“You really get to see the emperor without clothes during anxiety.”

9 Replies to ““You really get to see the emperor without clothes during anxiety.””

Warren Buffett classic quote that feels very timely right now: “It’s only when the tide goes out that you learn who’s been swimming naked.”

This guy’s been pretty much “on the money” from the first of his rants that I saw right here on sda.
Best idea from this one: we must restore fear of and respect for the electorate into those we send to represent us in legislatures (my interpretation).

The same quote will apply to Mitt Romney after the debate tonight. His last debate opportunity showed he is just another person born on 3rd base who has been taught how not to offend anyone, because they might be useful as Romney grows up to be President. Cheers;

BJG said: “This guy’s been pretty much “on the money” from the first of his rants that I saw right here on sda.”
Hear hear! What I find annoying about that is Santelli is just looking up in the sky and reading from the hundred foot tall words written there in fire the same as the rest of us.
We’ve all been saying this stuff for twenty years, some people have been saying it since Jimmah the Peanut Farmer fragged us all in the ’70s. Santelli, lucky guy, gets to say it on TV.
I’m buying futures in tar and feathers, ’cause he ain’t wrong. The market really is going to do what these imbecile pols won’t.

Rick Santelli
“I couldn’t even talk about [tax increases] until we got people who are trustworthy,” he said.
Hammer meet nail.
That goes for both Dumbocrats and Repubicans

“You really get to see the emperor without clothes during anxiety.”
And without brains, and without guts and backbone…

The difference between Santelli and virtually every other commenter is that he worked in the bond pits at the Chicago Mercantile Exchange. My favourite Dan Akroyd movie is Trading Places, because of his description of the trading pits before the penultimate scene. You can make more money in the pits by being wrong yet flexible, than you can make by being right but stubborn. If, last September, you thought US stocks were going to go down eventually, you were right. If you shorted futures all that time, you’d probably be broke. Don’t fight the tape, as they say. Santelli knows this, so you don’t hear him telling people to short the markets or Treasuries, but he is saying “keep your powder dry”.
But the Bernank has been fighting the tape for the last three years, and all he has accomplished is to make the problem worse. As I’ve described in the past, he has created a money pump that has been used by the primary dealers (a list of 20 banks that can buy Treasury securities directly from the New York Fed) to help rebuild their own balance sheets, and make billions of dollars in profits and bonuses. The money has not gone into the economy, because all these banks have done is borrow short at roughly 0%, and then lend it back to the Treasury at 2-4%. They certainly haven’t used it fund new ideas or new companies. QE1 and QE2 have been utter failures, but the Bernank sticks stubbornly to his intellectual position, even though he’s driving the US to bankruptcy. Good job, Benny.