Comments on: Rick Santelli Strikes Again

By: Grimgold

Grimgold — Fri, 05 Sep 2008 15:43:46 +0000

I guess this is as close as I can get to emailing Rick Santelli. So…

Rick! Your comment about the fed simply printing more money to pay bills was so right on. Please read the 250 words below:

Inflation Creates Poor People.

Inflation is not prices going up. That is a result of greater demand or short supply.
Inflation is the dollar becoming worth less, because the government is printing more of them. Obviously, if the dollar is worth less, all prices will rise – but not because of market forces.
FDR took us off the gold standard and began printing fiat money in an attempt to get the country out of the Great Depression. This was supposed to be a temporary answer, not permanent, so don’t blame FDR.
But as it happens, we’ve had fiat currency and the resulting inflation ever since. Do I think we need to go back on a gold standard? Not necessarily, but we need a currency that has a net zero inflation because inflation slowly, silently, insidiously, creates more poor people as their buying power melts away. Today’s dollar is worth about four cents.
This is a problem everyone should be concerned about because it adversely affects the poor and elderly.

The fact is that only the federal government benefits from inflation.

Everyone else suffers, especially the poor and those on fixed incomes. Inflation creates poor people and the Fed can put a stop to it any time it wants to.
Inflation should not “be under control.” That just means the less fortunate are being screwed more slowly. Inflation should be non-existent.
We had no inflation for 120 years and can have it again.
Please think about this – it should be an issue.
Inflation creates poor people.

- Grimgold

By: Prime Rate

Prime Rate — Thu, 04 Sep 2008 18:27:25 +0000

The management @ CNBC need to put Santelli on more often, or give him his own show.

By: zack

zack — Thu, 04 Sep 2008 12:19:31 +0000

steve has a major in journalism. He is not an economist.

By: chris hoey

chris hoey — Thu, 04 Sep 2008 05:05:06 +0000

Santelli is great, Liesman is a typical follower with no idea why he sees issues one sided and tends to be wrong.Steve should run for pres. and fit right in.

By: slackful

slackful — Thu, 04 Sep 2008 02:10:17 +0000

the only 2 folks worth listening to on CNBC are santelli and Art Cashin. The rest is uninformed drivel.

By: Kevin

Kevin — Thu, 04 Sep 2008 00:26:54 +0000

Does anyone have Santelli’s clip from today about the Fed needing to raise rates? I only caught part of it at the office.

By: Simon

Simon — Wed, 03 Sep 2008 21:48:51 +0000

Anyone else hear the rumor that Gawhar may be in decline?

By: Pat G.

Pat G. — Wed, 03 Sep 2008 21:37:15 +0000

CNBC is missing the fact that while oil prices have fallen 30% in the last few weeks, gas prices have only fallen 10%. Cost at the pump is what effects discretionary spending the most.

By: Alex

Alex — Wed, 03 Sep 2008 20:10:54 +0000

I could have this wrong – but didn’t Steve say “Why don’t they hit the bid?” Um, its futures, should be taking offers in futures for lower rates. I wonder how those guys get along off the air!

By: Duude

Duude — Wed, 03 Sep 2008 19:26:23 +0000

“Steve Liesman missed the opportunity to tell Santelli that the Fed Futures traders got rates wrong for over a year — from January 2006 until the Fed began cutting in August 2007, futures traders incorrectly were betting on cuts”

On the contrary, Steve knows better. Its not that futures traders had it wrong, its that the Fed was late, behind the curve. A similar case back in 1993, Greenspan was still lowering interest rates till fed funds hit 3% in Oct 93. Futures traders had it right then too. They were already raising interest rates then and didn’t stop throughout 1994. The fed didn’t see the light till Feb 2004 and they continued raising interest rates seven times in 2004. This isn’t the first time this has happened and it won’t be the last.