Discussion for article #225059
Krugman is awesome. If you don’t follow his blog at the NYTimes, you should.
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You can sell ignorance and fear around class, race, sex, religion and politics. People will fight to their deaths against their best interest. Santelli is a lone wolf of the big banks and Wall Street.
They are all delusional and some are more personable than others, like Santelli or Madoff.
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Traders applauding him? So there is honor among thieves.
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I think, it’s because Santelli is their kind of guy; he hates the poors,
he hates people who want to help the poors, he was trashing Janet
Yellen for suggesting that she actually cares about the plight of the
unemployed. And the traders feel the same way. So they like Santelli
even though he’s been wrong about everything.
And, in general, this is akin to the kind of “leg up” you get when you’re a Republican politician dealing with your base. GOTPers will vote for their guys even when they’re wrong about everything. Democrats, not so much, the progressive base is way more skeptical. Democratic flim-flammers, [Henry Cuellar, I’m lookin’ at you] and are there are a few out there, generally don’t stay around long, or are relegated to back bench status.
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Shows how little rationality is involved in buying and selling stocks and other financial instruments in the those markets.
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It helps to be wealthy and corrupt.
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Krugman concludes:
[Santelli hates the Poors.] …And the traders feel the same way. So they like Santelli even though he’s been wrong about everything.
The truth/fiction evaluation may not come up. Sure, these are “traders,” but they’re also (by and large) Americans. Red Team vs. Blue Team is particularly visceral on TV, they know Santelli is being broadcast, and even if they can’t hear what he’s saying they know he’s sympathetic to them.
I agree with Krugman about the tribal motives behind the applause surrounding Santelli in Chicago, but I don’t even know if it goes as deep as specific policy agreements. They just know Santelli Good.
Simple In Group/Out Group thinking, the kind you’d see in a kindergartner or an ant.
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Rick Santelli: often wrong, never in doubt.
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Or at least stay local to avoid drawing attention - see Larry Seabrook and half of the State reps from the Bronx.
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Santelli cannot be humiliated. In his world, he’s always right.
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Getting your investment advice from CNBC is no better than getting it from reading the horoscope. I’d say the horoscope is probably more correct.
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If Santelli wants the distinguished title of Godfather of the teabaggers, he can have it.
It suits him and he represents the also wrong about everything teabaggers perfectly.
Don’t ever invest while angry or with the angry.
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Because you can’t shame the shameless.
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Reality is not Santelli’s friend. They seem to lack even a passing acquaintance.
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The problem here is reality is not being acknowledged. Even when you can point to objective data that tells you quite definitively Santelli is wrong and has always been wrong, you will never get them to admit it. You will never get anyone to pay any price whatsoever for being wrong. Instead, they will make money off of it and continue to dupe the public.
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If I recall correctly, the Santelli rant that launched the Tea Party movement wasn’t about inflation. He was blaming the economic disaster that helped elect Obama on “the poors” whom he claimed had greedily grabbed up subprime loans they knew they couldn’t afford.
While Santelli was ranting, he never mentioned the banks that covered up what they knew were bad loans by bundling them into what they laughingly called “securities.” And he also didn’t mention the loan agents who got commissions by pushing subprime loans on people who in some cases had good enough credit to get less risky types of loans.
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Santelli didn’t need any facts to prove he’s always been right about everything. Screaming loudly while being backed up with cheers from his pals was sufficient.
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Sal Russo actually created the working model Tea Party, Santelli was fulminating about it but had no expertise in manifesting it.
And his ilk would still rather blame Fanne and Freddie and the poor for the financial collapse. It’s the only way they can live in their fantasy world. They are worst bunch of fucks on the planet.
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