CNBC’s Rick Santelli dismisses arguments by some in the GOP, as summarized by Becky Quick, that Texas Senator Ted Cruz’s insistence on defunding Obamacare could lead to a government shutdown and a downgrade of the nation’s credit rating just when the economy is beginning to show signs of life.
In August, Mohnish Pabrai took part in Brown University's Value Investing Speaker Series, answering a series of questions from students. Q3 2021 hedge fund letters, conferences and more One of the topics he covered was the issue of finding cheap equities, a process the value investor has plenty of experience with. Cheap Stocks In the Read More
no, we had what was supposed to be a debate between arepublican and democrat on what the republicans. not all republicans feel the same. they decided the fleas on the tail of the dog are the ones that had the party backed into this — yeah, backed in. because i didn’t come up we limb nating a $1 trillionunconstitutional entitlement which will bankrupt the u.s. they called me an idiot for saying that’s the plan. everybody’s upset we have a couple of senators with an opinion. they’re not like the borg where they’re all supposed to have the same ideas where it’s under ben, greenspan — they never go against the crowd. the borg of congress. every democrat has to see itexactly like the president. whether i disagree or agree with cruz and associates, i give them my kudos for actually using their brain. whether you agree or not, you know, what is this wind-up toy? everybody’s got to come from the same stencil? you know what, he was duly elected. he is doing things within the purview of being a senator, okay. unlike executive orders i wouldquestion. his point was the last time we ran up against this, we’re dealing with a situation where the u.s. was downgraded from the aaa status. markets went into turmoil, and that’s the type of thing he wants avoided. i’m going to challenge you oneverything. first of all, the fact they were downgraded, everybody assumes it was the messiness. the messiness may have been an influence, there would be no mess if there wasn’t –that’s laid out explicitly in the reasons it was downgraded. yeah, well, i’ll tell you what, i don’t think that many countries deserve the super aaa credit rating. but i do think that the u.s. credit is the best. and it’s all relative, put any letters on you want. and the market has acted appropriately. what’s the issue? the issue is the — if we’re on the verge — becky, you have kids — i’ll argue with you if i feel. we do hear from ceos — what did the ceos tell us before the credit crisis? because you know what — because i dared tell you to answer your questions. the only thing i see in the media is one-sided. one-sided. that’s why.