.....And with the turmoil in Europe and the unresponsive European Central Bank, the crisis has had a direct effect on U.S. bond rates.
“It’s weird though, Rick,” Kernen replied. “Once again our march to 5 percent on the long pond has been put on hold again. It looks like, and suddenly, we’re going to continue to have — I don’t know whether it is good for us to keep getting cheap money but it won’t happen right away again.”
Santelli pointed to current Treasury bond yields and how that’s not immediately influencing fiscal behavior domestically. But he reiterated that those who control policy ultimately determine the country’s long-term prognosis.
“Hey you know, I guess there’s a lot of people we could call and say when they kept sending you those credit cards in the mail with those teaser rates and you were buying things - that was kind of enjoyable along the way,” Santelli said. “Now, it doesn’t mean we have to end up that way, but certainly a 2.23 five-year, a three-and-a-half 10-year isn’t going to put any pressure on those that spend money to think about it anymore. You know, it would probably be better if it was higher, but world forces are a bit upside down at this point.”
The fundamental change needs to be from socialism to free enterprise. Unfortunately, economic chaos plays into the hands of the commies who want to destroy our system. They all knew that if they spend and tax like hell this would happen..
If Austerity means raising taxes, he’s right.
The best defense against debt is wealth production. Lower taxes, lower spending, slash public union ‘commitments’ and raise the retirement age for public unions to 95.
May only disagreement is the idea of SEIU punks doing anything in a strenuous manner, to include rioting. Outside of that Santelli is correct.
What got us here was never a failure of capitalism, it’s always been and continues to be the failure of socialism.
Remember this is the same guy who also called for “tea parties” to take place over a year ago.