CNBC’s Rick Santelli, explains why he hears ‘crickets” when he asks questions about Fed Chairman Bernanke’s policies. “Enough is enough,” he rants. Watch Santelli as he has a meltdown on live TV. Sam Ro reports that Rick Santelli had a second meltdown today (see a prior one here). We will have that up once the clip is available.
Rick Santelli meltdown video and transcript
when you open an account. welcome back. now lets get out to the cme group. rick santelli with the san t — santelli exchange. fed days, i can remember when i first started trading, in the late ’70s and early ’80s. not only were there not statements, there were no press conferences, no financial channel covering it because there were no financial channels. if you wanted to know what the fed did back then, you watched your quo tron. you had an inkling based on short rates, based on fed funds and some of the issues of the day, what was going on. now we need to be led. we need to be led. and not only that, we talk about transparency. you know what? forget politically correct. let’s toss politically correct out the window and let’s toss everything from this day backward out the window. so matter what you think of the programs, no matter what you think of the crisis, let’s start right now. my question right now is, and i wish i was in that press conference, and jon hilsenrath will be on in 20 minutes and we’ll ask him some of the questions the rorners should be asking ben. the one question i want to ask ben is, ben, what are you afraid of? i want to know what you’re afraid of. cnbc, all the channels that cover business, we have person after person after person, buy side, sell side, upside, downside, how is the economy? economy is great. what about stocks? you got to buy them. what if they break? you have to buy the dips. what’s wrong with the economy? i don’t hear these people saying anything is wrong with the economy. so what’s wrong, ben? why can’t we get out of crisis management mode? there’s always going to be something. let me think, ism is under 50, oh, my good god, we can’t pull in qe. or unemployment. this unemployment really gets a spur under my saddle. i remember a point when i was talking about labor force participation rates before the election. when facts really matter and people vote for their leaders. no, the unemployment rate isn’t really going down. what did i hear from the fed chairman? crickets. crickets! now ties it to the unemployment rate, everybody wants to talk about ha factor because if the unemployment rate goes up, that may be a good thing, if it goes down, that may not be a good thing. why didn’t we have all this information then? so why can’t we take away the qe? i don’t get it. what are we afraid of? do we have a fed that operates like a day trader where every little gyration in the market, every ten minutes is all that matters? if you pull it away and the stock market goes down, where does it say in the constitution that some form of the government has to guarantee stocks go up or guarantee that you have a house? they don’t! where have we gone off the rails? enough is enough. two fed chairman, is that enough? it’s enough. i would like gordon reporter to say, mr. chairman, what are you afraid of in the u.s. economy? because no matter how he squeezes that water balloon, no matter how much smoke comes from that curtain, in the end they’re going to have to deal with the reality, and the longer you put it off, the thinking about a parent, the worse the consequences are. simon? breathe, breathe. it’s probably best you’re not in the news conference, all things considered, this afternoon, rick. you know who is it best for, simon? who is it best for really? why don’t these people kick the tires? why don’t they kick the tires? they take a press release from the federal reserve and they think it was written by god. i can’t wait with you and jon hilsenrath later in the program. oh, boy, you want to watch this one! thank you very much. rick santelli fired up is an