Paul Krugman, famed economist and New York Times columnist, had some choice words for CNBC’s Tea Party analyst Rick Santelli.
“He hates the poor.”
Krugman did not mince words when looking at why Santelli got support and applause for his outburst on the floor of the Chicago Board of Trade about the current financial status of the US, claiming that he was “right all along.”
This rant is not much different than his 2009 rant about capitalism that played a role in the formation of the Tea Party.
On CNBC, contributor Steve Liesman railed against Santelli on his record of being wrong over and over again and embarrassed the financial analyst publicly.
Krugman mused in his NYT column about why this radical economist gets any attention at all when he has been wrong on every doomsday prediction he has made:
Think about that: Liesman is of course right about Santelli’s record, and as I’ve pointed out many times this goes for all the inflationistas. So any trader who believed him would have lost money hand over fist. So why the applause?
Basically, I think, it’s because Santelli is their kind of guy; he hates the poors, he hates people who want to help the poors, he was trashing Janet Yellen for suggesting that she actually cares about the plight of the unemployed. And the traders feel the same way. So they like Santelli even though he’s been wrong about everything.
Santelli’s record speaks for itself, only far right lunatics take him seriously anymore, and it seems CNBC is pandering to that audience more and more.
Santelli still gets recognition because his followers believe helping others through public welfare is a bad thing, they believe that all help should come privately, and those without the ability to get private assistance will have to suffer.
This indivualist attitude is what the Tea Party is built on, so any person willing to stand on a soapbox and trumpet this type of rhetoric will get a standing ovation from those like-minded members.