Video: Rick Santelli Says ‘We’ve Become Europe’

Rick Santelli made a stunning observation Wednesday about the shocking report that the economy actually shrunk in the fourth quarter last year.

“We are now Europe,” he declared on CNBC’s Squawk Box.

“Hey Joe,” Santelli said, “when you act like Europe, you get growth rates like Europe, and our discussions with economists sounds like we’re in Europe. They have the same discussions constantly.”

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Video: Rick Santelli Goes Off During CNBC Interview, Fed, Congress, President ‘Don’t Have a Clue’

During a discussion on the so-called fiscal cliff on Thursday, Santelli grew louder, eventually shouting into the camera and overpowering CNBC contributor and trader Jim Iuorio, who was attempting to hold back laughter.

“The Fed doesn’t have a clue, neither does the president, neither does Congress … Neither does Tim Geithner, who gives a speech about the debt ceiling. I’d like to see if he could count to a million, much less 16.4 trillion!” Santelli shouted.

Clearly Santelli, like many Americans, is panicking as the fiscal cliff deadline nears.

This is certainly not the first time Santelli has lost his cool live on air. At this point, he has become something of an on-air ranting legend. Colleague Carl Quintanilla said that Santelli admits to having “blown a gasket” on Thursday’s show, but it’s clear that this is just the kind of gasket-blowing that has made Santelli famous.

The segment ends with an amused Joe Kernan saying, “Don’t hold back, Rick.” Santelli responds, “I never do.”