Rick Santelli Loses It Over GDP Drop: 'We Are Now Europe'
Sure, the the economy shrank last quarter for the first time since the Recession ended. But before you freak out, why not let Rick Santelli do it for you?
Following the announcement of an economic slowdown, the impassioned CNBC host felt compelled to draw a comparison that could make some economists' spines shiver.
"We have become Europe. We are now Europe," Santelli proclaimed Wednesday on CNBC's Squawk Box.
“When you act like Europe, you get growth rates like Europe,” he shouted. “Our discussions with economists sound like we’re in Europe. They’re always doing the right thing. They’re always thinking they know better, and this is the kind of growth."
Certain extenuating factors such as cuts in government spending led fellow CNBC host Steve Liesman to resist such a comparison, but the surprising drop in economic output certainly isn't good news.
Just take a look across the pond for proof. Concerns of a triple-dip recession in the U.K. are ripe after the country's economy announced a drop in GDP just days ago.
Isn't he the guy who started the tea bagger movement?
I just wanna fuck Carl Quintanilla.
The economy shrank overall because of cutbacks in government spending, but other economic indicators like employment and consumer spending are showing an improvement.
He's right but for the wrong reasons. We are now "Europe" in that we've started to apply austerity through cuts in government spending (in this case military spending), and our economy shrank slightly because of those cuts. European austerity is now much of their problem, and we're seeing a bit of it. He's an accidental Keynesian.
He is such an ignorant backwater loudmouth. A clown, really.
The other thing is, can we start eating like Europe? And dressing like them? And working their 30-hour workweeks? And the universal heatlh care please?
The Amnesty for 20 million illegals will save us
You are right, r7. Better to let them get paid under the table than make them pay income tax and social security.
r8, quite a few of them ARE paying income tax and Social Security.
We need to cut off social services for illegals, point blank. It's a huge drain on the economy, as anyone living in LA can tell you.
Amnesty will be a disaster. A country without borders is an oxymoron.
Yes, and, r9? Quite a few of them are not. Making illegals legal does not suddenly change our economy for the worse, as r7 implied.
Haven't you heard? It's not illegals or illegal aliens anymore--it's undocumented immigrants.