Did you just SEE THAT???? CNBC! VIDEO UPDATE
Submitted by takeaction on Tue, 11/03/2009 - 11:26Just now....8:23 AM Pacific.....Rick Santelli just went crazy on Steve Liesman over the dollar. I hope somebody has a youtube of that. Amazing!
Rick Santelli started attacking the Federal Reserve, and Steve Liesman started to defend it...and it erupted into an incredible screaming match...where Rick Santelli kicked him where it hurts. And all of the traders in the "Pit" were yelling....yeah...yeah....I hope somebody has this on video.
Here it is...
Thanks to JCT.& RP swede
GOTO 4:20 if you want to skip to the fun
YouTube:
»
Didn't Santelli rant just after the last election?
And then his TeaParty web domain was registered 2 months before Obama won. I love the sentiment but I get the vibe the Santelli v. LIESman matches are kabuki theater for CNBC red meat to the financial sheeple. LIESman acts like he's reading cue cards both faking concern.
Nice
When you argue for dollar strength, you argue on behalf of the little guy, the worker, the saver, the elderly. The wrong side of this argument is obvious these days.
"In the capitalist society there is a place and bread for all. Its ability to expand provides sustenance for every worker. Permanent unemployment is not a feature of free capitalism." - Mises - www.mises.org, http://www.freedomshift.blogspot.com
"Endless money forms the sinews of war." - Cicero, www.freedomshift.blogspot.com
That Steve Liesman is not on planet Earth
He is a real ****** I mean really. Come down off of your high horse and get real. I love how Rick Santelli threw it back on the Fed where it belongs. People need to WAKE UP!
Healthnut4freedom
"Trust in the Lord with all thine heart; and lean not unto thine own understanding. In all thy ways acknowledge Him, and He shall direct thy paths." Proverbs 3:5,6
Healthnut4freedom
The lip of truth shall be established forever: but a lying tongue is but for a moment...Lying lips are abomination to the LORD: but they that deal truly are His delight. Prov 12:19,22
pwn
pwn
Steve LIESman
He consistently lives up to his namesake.
Classic Peter Schiff quote
"Steve, you are still so clueless." - Peter Schiff
http://www.youtube.com/watch?v=-j8DwpP5j_E
Level the playing field with ROBERT'S RULES and a good recording device:
http://www.dailypaul.com/142513/roberts-rules-video-library
Alternative Cancer Therapies
http://www.dailypaul.com/226732/alternative-cancer-therapies...
slammed
"The War Prayer - Mark Twain"
"The War Prayer - Mark Twain"
everyone is waking up.
this is great.
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https://www.youtube.com/watch?v=khDgz0rODZU&feature=g-upl
Santelli is the man!
Santelli is the man!
don't fall for the talk of inflation...
inflation is the least of our worries at this point in time...
i do not know why people- and that includes santelli- cannot grasp the fact that the money created by bad loans is now contracting and being destroyed--- you do know what the definition of inflation and deflation is-- correct? the money supply is going to collapse--- that is essentially what this entire financial crisis is about.... and we have people worried about the dollar weakening--- WOW!!
cash is king--- if you have no debt and a lot of dollars-- you will be ahead of the game going forward...
please read this interview and check out the primers on the right hand side:
http://theautomaticearth.blogspot.com/2009/10/october-30-200...
also-- ask mike nystrom where he thinks we are headed---
deflation is our concern--- not inflation at this time... there is too much debt (money supply) that is going to be destroyed....
we will have inflation--- but not before all the debts are washed away like a sand castle on the beach....
Deflation Will Be Short-Term
And it's NOT a concern.
The inflationary forces have already been unleashed unlike, say, in the thirties. They WILL manifest at some point. When? I don't know, and I'm not seeking to day trade to exploit it anyway. I expect a big dip in the metals again, and maybe even some other commodities. But it won't be for long.
_____________________________
"Make the lie big, make it simple, keep saying it, and eventually they will believe it." -- Joseph Goebbels
_____________________________
"Make the lie big, make it simple, keep saying it, and eventually they will believe it." -- Joseph Goebbels
it does not matter how long deflation lasts---
it is what it means for our economy that matters...
if you get shot in the head with a bullet... does it matter how long it lasts?
Of Course It Matters How Long
If you didn't care, why are you on this thread, or this board for that matter?
What a weird comment.
_____________________________
"Make the lie big, make it simple, keep saying it, and eventually they will believe it." -- Joseph Goebbels
_____________________________
"Make the lie big, make it simple, keep saying it, and eventually they will believe it." -- Joseph Goebbels
reply
Right on Revere I mean why don't people understand this, everything that is being done now is to prevent deflation from being worse that it already is ... keep the much needed correction from happening. You heard McTeer call it "disinflation" I mean they are so terrified to admit the inevitable.
kind of agree with you
Paul, I agree with you in the short run. By this i mean a few months to a year tops. Not that I have any sort of accuracy behind these predictions. I know two things that really cut to the core of this issue: 1) we will have massive credit implosion/deflation due to decades of overexpansion, and 2) Helicopter Ben has literally promised to print as much money as it takes to prevent deflation.
What I'm expecting is a sort of mutant hybrid between inflation and deflation. Real prices for a lot of things will decline, but nominal prices will rise. Why do I think this? Americans don't have the debt appetite, or the jobs, to really pump up spending and debt bubbles like they did in the past. This isn't likely to return anytime soon either. For this reason, prices for consumer goods, houses, etc. should drop in real terms. However, the government is trying its hardest to make up for any slack in consumer spending. They might not be able to do this in the short run, but I think we can all agree that the government is completely capable of spending as much money as it wants too.
Furthermore, back to Bernanke, he can and WILL print as much money as it takes to "save us" from deflation. People keep talking about how many trillions of dollars of credit will implode over the next few years. Helicopter Ben can create trillions of dollars with the flick of a pen- and he has promised that he will! No amount of real world deflation can do battle with a magical printing press in the long run. The money is fake and it can be created in mass on a whim. If things got really ugly, would there be a 'consumer credit card bailout', a 'homeowners bailout', etc? All it takes to turn the tide back in favor of inflation would be more direct handouts like the bush tax cuts.
Furthermore the debt is mounting, and fast. Deflation coupled with rising interest rates would bankrupt the federal government. They simply will not let this happen as long as they can print more money.
Just my opinion...
"The sinews of war are infinite money" ~ Marcus Tullius Cicero
"The sinews of war are infinite money" ~ Marcus Tullius Cicero
they cannot print their way out at this time...
they absolutely cannot print the amount of dollars that are being destroyed by this crunch...
the interview i posted sums it up better than i can.... i suggest reading it thoroughly and then checking out the primers on the right side-- i have yet to hear a cogent argument that refutes the points made on automaticearth by anyone for 2 years... there is no argument at this time-- based on the defintion of inflation and deflation-- that we are not deflating--- people say we are inflating--- and that we will print our way out-- but they are looking at only one side of the equation and also ignoring the size and scope of the bubble that is blowing up--- the size and scale of the deflation to come is of biblical proportions....
our vulnerability to the consequences of debt is extremely high at the moment. The scale of that debt is staggeringly large. The global credit hyper-expansion has been decades in the making and is now significantly larger than notable events of the past such as the South Sea Bubble of the 1720s and the Tulip Bubble of the 1630s. It dwarfs the excesses that led to the Great Depression.
to get an idea of how large the credit that needs to be destroyed-- look at this graphic... this is the extreme nature of what we face... they cannot physically print enough dollars to counteract it even if they tried--- and they are not able to generate dollars through loans-- because noone is lending--
http://www.theoildrum.com/files/credit-contraction2.jpg
The debt monetization that is going on has done nothing to increase the supply of money and credit relative to available goods and services, which is the definition of inflation.
Credit contraction dwarfs debt monetization, leaving us in a state of net contraction, even though we have just experienced a large rally lasting months, which should have been the most favourable condition for reigniting lending if such a thing were in fact possible. I would argue that it is simply not possible and that deflation is inevitable.
Gold blows through $1070
B/c the bullion banks are up against foreign central banks, ie. India and China. If you don't think the world is awash in dollars the by all means buy 30 year TBills at 4.33% Never a good sign when bonds are down along with stocks.
The IMF threatens a gold sale right when gold is trying to take out overhead resistance and the Indian CB declares, I'll buy it all. Gold shoots up overnight b/c the shorts are now properly scared of foreign CB diversification and here we sit at $1085 with wind behind gold's sails.
What happens when the world loses confidence that the dollar is a good medium of exchange? That answers your inflation/deflation argument.
Will it reach that point? Probably not, but it won't happen before the reserves of foreign central banks not in the pay of the US sell dollars to buy something else. That something else is gold, commodities and the like.
I'm not interested in M3 contracting, which is what you are worried about, I'm worried about M1 expanding in the face of massive money printing. M1 will explode when faith in the dollar collapses, cf. Iceland's banking crisis. Iceland was a microcosm of what will happen to the Dollar. Think of it as a trial run on what they have planned for us. BTW, bailing out Iceland's 4 big banks would have cost a total of 5 billion dollars. Bernanke told them to take a hike.
That crisis will not be wasted by the Obama administration. Gods help us.
Ta,
Blog: The Present in Plain Text
Listen to The Myo-Tonics on YouTube
cash is king--- if you have
cash is king--- if you have no debt and a lot of dollars-- you will be ahead of the game going forward...
this is true if that cash was backed by gold.. we are not in the 1930's again Paul.. those cash as you call them are being printed to trillions of dollars of government obligations that they do not have the tax receipts coming into pay... untill you understand this you are lost.. Question? how did Zimbabvwe hit hyperinflation? It had nothing to do with credit expansion or contraction.. The economy sucked so the government PRINTED THE MONEY to pay its bills.. they devalued their currancy.. that is what these idiots in DC are doing... now if Cash is king and you held dollars, tell me what your dollar would have bought in 2000 compared to today?? HINT.. far less.. back then it was 1.40 euros to the dollar.. now its 1.50 dollars to the euro... if you are holding cash you are losing your butt.
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
Matthew 10:34 Think not that I am come to
send peace on earth: I came not to send peace,
but a sword.
....
If we had a deflationary consensus at the moment I would distrust it, as the herd is always on the wrong side of the bet at major inflection points. Consensus takes time to establish, meaning that the more established it is, the later one is in the trend and the nearer to a trend reversal.
At the present time we have an incorrect inflationary consensus, which is causing people to dump cash in favour of hard assets and disregard the consequences of indebtedness at a critical juncture. Deflation is NOT a hoax. It is a very real threat that very few recognize. Timely warnings are by definition contrarian, and therefore never sound credible at the point where they would actually be useful.
The EURUSD
back then it was 1.40 euros to the dollar.. now its 1.50 dollars to the euro...
I trade the EURUSD and have for almost 8 years now..
We are currently downtrending from the 1.50 mark for the past 10 days. The weak dollar / 1.50 mark received LOTS of bad press in Europe..... central bank intervention immediately knocked it from its perch last Sunday night/Monday morning.
Predictably, it fell like a stone.... almost a cent and a half overnight...
The trend is persisting.... with noticeable intervention continuing to push it down, strengthening the dollar. The EURUSD is almost fully retracted to 1.46 as we speak.
Cheers,
G.
when the US government Is
when the US government Is trying to sell a record amount of treasuries/bonds or whatever they try to sell to foreigners, ofcourse the dollar will bounce up.. its manipulation.. it wasn't to long ago that it was 1.61 dollars to the euro.. I don't watch these little blips up.. the trend since 2000 is down..
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
Matthew 10:34 Think not that I am come to
send peace on earth: I came not to send peace,
but a sword.
Right on. The deflationists
Right on. The deflationists are right if they would couch their arguments in terms of gold. You know they are crackpots when they refuse to consider this.
Ta,
Blog: The Present in Plain Text
Listen to The Myo-Tonics on YouTube
At least somebody out there
At least somebody out there in tv land believes that our money should be worth something.
...
He is just like
Ron Paul......screaming into a hurricane....
"our leaders dilute our dollar to pay for the sins of everyone"
"The FED never talks about how they're going to make the dollar do better"
"Why should we care?"
"WHY SHOULD WE CARE?! Viewers, send an email to Steve, why we should care!"
Email: __(augh, all I can find is his profile!)___
(Also note, Google knows to Suggest Steven liesman's email when searching!)
Anyone?
"You underestimate the character of man." | "So be off now, and set about it."
I saw it and it was awesome.
I saw it and it was awesome.
Santelli..
is freakin awesome!
http://www.youtube.com/watch?v=OO18F4aKGzQ
'Peace is a powerful message.' Ron Paul
"Why should we care about the greenback?"
The U.S Economy is the goal, not the greenback."
What?
http://www.jbs.org/
Semper Fortis
http://www.jbs.org/
Semper Fortis
Right Class
That's not even good circular reasoning ? Anybody heard of direct relationships and adverse relationships ? Steve needs a little more time in an economics 101 class.
Just one last kick in the nuts, then a final deathblow
Apparently relative prices
Apparently relative prices don't matter!?!?