Rick Santelli Shouts At CNBC Colleagues, Insisting Obama Oversaw Net Job Loss
On Friday morning, after October’s unemployment report showed the official jobless rate tracking slightly upwards from 7.8 to 7.9 percent, CNBC reporter Rick Santelli engaged in a screaming match with his colleagues after he contended that President Barack Obama has overseen a net jobs loss over the course of his first term in office.
Asked how the market would react to this report, Santelli said that the pre-market equity trading had not reacted noticeably to the report. However, Santelli said that whichever way the markets react, this report is not what the economy needs.
“Outside of revisions, coming in today – from the entire term of this administration, from February ’09 to today — they came in on the establishment survey down 61,000,” Santelli said.
Santelli was told he was incorrect, to which he replied that he had done the calculation four times.
“Net job creation is in positive territory the Friday before Tuesday,” Santelli asserted. He reiterated his point that, over the course of Obama’s first term, job creation is in negative territory.
Watch the clip below via CNBC:
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