If you would like to watch Rick Santelli at his best, check out this segment of his show on CNBC where he describes exactly how he feels about this idiocy with the "Taper Caper".
I can tell you as a long time professional trader, that he is exactly dead on target. Once upon a time, those of us who make our living in the market and not off the market, attempted to master the fundamentals of those markets in which we traded. We prided ourselves on our understanding of the factors determining supply and demand, seasonal trends and tendencies, value pricing, etc. I can say that more often than not, it seems as if none of that matters at all. All that does matter is whether or not Uncle Ben will keep the money spigots wide open or close them off.
Trading used to be a business which required hard work, long hours of meticulous research and devotion to ones craft if one was to be successful. Not any more! Now all that is required is ferreting out the inner workings of Mr. Bernanke's mind and determining whether or not he is in a generous mood when it comes to supplying punch to the multitude of bowls laid out in front of him on Wall Street.
I can only say that if this is what the greatest nation on the face of the earth's financial market system has been reduced to, kiss us goodbye, because we are going the way of ancient Rome faster than I had even contemplated.
Enjoy Rick's rant! It is a classic....
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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