It started as a discussion about the reality of inflation versus propagandized "noise" and devolved into what is possibly Rick Santelli's most epic rant.
First, Santelli says the Fed has done enough (and it hasn't worked "but to get the market higher") to which Liesman's "but higher interest rates won't help" argument is backed up by more counterfactuals of "just think how bad it would have been" without the Fed. Santelli's screamfest rightly attests that we do not know - we might have been well on our way to recovery by now... and adds that - despite Liesman's imploring, "the Fed was not created to be a feel-good institution."
Finally, slamming the herd of zombified analysts and talking-heads that follow sheep-like the Fed's every word off the inevitable cliff, Santelli blasts (unafraid to stand up for the jobless Americans not driving their new Rolls-Royce on the back of levered 'wealth creation' in stocks), "This is America! We don't follow consensus, we set it!"