Anyone reading this who hasn't seen the video of Rick Santelli on the floor of the Chicago Merc today should check it out at cnbc.com. Rush played the audio on his show. Santelli flat out said this stimulus is idiotic, and got a huge cheer from the traders. Specifically, he took huge issue with the notion of the Keynesian "multiplier", calling it nothing but an excuse to spend other people's money. He pointed out pointedly that if the "multiplier" is such an awesome trick, why don't we just print a trillion dollars an hour and make everyone rich? The reaction he got from the traders was very heartening. Real people not getting a government check understand the awful implications.
The CNBC crew asked Santelli if he'd like to take the disputed Illinois Senate seat. His response was top-notch: "You could never get me to go to Washington. I wouldn't want to have to take a shower every hour."
Incidentally, Rush also played audio of Larry Summers proudly proclaiming himself "Keynesian". I won't call myself an "expert", but I don't think even Keynes was a "Keynesian". But there we have it. Top Mugabe, errr, Obama economic advisor proudly admits that he's a believer in government-knows-best, central planning, stagflation inducing, ruin. All the potentially effective tools at their disposal, and all they can think about is the orgiastic spree they're going to have because in 1936 this guy came up with a theory suggesting that government spending might be an effective counter-cyclical measure, which he himself acknowledged might be full of holes. Gold, the TBTs, and/or, as Dennis Gartman reiterated last week, anything that "when you drop it on your foot, it hurts".
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1 comment:
Well said! I made my kids watch this and they loved it! Seriously, when you figure out that you are going to be picking up the tab for your neighbors so they can live in a nicer house than you have, it suddenly becomes very very clear what this "bailout" is all about.
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