Rick Santelli is one of the right wing talk show pundits who helped launch the Tea Party movement with his rant attacking a federal policy that would help homeowners after the mortgage crisis in 2009.
“The government is promoting bad behavior! Do we really want to subsidize the losers’ mortgages?!!!! This is America!!!!!”
He's always on screaming about something or walking off the set, but today CNBC's Steve Liesman and the other guests tore into him when he claimed once again that if the Fed does anything to help the markets, it will because massive inflation.
During a Monday afternoon debate, the CNBC panel — including Liesman — tore into their famously outspoken colleague by telling him that all of his dire predictions about the Fed’s actions have been proven wrong.
After a series of rants from Santelli on Fed Chair Janet Yellin possibly risking inflation, host Scott Wapner intervened to say that “the jury’s still out as to whether the Fed is going to help.”
This set Santelli off: “Jury? Who are you talking about? Who’s the jury specifically? Academia? Professors? That valet you let park your car?”
Co-panelist Josh Brown piled on: “Rick, you already decided this wasn’t going to work five years ago. Is some of your anger about confirmation bias?”
“I was right! I was right!” Santelli shouted, walking off-camera to applause from Chicago floor day traders. “End of conversation. Hasta la vista!”
But he returned when Liesman began torching him:
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… There is no piece of advice that you’ve given that’s worked, Rick. Not a single one… 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.
Santelli shouted a rebuttal throughout Liesman’s rebuking.
I'm hoping a trend is starting after on-air pundits have been calling out Iraq war supporters like Karl Rove, Bill Kristol and Dick Cheney for promoting the disastrous war and then blaming Obama for getting us out of the war. This is the first time I've seen somebody put Santelli in his place like this before.