Not one to shy away from voicing his opinion, CNBC’s Rick Santelli on Friday clashed with his colleagues over topics that included Quantitative Easing, unemployment, and Fed’s supposed plan to revive the U.S. economy.
Photo Credit: NPR“Five years into this crisis, I think it’s all disappointing,” Santelli said, referring to recovery’s slow pace. “It would take five years at the present job rate to get to where we were before the crisis.”
Indeed, as noted earlier on TheBlaze, although today’s unemployment numbers are heartening, there’s still a lot a work that needs to be done before we can get back to pre-recession employment levels.
“There is no crisis!” Santelli continued, taking issue with the Federal Reserve’s open-ended commitment to monthly purchases of $85 billion dollars worth of bonds. “Why they’re still in crisis mode is beyond belief and I think it’s wrong.”
“Rick,” CNBC senior economics reporter Steve Liesman interjected, “Some 7.7 percent of the population is unemployed. The U6 is 14.3 percent and that’s part of the problem there, Rick. There is a crisis! There’s a crisis of unemployment in this country.”
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