controlling the border; the drug cartels aren’t making upwards of $30 BILLION per year because our gobblement is on guard – to the contrary our gobblement MUST be involved for foreign nationals to be so successful!
    Now our gobblement is threatening to curb FIRST AMENDMENT RIGHTS; by claiming that businesses aren’t people, they want to execute the “Foot-In-The-Door” policy; first go after the business, then go for all the marbles! Speech is an essential mechanism of democracy, for it’s the means to hold officials accountable to the people. House Resolution 88 (McGovern-D & Pelosi-D) looks to turn our freedom of speech upside down by arguing it protects individual rights but quashing business, but guess what? If you, the individual, pool your money/voice with ONE OTHER PERSON, you are no longer an individual and LOSE that right!!
    TELL THOSE FKS TO KEEP THEIR STINKING ROTTEN DEMONIC HANDS OFF OF OUR BILL OF RIGHTS.
    DO NOT LET THEM GET THEIR FOOT IN THE DOOR!!!

    Report Post » woodyee  
    • woodyee
      Posted on July 18, 2012 at 10:44pm

      Correction – Public Unions Negotiate THEIR contracts with OTHER PUBLIC employees, namely politicians!!

      Report Post » woodyee  
    • Obama Been Lauding
      Posted on July 19, 2012 at 5:59am

      Obama and his cronies, including his Czars, are systematically destroying the U.S.
      Think of it like this: He has ‘prodders’ in every major area of life. He has ‘prodded’ those in the Illegal Immigrant area. Those in the area of freedom to bear arms. The Christian community. The Black Community. The Jewish Community. The Wealthy Community. And the list goes on and on.
      These are all attempts to cause an uprising. Someone to go off the deep end, and he can step in, and declare Martial Law, and remain the Dictator-In-Chief.
      Please, anyone with any brain would not vote for this guy. Look at his past, full of questions that have not been answered. Look at his most recent past, and you will see that his distant past is what he was trained to do in the present.
      Being fooled, and voting for Obama once, shame on him—If you are fooled twice, and vote for Obama, shame on you!!!!

      Report Post »  
    • KissMyAmericanFlag
      Posted on July 19, 2012 at 6:28pm

      @woodyee “gobblement” outstanding!!! You may be writing a page in a widely-shared book — Bravo.

      Report Post » KissMyAmericanFlag  
  • TerryDo
    Posted on July 18, 2012 at 10:27pm

    Bernanke“Yes, we knew some banks were fixing their numbers, but we didn’t really do anything about it.”

    Ben Bernanke said ‘it wasn’t my job! It’s not my job!’

    Then whose job is it to regulate the banks, the SEC and citizens government pensions?

    Report Post »  
  • commonsenseguy
    Posted on July 18, 2012 at 10:27pm

    if according to obama and no business or owner ever succeeded without government then obama and his cronies are responsible for the price fixing scandal they knew and chose not to stop it, they are typical liberals, blame someone else and don’t take responsibility they have lied,cheated and stole the whole time they have been in office, unfortunately it is not going to stop or get addressed these commies could careless about right from wrong, they should all be arrested on treason charges, obama does not mind taking from hard working Americans,but they do not want to help protect them from crooks, obama is big government all the way and he would rather drive America in the ground to achieve his and george soros ““ new world order ”’ and if that means turning a blind eye to blatant thievery to running gins,it does not matter because it is just one more step to their ultimate goal. and yet people still eat the sh*t sandwiches that obama and his commie chefs keep making and handing out,i just don’t get it how anyone would eat such nasty sandwiches, but they must really like them.

    Report Post »  
  • woodyee
    Posted on July 18, 2012 at 10:22pm

    PART ONE –
    Bernanke’s own words are reason enough to get the FED out of US monetary/global monetary policy, and why that dumphkopf should be in jail!

    Our first Federal Income Tax was instituted (ostensibly) to pay for the Spanish American War debt. Somehow our politicians managed to extend that debt well into the 20th Century, and included an enormous amount of responsibility that, like Obammycare, is Constitutionally questionable.

    WhyTF are our dollars going to the IMF? Why are the international entanglements our Founders warned us against, so full of US Taxpayer loans and grants, MOST OF IT GONE IN 60 SECONDS!? “Speak softly and carry a big stick” used to be the policy, and foreigners didn’t ef with us. How big a stick do you need when you’ve got nukes?

    Socialism works so well, then, let the European Socialists take care of their own g#$dam$#d finances! We’re fixing to give Socio-Communists their own jack-boots up their arses in November. We can start turning the clock back on Social Security with THIS GENERATION of College graduates – “Well kids, the Big Golden Retirement Ring is yours to grab and you’ve got 15 to 40yrs to sock it away, starting right now!” We could ween our population of social security as it withers on the vine. Put a limit on welfare, and we can start by undoing what Obammy did last week which was to make it easy to sit on your arse! We can create MORE jobs by rolling back the excess of PUBLIC UNIONS…more in a few minutes…I’m o

    Report Post » woodyee  
    • KissMyAmericanFlag
      Posted on July 19, 2012 at 6:38pm

      @woodyee Easy there, woody, take a breath and relax… Your comments are certainly spirited and refreshingly informed compared to several others not here but elsewhere, and I for one applaud your efforts to educate the uninformed so they can entertain _real hope and change_ back to our America based on solid Constitution.

      Another read can be found at: http://www.goodreads.com/book/show/2564605-betrayed-by-the-bench.

      Report Post » KissMyAmericanFlag  
  • bdandsl
    Posted on July 18, 2012 at 10:20pm

    Is anyone listening?

    Report Post » bdandsl  
    • commonsenseguy
      Posted on July 18, 2012 at 10:30pm

      not anyone who gives a damn, and to those who do,well they will just be persecuted and called crazy for trying to stop the thievery and the total destruction of our constitution. i do pray that some one will grow a pair and take a stand for freedom before we all lose, but finding someone who is even starting to grow a pair is afraid of being neutered

      Report Post »  
  • RebelPatriot
    Posted on July 18, 2012 at 10:15pm

    They see we have figured out the Federal Reserve has been stealing from us since 1913. The money changers have take what ever they needed, whenever they wanted, without asking.

    Now they talk of placing measures to watch the Federal Reserve?

    You think maybe it’s do damn late?

    You don’t control the FED in controls our money and wealth. Why do you idiots think we are 16 trillion in debt.

    They killed 4 presidents to get in the back door so they could steal from us.
    Lincoln was the first, two more before 1913 and Kennedy was the last . They even killed his brother to make sure he wouldn’t get elected.

    Why were they assasinated? They were all fighting against the fed. Kennedy had become so popular they were afraid people would go along with abolishing the fed so the killed him to stop it.

    One other president spoke out agains having the Federal Reserve, that was Ronald Reagan and guess what. They missed him!!!! But he quit talking about the Federal Reserve.

    The money changers are at the root of global governence. The progressive socialist and the Muslims are just two pieces of their army they use to bring it about.
    They have all the moeny they need, they desire the power of complete rule to satisfy their egos.

    Kennedy was the

    Report Post »  
    • G-WHIZ
      Posted on July 19, 2012 at 1:08pm

      Cristians and blackmuslims will be the first to be beheaded. In Sharia, there is no room for blacks in the muslim “religeon”. Read the Koran about “blacks”. Read about Sharialaw and blacks.

      Report Post »  
  • Mutiny
    Posted on July 18, 2012 at 10:08pm

    Romney on Ben Bernanke and the FED. http://www.youtube.com/watch?v=5FtzSmlkncM&feature=relmfu

    A vote for Romney is a vote for Obama’s polices and bankruptcy.

    Report Post » Mutiny  
    • RebelPatriot
      Posted on July 18, 2012 at 10:20pm

      A vote for anyone else gets Obama policies and bankruptcies.

      Do you vote for someone you may be able to tone back or someone who isn’t going to get l elected until hell freezes over.

      You are an idiot. Cast your vote for someone other than Romney if you like, but you might as well pull the lever for Obama in doing so.

      We see that King Hussein is hell bent on destroying our country. I like my chances of slowing it down enough to save.

      If Obama is re elected you might as well be blowing that smoke up your own ARSE. Cause I’m prepared to defend my family, are you?

      Christians will be the first group targeted to eliminate.

      Report Post »  
    • Mutiny
      Posted on July 18, 2012 at 10:55pm

      We are going off a cliff, does it matter how fast we are going?

      Romney isnt any different from Obama. If we are going to survive in our current state we have to do it in 2016. If Romney wins(which I dont think there is a chance in the world he does) we get 8 years of the same bad policy.

      Romney has not earned my vote.

      Report Post » Mutiny  
    • woodyee
      Posted on July 18, 2012 at 11:01pm

      We are stuck with Romney, or stuck with Obammy the Demonicrat. Choosing ANY OTHER but one of these two will guarantee an Obammy victory and utter destruction of our Country as we knew it (I’m old…)

      So vote for Romney or for Obammy – anything else is a vote FAVORING Obammy. Don’t be a fool.

      Report Post » woodyee  
  • jamesctheman
    Posted on July 18, 2012 at 10:05pm

    There’s a man we give 100 shots of an energy drink & lock him inside the Fed. Go nuts Rick. Love it. The problem is the men like Mr. Santelli aren’t controlling the political sector.

    Report Post » jamesctheman  
  • jblovesAmerica
    Posted on July 18, 2012 at 9:58pm

    Sgt Schultz-I know nothing-looking it right in the face.
    no one taking any responsibility for anything.
    absolute bureaucrats,worthless POS

    Report Post »  
    • RJJinGadsden
      Posted on July 18, 2012 at 10:10pm

      That’s what I was just thinking. Nothing but excuses and spin from this entire crowd.

      Report Post » RJJinGadsden  
    • RJJinGadsden
      Posted on July 19, 2012 at 8:02am

      There is another good one. Chico And The Man’s Freddie Prinze: “It’s not my yob!”

      Report Post » RJJinGadsden  
  • welloddyfriggindah
    Posted on July 18, 2012 at 9:51pm

    The lawless ones!

    Report Post » welloddyfriggindah  
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