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.