For all you “Muppets” (Wall Street’s name for you and me) out there who’ve never heard of CNBC’s Rick Santelli; he’s the guy who fired the rant heard ‘round the world giving birth to the Tea Party movement. He lost it on the floor of the Stock Exchange while ridiculing Obama’s plans to bailout people who had bought homes without the wherewithal or intent to pay for them, which drew a thunderous applause from every trader on the floor! That was…5 years ago?
My favorite part of this, his greatest rant to date, is when they bring in Paul Richards from UBS at the 9:40 mark for his sage input. “It’s about one thing. It’s about patience.” Five years…zero interest…sub-2% GDP…1/3 of Americans not working…Bail-ins…negative rates!!! P-A-T-I-E-N-C-E??? And they call us “Muppets”?
I still remember, as if it were yesterday, asking the simple question on a national call with JP Morgan’s economist Dr. David Kelly. It was right around the time of the initial $800 Billion bailout. “What if it doesn’t work?” I asked… Dead freakin silence!! And they call us “Muppets”?
I am telling you that you need to pop some corn and sit down and treat yourself to this “panel of experts” for a great laugh. It’s more like a panel of magicians who are clearly struggling with a rabbit that’s gotten way too big for the hat they’ve been trying desperately to hide him in for the past 5 years now!! HEY…I just figured out why they call us “Muppets”!! It’s because they are still able to dazzle us by pulling the rabbit we already see out of the hat he’s already hopped out of!!
But take heart my Huckleberry friend…because the nation’s top cop is hot on the trail of the real criminals…chased this one all the way to Nebraska! We can’t have average citizens making fun of our President. That would be disrespectful! What would the other nations think? But I think it shows classic American character, resilience and the spirit of forgiveness straight from the heart of our American Exceptionalism! He gave us Fundamental Transformation, so we honored him with an Obama Presidential Library modeled after the homes we’ll all be living in as a result! Personally, I’d say its way more than he deserves…and it is where I do most of my reading! 🙂