Santelli Takes On Liberal Economist Robert Reich on $1.1 Trillion for IMF

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For the second time in a week, CNBC's Rick Santelli faced down one of the standard-bearers of liberalism.

First, he explained to Huffington Post editor and founder Arianna Huffington on the March 31 "Squawk Box" that markets are more efficient in correcting economic hardship, in the banking and housing sectors. On CNBC's April 3 "The Call," Santelli took on University of California at Berkeley economics professor and former Secretary of Labor for President Bill Clinton, Robert Reich.

According to Reich, the agreement brokered between President Barack Obama and other G20 leaders - to give the International Monetary Fund (IMF) $1.1 trillion - was positive and should be celebrated.

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"I just want to respond to this notion - I mean, a trillion, $1.1 trillion for the IMF, for poorer nations is a very, very major victory," Reich said. "I mean, these poor nations have been taking a beating. They're half of the global economy. If they don't come back, we are all in trouble." 

Reich, for the Talking Points Memo blog on April 3, declared the current economic conditions were a Depression. "This is still not the Great Depression of the 1930s, but it is a Depression. And the only way out is government spending on a very large scale.

However, Santelli, who rose to prominence earlier this year when he railed against President Barack Obama's policies on live TV from the floor of the Chicago Mercantile Exchange, disagreed with the notion the only way to come out of these economic conditions would be to throw money at poor and developing countries.

SANTELLI: But you're assuming it's going to be spent well, Mr. Reich and we really don't know that.

REICH: But what is the alternative, Rick? I mean, you assume any spending, you assume all spending is bad.

SANTELLI: The alternative is to know how it's going to be spent, before we cheerlead about it.

REICH: I mean we are now in a deep, deep hole. This is not a Great Depression, but this is moving in the direction of the Great Depression.

SANTELLI: It's nowhere near a Great Depression. Eight-and-a-half percent unemployment.

REICH: If we don't have - consumers are not going to spend, investors are not spending. The global economy is at a standstill.

SANTELLI: I hope the whole world saves because that'll throw into question spending money. What if everybody saves, Mr. Reich? That would be a good thing. It wouldn't be a good thing if your theory is that spending is going to reflate credit, which put us back at this point.

REICH: Let me just respond to this. This is a very important point. Let me just respond - please. We need government spending now because there is nobody else - consumers and investors, businesses, exports. No other place in the globe is actually generating the aggregate demand to get jobs back. I mean, Rick Santelli - you look at today's job numbers - you tell me that if we just have more savings or we have tax cuts, or we have more of a budget balance, that that is going to get jobs back? That is just bizarre, that is just Herbert Hoover.

SANTELLI: I don't think anything is going to get jobs back for a while. We have to heal.

Santelli has been a hit with conservatives staging tea parties to protest the bailout culture in Washington throughout the country. 


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positively stupid

As ususal, the money will come out of American pockets. The French will pledge billions and (as usual) not put more than a couple million on the table when its all said and done. The rest will just waffle away.

And why not? Uh-bama is just spreading the wealth that America stole from the rest of the world. Yeah. Right. Asshat.

Santelli is the man!

Santelli is the man!
Reich is advocating the 'same old worn out policies' that got us into this mess. Which is why Republicans lost the last couple of elections. If you're broke, you stop spending. You don't go into the basement and fire up the printing press. This is a fundamental difference. We are built today on a house of cards, that would be paper, and it will fall with Obama's plans.
TSF Protests!

Mayor

Reich did well aas Mayor of the Munchkin City....Don't sell him short....

 

 

Don't blame me....I voted for Palin...

I disagree with Reich on

I disagree with Reich on just about everything, but I respect him a great deal.  He is honest, intelligent, straight-forward, and willing to engage politely with those who likely will disagree with him.  If every liberal were like Reich, we would have disagreements about politics, but without the win-at-any-cost, ethics-be-damned discourse conservatives are forced to endure with the leftist dominated MSM.

He's a liberal, and

He's a liberal, and liberalism is inherently unintelligent, dishonest and anything but straight forward. So, can't say I agree there. Reich is just another Marxist loser, polite or not.

Anyone who looks at the history of the IMF and how its throwing money around has done nothing to help the world and thinks the answer is just to throw MORE money into the hole is an idiot.

 

Finally, someone calls out the "Marxist Muppet"

Of course, a trillion more for the IMF, best known for propping up 3rd-world totalitarian dictators will be a complete waste, just like most of the rest of the "stimulus" we're printing money for.

If only more people in the media would question this empty suit.  My Pomeranian understands more about economics that this Clinton re-tread. 

Robert Reich is an idiot, and an evil, lying Marxist to boot.

This is yet just another $1 trillion that we are going to wind up printing, as our treasury is pretty much empty at this point. I mean, is anyone stupid enough to believe that America won't have to contribute the bulk of this money? I bet much of it winds up in the Swiss bank accounts of third-world, African potentate dictators, too.

We just had our pockets picked for another trillion yet again, with the help of the TOTUS.

I firmly believe this nation is far closer to bankruptcy than most think, especially with the recent revelation that SS is going to be out of money in two years, not 14.

Hell, at the rate the Obamanistas are moving, SS may be out of money by next week.

We are about to tip, people.

-Dave

This coup has gone on long enough. The time to put it down is NOW.

A Trillion to the IMF for Poorer Nations

First of all a trillion to the IMF is just stupid and then entertaining the belief that somehow giving money to some 3rd world country is going to help the economy is just staggeringly stupid.   IF they get it at all, you might as well call it charity because they'll learn nothing, nothing will be permanent...it can't be.  It will be an endless drain unless THEY decide to do something for themselves.

Anyone believing that the US giving MORE money away at this point is an idiot or evil or has spent too much time community organizing with NO results other than vote fraud. 

Oh, Now it's a "depression"....

"REICH: I mean we are now in a deep, deep hole. This is not a
Great Depression, but this is moving in the direction of the Great
Depression."

Sheeezzzz.

Great, Robert.  Were we in a "depression" during the early 80's as well, when, in addition to double digit unemployment, we had double digit inflation and negative growth?

The constant comparisons to the Depression and the 1930s by the MSM and Camp Obama is really irritating.  I think I'd faint if anyone on CNN or NBC or CBS just once bothered to put up a graphic showing that things aren't "as bad as they've been since the great depression", that conditions in the early 80's were considerably worse than they are today.  So was 1980-1982 the second great depression?

More scary hype from the left to justify the trillions they want to spend on social engineering.

Go Santelli!  He's exactly

Go Santelli!  He's exactly right, we shouldn't be pledging money without knowing how it will be spent.  This is why so much of the tarp/bailout money went overseas.  I'm not big on giving money to foreign countries, but if we want to help others, first we have to help ourselves.

Reich is not an economist

Reich is a labor lawyer.  Don't call the weasel something he is not.

 

 

True, Reich is a Professor of Public Policy

True, Reich is a Professor of Public Policy with a law degree from Yale. He is not an economics professor.

Carbon Dioxide (CO2) is Not Pollution

He just plays one on TV

Very poorly, I might add.

Reich spews Herbert Hoover Propaganda

Hoover did not cut taxes, he raised them dramatically! Reich just spews more Hoover propaganda...

Dispelling The Herbert Hoover Myth (CBS News)

"After the stock market crash of 1929, Hoover browbeat business leaders to keep wages and prices high. He invested heavily in public works projects. He pushed for an international moratorium on debts. He created the Reconstruction Finance Corporation, which later became a home for many of FDR’s Brain Trusters. Hoover increased farm subsidies enormously.

In 1932, Hoover in effect repealed Calvin Coolidge's tax cuts, increasing the rates for the poorest taxpayers by more than 100 percent and hiking the top rate from 25 percent to 63 percent. Worse, contrary to his own better instincts, Hoover signed the disastrous Smoot-Hawley trade bill that raised protectionist walls at precisely the moment the world needed trade the most."

But nothing is as devastating as Herbert Hoover's own words...

"We might have done nothing. That would have been utter ruin. Instead we met the situation with proposals to private business and to Congress of the most gigantic program of economic defense and counterattack ever evolved in the history of the Republic. We put it into action.... No government in Washington has hitherto considered that it held so broad a responsibility for leadership in such times.... For the first time in the history of depression, dividends, profits, and the cost of living, have been reduced before wages have suffered.... They were maintained until the cost of living had decreased and the profits had practically vanished. They are now the
highest real wages in the world.

Creating new jobs and giving to the whole system a new breath of life; nothing has ever been devised in our history which has done more for ... "the common run of men and women." Some of the reactionary economists urged that we should allow the liquidation to take its course until we had found bottom.... We determined that we would not follow the advice of the bitter-end liquidationists and see the whole body of debtors of the United States brought to bankruptcy and the savings of our people brought to destruction." - Herbert Hoover, 1932

Carbon Dioxide (CO2) is Not Pollution

You beat me to it, PT, and with a good post.

For those of us who have been following politics and such for a while now, know what an odious piece of garbage Reich is. What was it he said recently? About how those make-work shovel ready jobs weren't going to those white boys? I remember when Clinton was Pres. and I first heard of this man. Yikes.

 

All a Democrat needs is the upper-story window of public attention and the chamber pot of rhetoric. How else to explain the rise of Joe Biden?  P.J. O' Rourke

Half of the global economy?

Reich: "I just want to respond to this notion - I mean, a trillion, $1.1 trillion for the IMF, for poorer nations is a very, very major victory," Reich said. "I mean, these poor nations have been taking a beating. They're half of the global economy. If they don't come back, we are all in trouble."

It is not clear here exactly what is meant by the poorer nations, but if for example we are talking about the nations outside G20, I would be surprised if they accounted for as much as 10% of the world economy.  Is anyone able to amplify upon this?

Impunitas semper ad deteriora invitat.

poorer Nations??

which means we give cash to be used for food and medicine, and it goes for guns and ammo to keep the warlords in power.

If we truly care for our youth, no monies should ever be given as FORIEGN  AID, until we have all the kids in college and everyone alleged to be needy is taken care of F$$K the IMF. 

I did not authorize this money to be mis spent. who did?

 

BHO- POTUS, is a Liar and Socialist

 

 

 

Global loan sharks...

Robert Reich and his ilk are the front men for the IMF and World Bank mafia.

If you make people think they're thinking, they'll love youBut if you really make them think, they'll hate you.

Don Marquis 1878-1937

This is a showdown of socialism vs. capitalism

Reich has extorted the views of severe govenment control well before his Clinton years.

Santelli has real world experience with capital market values.

Between the two... I would say that Santelli has the upperhand because he's taller and can kick midget ass anyday.

Leave it to Reich, an

Leave it to Reich, an incompetent shyster and Berkeley professor...aka, a lifelong parasite existing solely off the labors of others...to advocate for more wasteful government spending.

"Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery." -Winston Churchill

fitz... I really wished

fitz...

I really wished he would have stayed 'Locked In the Cabinet' as the title of his book inferred...instead of being part of it once again...anyway possible, as usual with this mental-midget wannabe.

Btw..I think I have the title correct...it's been awhile and I'm too lazy to google it...you get my drift though.

 

Doubling down on stupid is not a particularly good idea. ~Andrew Breadboard

Santelli is terrific!

I'm grateful that he is willing to speak out.

Liberals can't shut up and let others speak...

 One thing that really grinds my gears is when Liberals are being interviewed, and take the entire segment to speak. It doesn't allow a conservative ANY time to talk. So it sometimes makes people like Rick Santelli look rude when he interrupts the man, but it is the only way that he can open his mouth.

There should be more moderation by the anchor in who speaks and at what time....like what Bill O'Reilly will do sometimes. Just my 2 cents.

 

 

USCG

Re Liberals

Reich is a regular guest on Kudlow's show on CNBC at 7pm, and you are right, he always interrupts, wants to drone on forever, must have the last word, yet gets upset if anyone interrupts him. He's insufferable.

glad to see he's still

employed with CNBC.   I hope that his reasoning isn't falling on deaf ears.

Munchkin gets rolled...

Mr. Reichhhhhhhhhhhhhhhhh.....

I am taller than you and I am also intellectially superior to you, because I am a capitalist and you are a wormy marxist runt.

Thanks for coming.

Rick "Patrick Henry" Santelli

2010: A GOP Hill

REICH: If we don't have -

REICH: If we don't have - consumers are not going to spend, investors are not spending. The global economy is at a standstill.

Here is the crux of the liberal agrument, the economy is propelled by consumer spending.  FALSE, FALSE, FALSE.  The economy is propelled by individuals saving money for the future; the either the banks take this money to loan to businesses for investment in capital expansion for plant and equipment or the individual buys stock or bonds in businesses for the same.  When businesses expand for any reason whether that be for efficiency improvements or increases in output, the effect is to set the stage for WEALTH CREATION.  Just because consumer spending is 70% of the economic activity, it does not follow that consumer spending is WEALTH CREATION.  This is where Reich, Keynes and other libs grossly misunderstand the workings of an economy. 

This is also why people like Reich think government spending will improve the economy, FALSE, FALSE, FALSE.  Government spending is financed by taxes and borrowing, both take money from the private sector and thus deprives it of investment capital.  Government spending is a BRAKE upon the economy, not a wealth creator.  If Government spending were an agent of wealth creation, then Cuba would be the richest country in the world because has 95% of it's citizens on the payroll.  Who is so delusional to believe Cuba is the richest country in the world?????

Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.

Sean Penn?

All a Democrat needs is the upper-story window of public attention and the chamber pot of rhetoric. How else to explain the rise of Joe Biden?  P.J. O' Rourke

Santelli

is trying to do the right thing but he will eventually be pushed off air. 

Reich is a master libtard from Bezerkly who will sell the country out to be on TV or back in Govt.  He is also a master of the Alinsky Rules for Radicals and is used frequently by the libs to spew their tripe.

No Representation in NorCal

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