Best Santelli Rant in a while..

Quote from Covertibility:

Big blog souce:Record 1.2 Million People Fall Out Of Labor Force In One Month, Labor Force Participation Rate Tumbles To Fresh 30 Year Low

Notice he cites the "big blog" of ZH. The 1.2 million is not a yearly adjustment, its a once every 10 years adjustment based on those who had left the labor force in the previous decade - 2000-2010. Think of these people as retired. Yes, people still retire despite the myth of poor seniors.

Now to calculate the ridiculous labor force participation rate, its the labor force (unemployed and employed) / (total adult population).

If a country has a large (baby boom) generation of people retiring, and thus are not going to be considered employed or unemployed, they're removed from the numerator but not from the denominator. This in effect is going to skew the result which makes it such a meaningless statistic to compare across different time periods.

The 1.2 million should have just been a minor footnote without a mention but to the right wingers, Right-Wing Media Rely On Discredited Evidence To Dismiss Positive Jobs Report.
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Santelli:

"I said lets get the calculator out and so I did. And so did many of the big blogs out there that many people read, like Zero Hedge." THATS IT. Then he went into the Labor Force Participation Rate being at 30 year lows.

I get that you realize you can't pin this on Santelli, but you sure do keep trying to figure a way to make your asinine original argument look better. Fact is, it doesn't.

As far as your calculation and hypothesis on people retiring, I can't argue with any of that, except for the small pesky fact of all the reports of seniors holding off retirement in order to keep working. But none of that is in debate here. All we're doing is showing how your trying to attack Santelli is...well, you know. Crap, and all that.
 
Quote from Tsing Tao:

Santelli:

"I said lets get the calculator out and so I did. And so did many of the big blogs out there that many people read, like Zero Hedge." THATS IT. Then he went into the Labor Force Participation Rate being at 30 year lows.

I get that you realize you can't pin this on Santelli, but you sure do keep trying to figure a way to make your asinine original argument look better. Fact is, it doesn't.

As far as your calculation and hypothesis on people retiring, I can't argue with any of that, except for the small pesky fact of all the reports of seniors holding off retirement in order to keep working. But none of that is in debate here. All we're doing is showing how your trying to attack Santelli is...well, you know. Crap, and all that.
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Slam dunk.
 
Quote from Martinghoul:

Do you know that Santelli used to be a broker? He failed and now is a reporter...

I would be careful suggesting that he actually knows what he's talking about. He's good at being emotional and ranting about stuff he doesn't like, but I doubt these are qualities that would serve a senior public servant well.
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Santelli knows exactly what he's talking about. Period.
 
And now Kaminsky adding his voice. Another excellent listen.

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Quote from Maverick74:
Hey Martin, Ricky worked his way up from floor clerk to Vice President of interest rate futures and options at Drexel Burnam and Lambert. What do you do again? :)
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Sorry, Maverick, I been busy... Would you still like me to respond to this?
Quote from Tsing Tao:
I figured the Fed apologist would show up to thrash the messenger.
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Would you like me to respond to this also, amico?
 
Quote from Martinghoul:

Sorry, Maverick, I been busy... Would you still like me to respond to this?

Would you like me to respond to this also, amico?
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Sure Martin, give it a whirl. Would love to hear what a friendly bloke from the other side of the pond has to say. :)
 
Quote from Maverick74:
Sure Martin, give it a whirl. Would love to hear what a friendly bloke from the other side of the pond has to say. :)
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Indeed and I am happy to respond in the same friendly vein...

So, generally speaking, with all due respect to Mr Santelli's achievements, I would say the following. Firstly, I don't really see the point and the validity of comparing him to myself (for a whole variety of reasons). Secondly, as it happens, I have worked my way up in the same market (interest rates) from a lowly desk assistant to a title that is quite a bit more senior than VP (with a caveat that I am not sure whether during Santelli's time a VP was as junior a role as it is today). Thirdly and most importantly, I take risk, which Mr Santelli, as a broker, never did, as far as I know. Treat it FWIW and hopefully it offers an acceptable response to your question.
 
Quote from Martinghoul:

Indeed and I am happy to respond in the same friendly vein...

So, generally speaking, with all due respect to Mr Santelli's achievements, I would say the following. Firstly, I don't really see the point and the validity of comparing him to myself (for a whole variety of reasons). Secondly, as it happens, I have worked my way up in the same market (interest rates) from a lowly desk assistant to a title that is quite a bit more senior than VP (with a caveat that I am not sure whether during Santelli's time a VP was as junior a role as it is today). Thirdly and most importantly, I take risk, which Mr Santelli, as a broker, never did, as far as I know. Treat it FWIW and hopefully it offers an acceptable response to your question.
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It didn't. LOL. The comparison between you and Santelli was in jest. That wasn't the part I wanted you to respond to. For the record, Rick did take risk. He was a local and a broker as most brokers were at that time. Rick unfortunately was not blessed with height. The pit at that time was full of guys 6"6 and 260 pounds. Rick had no long term future standing in that pit. Take that for what it's worth.

As for you taking risk, I assume it's with "other" people's money. Nothing wrong with that, but worth noting. Locals risk their own money. Anyway I digress, my apologies.

The part I actually wanted you to respond to was why Rick's background at all has any bearing on whether you think he is right or wrong. I suspect, and again, my apologies if I'm mistaken, is that assertion is based on your "political" views and not the merits of the argument. Again, this is p&r and you are well in your right to hold political views.

I live in Chicago and I know a lot of locals that know Rick well. Many of them democrats! Many of them Keynesians! And yet all of them hold him in the highest regards. He is very well respected and knows the business at least as well as anyone else down there. So again Martin, I throw the mic back to you across the pond. Explain to me again your disagreement with Rick's statements and this time, leave the part about his background out of the argument. Your serve chap.
 
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