March 19, 2009

Santelli wrong again

CNBC Personality and CME Trader Rick Santelli thinks it's silly for us to be focused on the bonuses at AIG.

“Now think about it this way – maybe I’m missing something, but the outrage seems to be about ‘M’s – millions of dollars, right? Hundred and sixty five dollars, OK?” Santelli said, as he drew a large capital “M” on a sheet of paper. “I would think that it should be looked at as a pretty big positive because when you go from the ‘M,’ maybe you should try to go to the ‘B’s – which is the billions of dollars. And maybe that’s going to even enlighten for the ‘T’ – trillions of dollars.”

“Squawk Box” co-host Becky Quick suggested the outrage wasn’t over the $165 million amount, but the “rewarding of bad behavior.” Yet, Santelli thought the bonus issue was being used to resonate with the average American, instead of attempting to examine the much larger pools of money.

This may mark the first time that Quick actually seemed to semi-understand the issue. Santelli, of course, thoroughly misses the point which is that we are rewarding the same people who created, you know, THE PROBLEM. He's also telling us that getting rid of these folks will cost billions. Which is absolute bullshit, but that's nothing new from Santelli.

Posted by mcblogger at March 19, 2009 08:54 PM

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