STOP SPENDING!!!

Portions of this are difficult to understand because they talk over each other. But pay attention to the guy on the far left when they go to the four camera screen. His name is Rick Santelli and he is typically on CNBC from the floor of the Chicago Board of Traders.

The man who is second from the right is another analyst for CNBC, Steve Liesman. He starts off by criticizing the plan to cut the budget by lowering taxes. That sets off Santelli who responds that we want the government to "stop spending, stop spending, stop spending...."

That alone would be enough to watch this clip. But the exchange continues to be amazingly entertaining. Liesman says he is merely stating what the "data shows that tax cuts don't pay for themselves." Santelli's response: "You wouldn't know the data if it bit you on the nose."

I love Santelli because he just doesn't care about any of this "new tone" nonsense. Liesman is completely wrong, of course. History has proven that tax cuts will increase the inflow of revenue into the government because of the resulting economic growth. Of course, it also needs to be coupled with spending cuts. That's just common sense.

But the fun hasn't ended. Santelli tell's Liesman to "go read some Austrian economists instead of the funny papers." He follows that up with "Go back to Russia where you understand the state and the citizen." At this point I was laughing so hard I had to pause the video to not miss whatever followed. It's a good thing I did because what followed was still worth seeing.

Liesman claims that "sometimes the government has to step in" and says that Hank Paulson said without the stimulus "unemployment would have been 25%." By any reasonable prediction that number is ridiculous but this also goes back to my point Saturday that you can't measure what hasn't happened.

Santelli had walked off the camera but came back to give Liesman a history lesson. He says, "During the depression, Mr. Liesman, it wasn't the tightening that caused it. It was the fact that they had it easy for too many years."

One of the anchors supports Liesman saying, "There are times the government has to step in." Santelli responds, "They did. And a couple of trillion dollars later they're done because the taxpayers are the people voting and they're done, Steve. Talk all you want. They're done!"

It's all capped off after Santelli says we need to "knuckle under and live prudently". Liesman says, "When does that happen?" Santelli's answer: "November 2nd is the day!" Mr. Santelli gets it exactly right. November 2nd is the day. Mark it on your calendar.