Rick Santelli Slams Former Fed Gov. Laurence Meyer: "The FED Is A Lot Like Your Appendix, It's In There But You Don't Really Need It" (Hallelujah Clip)

Aug 12, 2010 at 8:46 PM
DailyBail in Rick Santelli, economy, federal reserve, federal reserve, laurence meyer, quantitative easing, quantitative easing, rick santelli, video

Video:  Rick Santelli, Larry Meyer on Squawk Box from this morning -- CNBC

Quantitative easing is the new blood sport.  The entire clip is awesome.  Watch it all.  The headline Santelli quote comes at the 1:45 mark.  Then at 6:05 Santelli says:

• "Larry, since when have the economy and tax dollars been turned into an experiment, a petri dish for economists who have maybe 3 large samples from the past 80 years to try to explain their Keynesian principles.  I don't get it.  This is an experiment taxpayers don't want to fund!"

Meyer, to his credit, admits a secret, that the Fed bluffs and lies about its ability to effect markets (at 8:05):

• "You have to tell a little white lie.  When asked if you have all the tools to solve the problem, you have to say 'yes.'  Can you imagine if Bernanke said "we can't do anything about it," the market would be down 40% before he finished his sentence."

Santelli then retorts that the market would rally 1,000 points on the news that bailouts and Fed/Treasury intervention was coming to an end.  If you're keeping score, this QE v 2.0 bloodsport battle goes to Santelli.

 

 

---

Screenshot

 

 

 

Article originally appeared on The Daily Bail (http://dailybail.com/).