Tax Cuts and Revenue

[piezoe]

Remember Rick Santelli's rant and the ''Santelli for President'' applause he got here on ET ?

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Reporter Whose Rant Helped Launch Tea Party Gets Put In His Place.



The CNBC reporter whose rant helped launch America's tea party movement was told off Monday amid -- what else -- one of his epic rants.

As Rick Santelli shouted from the floor of the Chicago Board of Trade against the Federal Reserve's policies on "Fast Money Halftime Report," CNBC reporter Steve Liesman took him down a peg.

"It's impossible for you to have been more wrong, Rick," Liesman said. "Your call for inflation, the destruction of the dollar, the failure of the U.S. economy to rebound... The higher interest rates never came, the inability of the U.S. to sell bonds never happened, the dollar never crashed Rick, there isn't a single one that's worked for you."

"Every single bit of advice you gave would've lost people money," Liesman told Santelli. "There is no piece of advice you've given that's worked."

http://www.huffingtonpost.com/2014/07/15/rick-santelli_n_5586448.html

It's not just Santelli that's nuts. It's the majority of the participants in this forum. They think they know more than Yellen when it comes to running the Fed. They think they know more than the counsel of economic advisers when it comes to government budget and tax policy. And they get most of their information and biases from internet blogs, YouTube, talk shows, and populist politicians. In reality, they know very little more than the average WalMart shopper.

 

[Tsing Tao]

Remember Rick Santelli's rant and the ''Santelli for President'' applause he got here on ET ?

------------------------------------------------------------------------------------------------
Reporter Whose Rant Helped Launch Tea Party Gets Put In His Place.



The CNBC reporter whose rant helped launch America's tea party movement was told off Monday amid -- what else -- one of his epic rants.

As Rick Santelli shouted from the floor of the Chicago Board of Trade against the Federal Reserve's policies on "Fast Money Halftime Report," CNBC reporter Steve Liesman took him down a peg.

"It's impossible for you to have been more wrong, Rick," Liesman said. "Your call for inflation, the destruction of the dollar, the failure of the U.S. economy to rebound... The higher interest rates never came, the inability of the U.S. to sell bonds never happened, the dollar never crashed Rick, there isn't a single one that's worked for you."

"Every single bit of advice you gave would've lost people money," Liesman told Santelli. "There is no piece of advice you've given that's worked."

http://www.huffingtonpost.com/2014/07/15/rick-santelli_n_5586448.html

LIESman is a Fed shill. His brief success in "calls" (which amounts basically to BTFD) in the last 6 years will come back to haunt him when all the risks that Rick had brought up finally materialize.

I equate idiots like Liesman, or you, Spike, to the fools dancing happily in the streets thinking they are richer because stock prices rise to stratospheric bubbliscious levels without paying attention to inflation or the fact that they're really only slightly above levels we saw 12 years ago. None of this currently matters because the stupid are being rewarded and praised for their "brilliance".

None of it matters, until it does. Then the cockroaches poking fun at the learned will run back under their floorboards and hide behind the anonymity (like you) and pretend all along that they were agreeing and saw the issues clear as day.

 

[Tsing Tao]

It's not just Santelli that's nuts. It's the majority of the participants in this forum. They think they know more than Yellen when it comes to running the Fed. They think they know more than the counsel of economic advisers when it comes to government budget and tax policy. And they get most of their information and biases from internet blogs, YouTube, talk shows, and populist politicians. In reality, they know very little more than the average WalMart shopper.

I'd go toe to toe with you on finance every day of the week, and twice on sunday. I never did forget when you ran away and didn't answer the questions regarding dual mandate that I posed on you a while ago.

Shall we bring up all the times the Fed has been wrong? How about the simply issues with forecasting the Fed has had the last few years on something as basic as GDP?

Can we look at the forecast accuracy of Bernanke and Yellen? How about all the times they missed things like the blaringly obvious housing bubble?

 

[Tsing Tao]

Yes, of course, I realize that. What would you expect, considering the reasoning of many of the participants in these lower reaches of ET Forums. If you know nothing of economics, you'll not be able to educate yourself here. You'll have to read widely elsewhere.

Ah, so it's all of us that is crazy.

It's like FC with the climate topics. If you're the only one in the room that everyone is laughing at, then odds are you're the idiot, not them.

 

[jem]

Yellen is a paid spokesmodel... she does not run the FED. If you review the way the FED is set up you realize that the regional fed regional banks shareholders really run the FED as they have a virtual veto power over everything the govt appointed board members can do... because they control half.

this is really what yellen does...

http://www.usatoday.com/story/money/business/2013/10/09/what-the-fed-chairman-really-does/2950999/

• The chairman doesn't set rates, but rather steers the Fed toward a consensus. This is harder than it sounds. The other Fed governors don't have to listen to a word the Chairman says, because they are appointed by the U.S. president. The presidents of the 12 Federal Reserve banks, in turn, are chosen by those banks, and not the Fed chairman. Essentially, then, the Fed chairman is first among equals, and must spend a great deal of time guiding the Fed toward consensus.

• The chairman also guides the Fed's powerful Open Market Committee, which sets Fed policy on interest rates. While the chairman only has one vote among 12, he or she guides the discussion and sets the agenda for each meeting.

 

[jem]

that would be your thesis.

It was Bush's crazy, discretionary spending during those years that pumped GDP, and revenues.

 

[lotek771]

You are free to characterize my views as you wish; your characterization is nonsense of course.

thanks for the reply. Unlike most discussions down here in the basement, this one hasn't yet descended into profane name calling. My point was a difference of opinion on what defines success. More revenue or less revenue.

 

[Ricter]

"Someday, someday it will come to pass as I foresaw, and the world will come down hard upon thee. In the meantime, get off my lawn!"

 

[Tsing Tao]

"Someday, someday it will come to pass as I foresaw, and the world will come down hard upon thee. In the meantime, get off my lawn!"

"And the grasshopper danced gaily through the sun while the ant worked and prepared for the harsh, cold winter, laughing away at the ant."

 

[Ricter]

"And the grasshopper danced gaily through the sun while the ant worked and prepared for the harsh, cold winter, laughing away at the ant."

"There's a recession coming, whippersnapper, you mark my words, there's a recession coming!"