Huffpost Politics

Reporter Whose Rant Helped Launch Tea Party Gets Put In His Place

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The CNBC reporter whose rant helped launch America's tea party movement was told off Monday amid -- what else -- one of his epic rants.

As Rick Santelli shouted from the floor of the Chicago Board of Trade against the Federal Reserve's policies on "Fast Money Halftime Report," CNBC reporter Steve Liesman took him down a peg.

"It's impossible for you to have been more wrong, Rick," Liesman said. "Your call for inflation, the destruction of the dollar, the failure of the U.S. economy to rebound... The higher interest rates never came, the inability of the U.S. to sell bonds never happened, the dollar never crashed Rick, there isn't a single one that's worked for you."

“I wasn’t wrong on inflation," Santelli declared. "I didn’t know policy would be so bad that we’d get no velocity after five-and-a-half years.”

TIME explained Santelli's argument in its deconstruction of the on-screen fight:

By velocity, he basically means that no one is spending money, even though the Fed’s QE program has, in a sense “printed” a lot of it. Santelli has claimed before that he didn’t actually predict high inflation. As Business Insider has pointed out, the record says otherwise.

"Every single bit of advice you gave would've lost people money," Liesman told Santelli. "There is no piece of advice you've given that's worked."

Click here to watch the full CNBC video.

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