Smart. Sharp. Funny. Fearless.
Thursday, October 27, 2016

CNBC reporter Rick Santelli, whose 2009 rant on the floor of the Chicago Mercantile Exchange helped launch the Tea Party movement, was told that he has been wrong about everything during a heated on-air argument on Monday.

After Santelli offered a characteristically heated argument that the Federal Reserve has fallen behind the curve on inflation, CNBC analyst Steve Liesman stepped in to remind him that pretty much every prediction that he’s made since the financial crisis began has failed:

It’s impossible for you to have been more wrong, Rick. Your call for inflation, the destruction of the dollar, the failure of the U.S. economy to rebound. Rick, it’s impossible for you to have been more wrong. Every single bit of advice you gave would have lost people money, Rick. Lost people money, Rick. Every single bit of advice. There is no piece of advice that you’ve given that’s worked, Rick. There is no piece of advice that you’ve given that’s worked, Rick. Not a single one. Not a single one, Rick. The higher interest rates never came, the inability of the U.S. to sell bonds never happened, the dollar never crashed, Rick. There isn’t a single one that’s worked for you.

This being CNBC, Santelli was attempting to shout over Liesman throughout the entire discussion. But Liesman’s punch still landed nonetheless.

Screenshot: YouTube

Want more political news and analysis? Sign up for our daily email newsletter!

Click here for reuse options!
Copyright 2014 The National Memo
  • Dominick Vila

    Santelli was wrong about everything he predicted. In fact, the opposite happened. The dollar is stronger than it was in January 2009. The economy has recovered, companies are posting profits and hiring, and the stock market is at record highs. Inflation remains low. Interest rates remain low…and the Tea Party guru proved to be wrong on every front, regardless of how much he yells and how many excuses he uses to justify his economic myopia. Will there be a a stock market adjustment in the future? You bet, we always have them after a long bull market, and the current bull market has lasted longer than most. Will inflation eventually go up? Without a doubt, but not because of anything President Obama has done.
    The truth is that the only thing the Tea Party has managed to do, besides blocking every proposal designed to stimulate the economy and create jobs, is demoralize the American people.

    • Independent1

      Dominick, you probably saw this in the DailyKos today, but I’d like to post it here so other NM posters can see that it was not only Santelli that was wrong, long before him George Bush was historically wrong headed about his tax cuts. He promised increase prosperity, and instead, every American has lost $48,000 because of the Bush tax cuts, according to David Cay Johnston.

      Every NM poster including the right-wing wackos who keep complaining about us blaming Bush should read this article:

      Report: Bush Tax Cuts Gutted Americans’ Incomes 6.6 Trillion Dollars

      According to an analysis by Pulitzer-Prize winning reporter David Cay Johnston, formerly of the New York Times, the Bush tax cuts, touted as a harbinger of prosperity by the Republican Party, actually robbed each American taxpayer of $48,000 in pre-tax personal income during the twelve years of their existence, for a total of approximately 6.6 trillion dollars.

      Advocates of so-called trickle-down economics have grounded their thinking in the idea that the entire pool of US wage earners benefits financially when the rich get increased tax cuts. According to Johnston, however, this is disproven by actual IRS statistics. Quite the opposite has happened to US workers; more than $6.5 trillion has gone missing from the incomes of those who are not wealthy. Meanwhile, the rich are getting richer because of enormous tax cuts and a record-breaking stock market.

      Think about what you could have done with that extra $48,000 every time you hear the word “Bush.”

      • Independent1

        I hope those reading David Cay Johnston’s article put his article into the proper perspectives. David distributed the 6.6 trillion among every man, woman and child in America in order to come up with the $48,000 number, while in reality, some Americans actually lost hundreds of thousands of dollars (with some losing very little) due to a fallacy that was foisted on the American political system by America’s worst president ever – Ronald Reagan.

        It was Ronnie’s brainwashing of Republicans to believe that his trickle-down economics fallacy actually worked (when it has clearly been proven that it doesn’t) which set America off on the disastrous course that it’s on today; and which may well have been what drove George Bush into pushing for tax cuts that have cost Americans so dearly over the past 12 plus years. Not only robbing many of thousands of dollars, but also contributing to the significant escalation of our country’s debt which has exceeded 17 trillion dollars ;with Ronnie and the 2 Bushes responsible for more than 90% of it.

        So although David’s research gives us just one more reason to dislike the legacy of George Bush, Ronald Reagan needs to share in that blame, because it was he that began the destruction of the very fabric of goodness that held Americans together – and began the mentality of the “We against Them”: the “Corporations and the Wealthy against everyone else”.

    • Independent1

      I don’t watch TV so I can’t comment much on Santelli but I couldn’t agree more with your post with respect to the Tea Party and the problems it’s caused for our country; and demoralizing the American people with their carping and cheapskateness, has been a big factor in why our economy has struggled (outside the obstruction of the GOP). By constantly carping about virtually every little thing, they have put the average American constantly on edge (24/7), thinking that the sky is falling – just like Chicken Little; when in reality, the economy has moved forward much better than one would have expected given the 24/7 efforts of the GOP to do just the opposite: send America backwards.

      • Dominick Vila

        It doesn’t take a genius to understand that, in a consumer oriented economy such as ours, the negative rhetoric we hear from the GOP is designed to slow down the economy and job creation for political gain. The worst part of what they are doing is that the impetus for their strategy strategy has more to do with political goals and helping their donors than ideology. I can forgive those who have a different approach to solving problems than I do, I cannot forgive those who are deliberately trying to destroy our economy and stifle job creation to be elected or remain in office.

        • Independent1

          I agree completely! I can clearly remember a time when political problems were worked out with civility. And problems were solved based on the best bi-partisan solution that could be worked out; not the solution which ensured that the rich and corporations got to keep as much money in their pockets as possible. During that time, I actually voted for 3 Republican presidents: Eisenhower, Ford and Bush Sr. Candidates that I thought at the time were the best one running to be our president.

          But since Reagan started the “We against Them” mentality in the 1980s (corporations and the wealthy against everyone else), the political sphere has become anything but civil – and a great deal of the rift we have today was created by Newt Gingrich in the mid 1990s along with the advent of hate mongers like Limbaugh and faux News and other right-wing wackos spewing hate rhetoric via the airwaves and even print media 24/7.

  • Between Santelli and Cheney, the Tea Party seems madly in love with anyone who can get literally everything wrong and yet still act like they know everything.

  • basic_arithmetic

    I think everyone deserves to know that Santelli’s so-called “spontaneous” rant that people say started the Tea Party movement wasn’t quite what it seemed. Part of that rant in February of 2009 was saying something to the effect that “maybe we need to start”…. so I checked immediately to see if it was available.

    Imagine my surprise that the site name had been registered in June the year before, by Dick Armey’s corporate lobbying firm. They were also owners of and Keep in mind that Armey’s high-paid corporate touts did this five months before Obama was elected, and eight months before Santelli supposedly thought of the idea on his own….

  • Tony Torres

    Fox here comes Santelli,so he can have peace and no one will challenge his stupidity. Good riddance,sure glad what’s her name is gone too,(DeBartolo or something like that,she is another one that sucks).

  • Daniel Jones

    Hence Santelli trying to shout down all dissenting fact.
    That’s the true, gruesome paradigm of the Tea Party.