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Rick Santelli goes bonkers attacking QE and the fed
Posted on 7/15/14 at 8:49 am
Posted on 7/15/14 at 8:49 am
LINK
Pretty much sums up my frustration with QE, easy money and the federal reserve. All it has done is prop up the stock market, which is essentially bailing out the mega banks and further enriching the wealthy.
I would love for someone on this board to defend QE. I know people on the money board do.
Pretty much sums up my frustration with QE, easy money and the federal reserve. All it has done is prop up the stock market, which is essentially bailing out the mega banks and further enriching the wealthy.
I would love for someone on this board to defend QE. I know people on the money board do.
quote:
First, Santelli says the Fed has done enough (and it hasn't worked "but to get the market higher") to which Liesman's "but higher interest rates won't help" argument is backed up by more counterfactuals of "just think how bad it would have been" without the Fed. Santelli's screamfest rightly attests that we do not know - we might have been well on our way to recovery by now... and adds that - despite Liesman's imploring, "the Fed was not created to be a feel-good institution."
quote:
Finally, slamming the herd of zombified analysts and talking-heads that follow sheep-like the Fed's every word off the inevitable cliff, Santelli blasts (unafraid to stand up for the jobless Americans not driving their new Rolls-Royce on the back of levered 'wealth creation' in stocks), "This is America! We don't follow consensus, we set it!"
quote:
The "people" never caused the crisis that the Fed bailed the banks out of... Liesman cannot let "low rates" go and Santelli explains how capital will come out if it can get a decent return and the status quo thinkers have it backwards... "The Fed was not created to be a feel good instituion"
quote:
Simply put - the market's unstoppable rise provides any and every talking head status-quo apologist with the ammunition to "prove" the fed was right... when all the data shows it has done little if anything but bail out banks, enrich the wealthy, increase inequality, and shows no signs of stopping...
This post was edited on 7/15/14 at 8:50 am
Posted on 7/15/14 at 8:53 am to goldennugget
quote:
Pretty much sums up my frustration with QE, easy money and the federal reserve. All it has done is prop up the stock market, which is essentially bailing out the mega banks and further enriching the wealthy
The real insulting part too is that Obama was able to go out there and pander to these occupy wall street types as if he was against wall street.
The worst part is this $85 billion a month in QE has been going on for six years now and there doesn't seem to be any outrage anywhere.
Posted on 7/15/14 at 8:59 am to goldennugget
This should be posted as a rebuttal to any jackass that seriously tries to credit Obama with the stock market gains:
Posted on 7/15/14 at 9:14 am to goldennugget
Zerohedge??? Seriously???
Posted on 7/17/14 at 3:59 pm to goldennugget
quote:it stabilized the economy and ended the recession.
I would love for someone on this board to defend QE.
Are you in that weird group that thinks that misery is deserved? You'd probably think differently if you lost your job.
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