Santelli Tells The Truth

Posted 2008-11-06 11:47
by Karl Denninger

Quickie - on-air Rick told the truth and admitted to official network censorship of that truth....

"Every industrialized nation is putting a lot of supply on the market because they all have insolvent banks, woops I'm not supposed to say insolvent banks, they all have banking issues"

(I mighta not caught that exactly as spoken, but if not it was damn close!)

Gee, you think maybe you should stop by the bank this afternoon - no matter where you might live in the world - for a little withdrawl action?

Naw, printing up a few trillion in extra Treasuries doesn't indicate that we're trying to cover up a bunch of liars - and actual insolvencies (that is, bankruptcies) that are being intentionally (criminally?) hidden from view, does it?

Nor does Wachovia and National City selling out for 2/3rds less than their balance sheet (published just days before) said they were worth.

Remember, Cramer said yesterday on Big Idea that the banking system has been "saved".

I wonder - did the "powers that be" at CNBC order him to say that like they apparently told Rick not to speak the truth?

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