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SANTELLI TO GOVERNMENT: STOP SPENDING!

Santelli has become famous over his criticism of the current administration's economic policies. Santelli is now calling on the Government to stop spending. Many economists believe the first stimulus package did not work, and we are at risk of sliding into a double dip recession. Some economists like Paul Krugman are calling for more spending, while other economists are calling on the Government to decrease spending.

I am not taking a position either way. I just thought this video would be enjoyable whether you agree with Santelli or not.

"Go read some Austrian economist instead of the funny pages." Santelli tells Liesman, to which the response is "I am ready to talk about Fred Hayek, John Hayek, and Selma Hayek." Followed promptly by the Santelli coup du jour: "Go back to Russia where you understand the state and the citizen."

About the author:

Jacob Wolinsky
My investment ideas have been inspired by many of value investors including Benjamin Graham, Charles Royce, John Neff, Joel Greenblatt, Peter Lynch, Seth Klarman,Martin Whitman and Bruce Greenwald. .I live with my wife and daughter in Monsey, NY. I can be contacted jacobwolinsky(AT)gmail.com and my blog is www.valuewalk.com

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Rating: 3.6/5 (25 votes)

Comments

Cowboy77
Cowboy77 - 4 years ago
The Great Santelli !!!!
Baritone47
Baritone47 - 4 years ago
Herbert Hoover or FDR?

What the Hell did Santelli and all these Tea Baggers learn about the Great Depression in school?

Herbert Hoover or FDR?

The Republicans, Tea Baggers, and conservative Democrats are all getting the easiest question in the world dead wrong!

Are you kidding me???
citizenleung
Citizenleung - 4 years ago
Santelli proves, yet again, that he is a buffoon.
brianbook
Brianbook premium member - 4 years ago
Santelli should be more open & humble. My mind agrees with Keynes, Krugman & Buffett. My heart tells me prudent fiscal policy should give priority to providing citizens with jobs, with a living wage. The goal is a just society in which we all flourish.

Cowboy77
Cowboy77 - 4 years ago
I agree, Brian. That's why we should totally ignore Keynes and Krugman (I don't recall Buffett saying the government should spend even more). If they stop the spending then just maybe we all have a chance to flourish again.

Click on the interview with Niall Ferguson for his take on Krugman's ideas.
brianbook
Brianbook premium member - 4 years ago
After the Republicans & conservative Democrats watered down the first stimulus package, Buffett publicly stated a second stimulus would be necessary. As Berkshire CEO, Buffett reasoned that absent demand, his companies would not hire again. Due to the economy, additional government stimulus was needed to prime the pump to increase demand.
tkervin
Tkervin - 4 years ago
Unfortunately both sides are right.....and wrong. If we don't stop spending, we WILL add to our debt burden and coupled with the current mandated entitlement spending.... we are cooked. Of course, if we stop spending, lay off government workers and cut programs, those people will go on unemployment and welfare, personal spending will drop, and we WILL spiral into at best a nasty double dip but most likely Depression ll.......we will lose either way.

The answer is one that will not be implemented......i.e. a bit of both. Targeted government stimulus coupled with slowing but not drastically trimming the rate of government growth. Basically kick the can down the road, repeatedly, as the economy slowly, very slowly, grows out of the problem. This will take many years. Unemployment will stay high. The average citizen will not see much improvement in the time scales that they are looking for. In short, politically very unlikely.

My guess is that either the Hoover or FDR approach will win in the end, either of which will end quite badly.

dealraker
Dealraker - 4 years ago


I just love the urgency in this guy's elevated voice. It is constant and unrelenting.
brianbook
Brianbook premium member - 4 years ago
Check this week's edition of the Economist for more information on deficit spending. Santelli needs to go back to school.

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