Grandfather Of The Tea Party On Fiscal Cliff
Rick Santelli, the "grandfather" of the Tea Party, joined Sean in the show's second hour with his opinion about the looming fiscal cliff. Santelli said that the current "cliff" chaos is reminiscent of the debt ceiling fiasco of last year. Sean discusses Santelli's latest rant on CNBC in which he unloaded a slew of complaints about the November jobs report. "The only people who bring tax revenues to the party are people who work," Santelli said, "and the discussion is mainly about the people that are working, that are way at the top." Santelli blasted the current state of the job market, saying "We lost 350,000 people in the labor force. We're at a time in our history where it's all about jobs and tax revenues." Santelli then urged viewers to read a Wall Street Journal op-ed by Peter Schiff that argues against tax fairness using 1958 marginal rates and a statistical woodchipper, all to mask the weakness of its conclusion: that a 3.6% increase in top marginal rates will "diminish the incentives and capacities of innovators, business owners and investors." To watch Rick Santelli's latest rant on CNBC please click here.
Bad News Behind the Good Jobs Numbers
Sean opened Friday's show by touching on what appeared on the surface to be a good jobs report from the Labor Department. Sean explained that while the unemployment rate fell to 7.7% this was largely due to unemployed workers who have simply given up looking for jobs. The participation rate - or the percentage of adult workers in the workforce - declined once again by 0.2%. That drop in the participation rate appears to be the primary reason the unemployment rate dropped to 7.7%, as the household survey actually showed a net decline in jobs according to Christopher Matthews from Time.com. And, as the Time reporter notes at the end of his article, the details of this report say that the unemployment rate drop is less of a cause for celebration than the headline numbers would suggest.
Sean: Do The Right Thing
Sean has long been a champion of Republican members "doing the right thing" as it pertains to balancing the budget and guiding America to a fiscal recovery. This week, Sean brought to our attention the fact that House GOP leaders are seemingly punishing members for being too conservative. Sean was joined by Congressman Justin Amash and Tim Huelskamp to investigate bad decisions. "You think moves by GOP leadership were a direct result of votes you cast," pushed Hannity, "What were these votes." I voted against a number of budgets and bills that didn't curb our spending problem," bluntly replied Congressman Huelskamp, "There was a litmus test and they provided me a list." "The Speaker's office said there may be more moves like this," pushed Hannity, "Have you heard that?" "Yes," continued Huelskamp candidly, "The Speaker's Office is focused on those who've pointed out the huge fiscal problem we're facing." "This is pretty clear that there was a scorecard," laughed Congressman Amash, "I'd like to see what the scorecard says and I'd bet if you were fiscally responsible you would marked down on that scorecard, which is why they don't want us to see it." "Is there a growing movement to hold up the Speakership of Congressman Boehner," asked Hannity, "Is there a movement." "People aren't taking this week," agreed Amash, "I think this may backfire on Speaker Boehner." Sean is going to push Speaker Boehner and his office very hard over the next few days in an effort to find out answers and, more importantly, to remind Republicans that they ought to do the right thing and protect America against unwieldy spending. For more on this and to watch Sean's interview with Congressman Amash and Huelskamp, click here.
Rick Santelli joined CNBC Business News as on-air editor in June 1999, reporting live from the floor of the Chicago Board of Trade. His focus is primarily on interest rates, foreign exchange, and the Federal Reserve. A veteran trader and financial executive, Santelli has provided live reports on the markets in print and on local and national radio and television. He joined CNBC from the Institutional Financial Futures and Options at Sanwa Futures, L.L.C. There, he was a vice president handling institutional trading and hedge accounts for a variety of futures related products. Prior to that, Santelli worked as vice president of Institutional Futures and Options at Rand Financial Services, Inc., served as managing director at the Derivative Products Group of Geldermann, Inc., and was Vice President in charge of Interest Rate Futures and Options at the Chicago Board of Trade for Drexel, Burnham, Lambert. Santelli began his career in 1979 as a trader and order filler at... More >