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    Santelli Slams America’s ‘Debt-Is-Wealth’ Mentality

    In American society, ‘debt’ and ‘income’ have become increasingly synonymous over the past 3 decades; but as Rick Santelli blasts (commonsensically), “they certainly shouldn’t be.” It appears the average joe has been led to this conclusion by the Central Banks. Rhetorically asking “where’s the horsepower in the economy coming from?” Rick reflects on the auto-loan fears we discussed earlier, santelli notes that 55% of used cars (and 30% of new cars) are financed by subprime lenders… and rages, “if we continue as a country to fuel our consumerism with debt, there is no way the bond market’s going to be wrong.”

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