CNBC anchor breaks SACRED network rule and calls it like it is: Rick Santelli rants

[Mira]

Watch and listen to one of the most unbelievable Rick Santelli rants

That the fabric of the status quo is beginning to unravel can be seen in the following link from CNBC, when Rick Santelli and Steve Liesman get downright rude with each other.

As you will see, Santelli gets positively apoplectic about the deficits when the perma-bull panelists try to gloss things over.

My favorite part is when he breaks the unspoken agreement that holds sway among the community of talking heads by pointing out that the economist from the Oppenheimer Funds has a vested interest in trying to talk up stocks.

It’s all a charade, and always has been. How else to explain that all of these purported experts completely failed to anticipate the current crisis?

http://www.cnbc.com/id/15840232?video=1441430545&play=1">the video is here


from:
http://www.thedailycrux.com/content/4339/Media/eml

[dkf]

1. You do realize that santelli is the original mr teabag yes?

Just checking

[Mira]

4. I do indeed. He won't be the only one

to break at the seems.

[upi402]

8. 'Squawk Box' -putting it mildly, 'Cock Fight' -more apt;

"Rick are you arguing against the market?" -Becky

"Rick you've lost people enough money already." -Steve


Steve's opening punch has ruffled some feathers:
FASB 157
The Financial Accounting Standards Board, standard-bearer for the accounting industry, announced last year that new fair value standards would be put in place as of November 15. FASB Statement 157 clarifies that entities will now have to explain how they reach "fair value" prices for Level Three assets. It doesn't take much analysis to figure out that forcing banks to explain how they valued CDO's and other slices of MBS could lead to announcements of additional losses related to subprime securitization.
http://mortgagemeltdown.typepad.com/my_weblog/2007/11/fasb-157-day-of.html

[amandabeech]

10. Liesman's right about the FASB,

but I have to give it to Santelli based on his very vocal and public "outing" of the pusher from Oppenheimer.

I could use a lot more of that from the CNBC crowd, particularly now that Bill Seidman has gone to his reward.

[dixiegrrrrl]

13. As of THIS Nov. 15th?

Why now NOW?
Or last week?

Wonder what is going on between now and Nov?

Oh, yeah...that pesky election.

[Arctic Dave]

2. Wow, he really went for the throat on these guys. Awesome. n/t

[uberblonde]

3. Let's not forget...

Moody's is the same company that gave AAA ratings to the subprime CDOs. They say what the markets WANT them to say.

[Statistical]

9. Well any system in which the entity being graded pays the grader is doomed to failure.

Imagine if in college I directly paid by professor and could pay them as little or as much as I wanted.

I think I just might have ended up with a 4.0 (AAA). :)

[dixiegrrrrl]

5. Somebody forgot their Bran Flakes that morning, I guess.

K&R

[CanonRay]

6. You have messed with the primal forces of nature, and you WILL ATONE!

[upi402]

7. The 1st step to recovery is admitting you have a problem

"Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one."
—Charles Mackay

[Earth Bound Misfit]

11. Did you mean Sick Rantelli?

What a colossal jerkoff.

[OllieLotte]

12. Maybe. He's right on this one however.

Rick kicked Steve's ass and the Oppenheimer guy too, when he weighed in. Frankly, I'm glad that Rick jumped in, Steve had it comming. I was watching live and nearly choked when Steve was blabbering about the AAA credit rating. I'll probably do the opposite of whatever Steve recommends.