"It's A Crisis Built On A Crisis We Never Solved" - Rick Santelli Rages "How Can• https://www.zerohedge.com by Tyler Durden
This morning was one such episode as he and Joe Kernan had a brief discussion about the inevitability of the current crisis... and what happens next.
"Many are seeing recession. I don't see a way to avoid it... Is this really a banking crisis? It's a Fed crisis, it's a rate hiking crisis, it's a crisis built on a crisis we never solved... is it any wonder there's so much volatility in the market?"
Then the veteran pit trader took it to '11'...
"Listen folks, we all need to take a step back... how many trillions of dollars of negative securities were hovering through Europe... How could anybody be shocked... I was shocked the news wasn't worse three months ago... and now we are starting to see the realities of it..."
Santelli ends with a reflection of Powell's hypocrisy in enabling Congress "magical monetary theory" and now "leaving us all out to dry."
Take two minutes out of your morning for some refreshing reality...