Tuesday, March 24, 2009
CNBC's Rick Santelli is clueless when it comes to monetary operations
Just saw CNBC reporter Rick Santelli talking about how strong today's Treasury auction was. He seemed incredulous and almost in shock, saying that the buying mimicked the "flight to quality" days of early this year.
Here is CNBC's top bond guy absolutely clueless to the fact that last week the Fed boosted reserves by $150 billion. How tough do you think it would be to sell $40 billion worth of notes when the Fed already put the money in to buy them?