Rick Santelli Strikes Another Chord with Unadulterated Nuggets of Truth
I'm not a fan of the available financial tv media, and I could probably count on one hand the number of times I felt like someone uttered words thereupon during recent years that I have deemed courageous and honest, but portions of this latest rant by Rick Santelli struck a chord with me. In a media world nearly devoid of a voice for the common man/woman, Rick Santelli occasionally takes off the gloves and punches the propaganda machine square in the nose.
His rant starts at 0:48. Please have a listen and then return here for discussion.
The highlights as I see them include:
"I thnk someday we'll learn that we didn't need to do very much, that time heals all wounds, and that you don't have to go broke in the process."
"We fixed all the banks, and people still can't get loans. OK, I'm done, now you can give me all the propaganda."
"It's one year ago today I could see that the philosophical issues of those who lead us isn't in lockstep with those who put them there, and probably that will change."
Perhaps the most poignant statement is perhaps unintentionally so, and comes from whomever the studio guest is during the last seconds of the clip. Think carefully about what this guy is saying: "The idea of just letting the system find its own level is a risk that the world couldn't afford to take, so it's silly to even talk about."
Do you think the market has yet found its own level one year later? Do you think the hundreds of trillions of dollars of toxic derivatives have done anything but hide in a dark corner for some future day of reckoning? If you believe that the system has somehow been magically repaired by the fiscal interventions, then I submit that you are falling prey to coordinated propaganda and "Management of Perception Economics". Those like Santelli who watches the bond market on a daily basis knows that the deeper crisis lies ahead still, and he's rightfully angry that an entirely different story continues to dominate the airwaves.
For those who may have been vacationing on another planet and missed his first rant, it's embedded below. He alluded to the idea that we'd have been better off letting the bad banks fail and dumping derivatives into Lake Michigan rather than reflating the market for them as we've done. As he correctly pointed out back then, and as I also alluded to last April, out founding fathers would be rolling in their graves at the sight of what's being done to our nation's finances and our currency.