Rick Santelli of CNBC discusses the fiscal cliff and jobless claims today. The video is embedded below. At around the five minute mark, Santelli has what appears to be a 'Jim Cramer' style meltdown and starts screaming and yelling (more than his usual dose). Sources familiar with the matter, say that Santelli did not get a long enough vacation (a joke), but he can certainly use one. The video and computer generated transcript can be found below:
we are just seconds away from weekly jobless claims and rick santelli and jim iuorio are standing by at the cme. you know, rick, whenever anyone compared to the cliff to t.a.r.p. i never really bought that. because t.a.r.p., i mean, the commercial paper markets were freezing up. it was -- i just don't think it's really the same thing, is it? it's not as front and center as that. and i -- we've talked about it so much, it's hard for me to believe the markets could just all of a sudden decide they're going to fall off a cliff like the fiscal cliff itself. what do you think, rick? no, i somewhat agree. i think the reason i brought it up, and i think i was one of the first to bring it up is, it just you a market impetus to get something done. but i think categorically they're nothing the same. t.a.r.p. was about some real issues. fiscal cliff is about being afraid, i think. let's do the numbers. 350,000 on initial jobless claims. that is definitely less than we were looking for. it's a dozen less than the revised number you're looking at last week. 3.206 million on continuing claims. and just to put a face on it, 350,000. when was the last time we had 350,000? well, let's see, we had 344,000 on pearl harbor day. this is probably a level that we should pay attention to. it's like logically important, that it's going to give us any clues as to how many jobs we're going to create on any first friday. i think that information line is broken. let's get back to that other conversation now. let's go with it. you know, the issue with t.a.r.p. was, yes, there were things that were freezing up. that responsibility adults had to come and do something, and i remember not agreeing with maria bartiromo at the time because everybody was disappointed they didn't hurry up to write a check for seven eighths of a trillion dollars without any thought. so i thought that was the negative issue here. i'm not wearing my button today as you can see. and i think i'm going to be remiss to wear it anymore to be honest with you, gentlemen. i think that i was looking for the kind of rise above where both sides brought something to the table. it's turned into a game of childish nonsense, and i think it's beneath the kind of leadership of the greatest country on the planet. yeah. all right. for more on the day let's get to jim iuorio director of t.m. amens institutional services and a cnbc contributor. i guess the reason i phrase the question, jim, the markets had been sort of quiet, the vix has been kind of quiet, as well. is something on the horizon, or i mean we've talked about it so much, is there anyone that doesn't know? no. i just think the markets have grown accustomed to the notion that we're actually going over the cliff. we were always going over the cliff, and that gives the republicans ground cover to lower taxes, and not raise them. is it a game? is it ridiculous that they play this with the economic future of the country? of course it is. but you drew the connection to t.a.r.p. that's when we first learned that they can show some incompetence at very critical moments. the market's fine with that right now. but i do think the consensus is that once they reach a deal, even after the cliff, that the market's going to knee-jerk higher. when everyone is on the same side of the boat that worries me a little bit. i increased some short in the market the other day. it seems like the markets would know if it was going to be a really horrific thing. you just sort of said that once -- yeah. i agree -- you don't think that's a horrific thing. no, the markets aren't saying a horrific thing. the russell 2000 is up 8.5% since mid-november. i think they've just grown accustomed to some incompetence. and that juxtaposed against things going well, which we just saw numbers reminding us that things aren't too bad in the economy. jim, stock markets go down if there's a recession. do we now have to -- do we have to decide maybe if we did fully go over, and stay over, is it absolutely shave two points off of our gdp? there's no doubt. it does then -- then the market -- no. what do you mean no doubt? believe what you read in the papers, jim. there is doubt. there most certainly is doubt. what i believe, just of course what i believe is i think the markets think we're going over the fiscal cliff and quickly have a resolution. why do we look at the dow jones industrial average to handicap if this country's going to go down the sewer in a couple of days? that's the best collection of news. that's where i always look for the news. we can't afford our bills anymore. the stock market is an immediate gratification for investors to make money. no. i don't have a problem with it. but it doesn't give you a glimpse into our future, or our kids' future. yes it does. the fact that we have 100 trillion dollars of underfunded liability, isn't is a question whether that's going to work. if you can tease out the fact that the fed has by throwing in all of this money over the last couple of years and that's a difficult thing to do. neither does -- the stock market takes all the news stories and filters them for us. i think the stock market -- absolutely. -- of what the real story is. it gives a speech about hitting the debt ceiling. i'd like to see if it could even count to a million, much less 16.4 trillion. i'm through fighting, joe. he's got the crowd. he's with the crowd. he's going to win. i've leshed. i mean, that was the are you listening mr. president. that was the famous one. that was me on this end. i'm forrest gump. i just get them going.