{"id":32567,"date":"2009-06-02T01:01:01","date_gmt":"2011-05-19T02:20:26","guid":{"rendered":""},"modified":"2011-05-19T02:20:26","modified_gmt":"2011-05-19T02:20:26","slug":"santelli_little_timmy_is_a_big_liar","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2009\/06\/02\/santelli_little_timmy_is_a_big_liar\/","title":{"rendered":"Santelli: Little Timmy is a Big Liar"},"content":{"rendered":"<section>\n<p>RUSH: Here\u2019s Timmy Geithner this afternoon on CNBC\u2019s Power Lunch. They played on CNBC a sound bite from senior economics reporter Steve Liesman and his interview with Tim Geithner, and Liesman said, &#8216;Treasury is issuing over time and not so much time trillions of dollars of debt. The Fed\u2019s buying $300 billion of Treasuries. Why is this not the dreaded concept of monetizing the debt which so many economists would warn against?\u2019<\/p>\n<p>GEITHNER: There\u2019s no risk of that in the United States because, again, we have a strong independent central bank whose obligation under the law is not just to achieve maximum sustainable growth but to keep inflation low and stable over time. And I know the chairman is completely committed to that.<\/p>\n<p>RUSH: Okay. So there\u2019s Geithner saying no, no, there\u2019s no risk of that in the United States, no risk of monetizing the debt. We have strong independent central bank. Obligations under the law. So Rick Santelli, he of tea party fame, responded to Geithner with this.<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125112.Par.89380.ImageFile.jpg\" width=\"270\" height=\"205\" class=\"alignright\"\/>SANTELLI: Are we monetizing? And his answer was no, we have a strong independent central bank. Now, the latter may be true, but it certainly isn\u2019t an answer to the question. And I\u2019d like feedback everybody, that quantitative easing can\u2019t exist without the monetization process. We issue debt, we print the money to buy it. That is monetizing. I can\u2019t believe that was his answer. It\u2019s pretty disingenuous. If that\u2019s the Treasury Secretary in charge of all this activity and that was his answer, it makes me nervous. Blatantly saying they\u2019re not monetizing when the March statement for the first time ever expressed quantitative easing and put it on the map, I just think that that\u2019s the wrong answer. He\u2019s not telling the truth!<\/p>\n<p>RUSH: Well, there it is on CNBC, Rick Santelli, who they reined in once before, has somehow broken free and wandered off the reservation and just accused Little Timmy of lying. And, of course, Santelli is right; we are monetizing the debt. What monetizing the debt is, we issue debt, we sell Treasuries. We do this or that. Then we print money to buy it ourselves. They have these auctions, Treasury auctions, they\u2019re not raising as much money as they are projected to raise, we sell Treasuries and monetizing the debt as we issue the debt, meaning, okay, we\u2019ve made a decision to spend $12 trillion we don\u2019t have. So that $12 trillion of debt, well, you have to monetize it, I mean the $12 trillion has to be something. So you print the money. Now, we\u2019re not going to print all $12 trillion; we\u2019re going to print it as we need it. That\u2019s why there\u2019s still time to stop this with elections in 2010 and 2012. Right now the deficit probably this year, two trillion, but with all this other stuff coming up it will be more like four. So you print the money to monetize the debt. Therefore it\u2019s inflationary. The ChiComs are dead right about this and they\u2019re scared to death that we\u2019re monetizing our own debt. You should be, too. And Geithner over there telling the Chinese we\u2019re not doing that, that\u2019s just absolutely absurd. And they\u2019re laughing at him in these meetings. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>RUSH: Here\u2019s Timmy Geithner this afternoon on CNBC\u2019s Power Lunch. They played on CNBC a sound bite from senior economics reporter Steve Liesman and his interview with Tim Geithner, and Liesman said, &#8216;Treasury is issuing over time and not so much time trillions of dollars of debt. The Fed\u2019s buying $300 billion of Treasuries. Why [&hellip;]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Santelli: Little Timmy is a Big Liar - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2009\/06\/02\/santelli_little_timmy_is_a_big_liar\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"Santelli: Little Timmy is a Big Liar - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Here\u2019s Timmy Geithner this afternoon on CNBC\u2019s Power Lunch. They played on CNBC a sound bite from senior economics reporter Steve Liesman and his interview with Tim Geithner, and Liesman said, &#8216;Treasury is issuing over time and not so much time trillions of dollars of debt. The Fed\u2019s buying $300 billion of Treasuries. Why [&hellip;]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125112.Par.89380.ImageFile.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/admin.rushlimbaugh.com\/#website\",\"url\":\"https:\/\/admin.rushlimbaugh.com\/\",\"name\":\"The Rush Limbaugh Show\",\"description\":\"Excellence In Broadcasting\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/admin.rushlimbaugh.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2009\/06\/02\/santelli_little_timmy_is_a_big_liar\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125112.Par.89380.ImageFile.jpg\",\"contentUrl\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125112.Par.89380.ImageFile.jpg\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2009\/06\/02\/santelli_little_timmy_is_a_big_liar\/#webpage\",\"url\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2009\/06\/02\/santelli_little_timmy_is_a_big_liar\/\",\"name\":\"Santelli: Little Timmy is a Big Liar - The Rush Limbaugh Show\",\"isPartOf\":{\"@id\":\"https:\/\/admin.rushlimbaugh.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2009\/06\/02\/santelli_little_timmy_is_a_big_liar\/#primaryimage\"},\"datePublished\":\"2011-05-19T02:20:26+00:00\",\"dateModified\":\"2011-05-19T02:20:26+00:00\",\"author\":{\"@id\":\"https:\/\/admin.rushlimbaugh.com\/#\/schema\/person\/911066e449df26406b107ca78cbbde0b\"},\"breadcrumb\":{\"@id\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2009\/06\/02\/santelli_little_timmy_is_a_big_liar\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2009\/06\/02\/santelli_little_timmy_is_a_big_liar\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2009\/06\/02\/santelli_little_timmy_is_a_big_liar\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.rushlimbaugh.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Santelli: Little Timmy is a Big Liar\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/admin.rushlimbaugh.com\/#\/schema\/person\/911066e449df26406b107ca78cbbde0b\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/admin.rushlimbaugh.com\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f18195e0073013fa0e16b040686c2924?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f18195e0073013fa0e16b040686c2924?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"url\":\"https:\/\/admin.rushlimbaugh.com\/daily\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Santelli: Little Timmy is a Big Liar - The Rush Limbaugh Show","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2009\/06\/02\/santelli_little_timmy_is_a_big_liar\/","twitter_card":"summary","twitter_title":"Santelli: Little Timmy is a Big Liar - The Rush Limbaugh Show","twitter_description":"RUSH: Here\u2019s Timmy Geithner this afternoon on CNBC\u2019s Power Lunch. They played on CNBC a sound bite from senior economics reporter Steve Liesman and his interview with Tim Geithner, and Liesman said, &#8216;Treasury is issuing over time and not so much time trillions of dollars of debt. The Fed\u2019s buying $300 billion of Treasuries. Why [&hellip;]","twitter_image":"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125112.Par.89380.ImageFile.jpg","twitter_misc":{"Written by":"admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/admin.rushlimbaugh.com\/#website","url":"https:\/\/admin.rushlimbaugh.com\/","name":"The Rush Limbaugh Show","description":"Excellence In Broadcasting","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/admin.rushlimbaugh.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","@id":"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2009\/06\/02\/santelli_little_timmy_is_a_big_liar\/#primaryimage","inLanguage":"en-US","url":"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125112.Par.89380.ImageFile.jpg","contentUrl":"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125112.Par.89380.ImageFile.jpg"},{"@type":"WebPage","@id":"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2009\/06\/02\/santelli_little_timmy_is_a_big_liar\/#webpage","url":"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2009\/06\/02\/santelli_little_timmy_is_a_big_liar\/","name":"Santelli: Little Timmy is a Big Liar - The Rush Limbaugh Show","isPartOf":{"@id":"https:\/\/admin.rushlimbaugh.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2009\/06\/02\/santelli_little_timmy_is_a_big_liar\/#primaryimage"},"datePublished":"2011-05-19T02:20:26+00:00","dateModified":"2011-05-19T02:20:26+00:00","author":{"@id":"https:\/\/admin.rushlimbaugh.com\/#\/schema\/person\/911066e449df26406b107ca78cbbde0b"},"breadcrumb":{"@id":"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2009\/06\/02\/santelli_little_timmy_is_a_big_liar\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2009\/06\/02\/santelli_little_timmy_is_a_big_liar\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2009\/06\/02\/santelli_little_timmy_is_a_big_liar\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.rushlimbaugh.com\/"},{"@type":"ListItem","position":2,"name":"Santelli: Little Timmy is a Big Liar"}]},{"@type":"Person","@id":"https:\/\/admin.rushlimbaugh.com\/#\/schema\/person\/911066e449df26406b107ca78cbbde0b","name":"admin","image":{"@type":"ImageObject","@id":"https:\/\/admin.rushlimbaugh.com\/#personlogo","inLanguage":"en-US","url":"https:\/\/secure.gravatar.com\/avatar\/f18195e0073013fa0e16b040686c2924?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f18195e0073013fa0e16b040686c2924?s=96&d=mm&r=g","caption":"admin"},"url":"https:\/\/admin.rushlimbaugh.com\/daily\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/admin.rushlimbaugh.com\/api\/wp\/v2\/posts\/32567"}],"collection":[{"href":"https:\/\/admin.rushlimbaugh.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/admin.rushlimbaugh.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/admin.rushlimbaugh.com\/api\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/admin.rushlimbaugh.com\/api\/wp\/v2\/comments?post=32567"}],"version-history":[{"count":0,"href":"https:\/\/admin.rushlimbaugh.com\/api\/wp\/v2\/posts\/32567\/revisions"}],"wp:attachment":[{"href":"https:\/\/admin.rushlimbaugh.com\/api\/wp\/v2\/media?parent=32567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/admin.rushlimbaugh.com\/api\/wp\/v2\/categories?post=32567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/admin.rushlimbaugh.com\/api\/wp\/v2\/tags?post=32567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}