I don’t know if those of you who follow this whole Fed/QE/inflation debacle saw this yesterday, but this is a must see. Inflation hawk, but really an approval-seeking, hissy-fit throwing man-child Rick Santelli got finally taken to school by other CNBC talking heads. I wonder how he didn’t end up rolling on the floor, stomping his feet on the ground.
Here’s a detailed article on Business Insider with a longer video (worth 10 min of your time) with excerpts.
Steve Liesman delivers the knockout punch in the end:
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’ve lost people money, Rick.
As you might know I have been in Bernanke/Yellen camp for a long time. It’s hard for me to believe that some people are angry at the Fed for merely following its mandate. I think that anger is stemming from theirs missing the rally. The rally shouldn’t have happened because they were supposed to be right and Bernanke was supposed to be wrong. But that’s not how things turned out. And instead of acknowledging their mistake and moving on they are stuck in the assigning blame page and screaming “I was right” as if we’re not hearing them. We hear you just fine, it’s just that you don’t have a case.
A nice description of brief history of the conflict is here.